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S&P 500 ends slightly down after mixed earnings, opening glitch

Stock Markets Jan 24, 2023 06:35PM ET
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© Reuters. Traders work at the post where Carvana Co. is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., December 7, 2022. REUTERS/Brendan McDermid
 
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By Stephen Culp

NEW YORK (Reuters) - The S&P 500 ended nominally lower on Tuesday at the close of a rocky session marked by a raft of mixed earnings and a technical malfunction at the opening bell.

A spate of NYSE-listed stocks were halted at the top of the session due to an apparent technical malfunction, which caused initial price confusion and prompted an investigation by the U.S. Securities and Exchange Commission (SEC).

More than 80 stocks were affected by the glitch, which caused wide swings in opening prices in dozens of stocks, including Walmart (NYSE:WMT) Inc and Nike Inc (NYSE:NKE).

"Everybody’s having computer problems, first the airlines and now it’s the NYSE," said Tim Ghriskey, senior portfolio strategist Ingalls & Snyder in New York. "Seems like it was quickly corrected."

"Some of the prints were clearly bad," Ghriskey added. "It was a surprise. Unexpected."

The Nasdaq joined the S&P 500 in negative territory, while the Dow ended modestly higher.

Fourth quarter earnings season is in full swing, with 72 of the companies in the S&P 500 having reported. Of those, 65% have beaten consensus, just a hair below the 66% long-term average, according to Refinitiv.

On aggregate, analysts now expect S&P 500 earnings 2.9% below the year-ago quarter, down from the 1.6% year-on-year decline seen on Jan. 1, per Refinitiv.

"The Fed will take apart earnings reports and look at how the economy is doing, given the rate hikes and other issues out there," Ghriskey said. "We’re getting closer to that point where the Fed sees enough progress in the inflation fight to stop the (interest) rate hikes and that’s why the markets have reacted positively lately."

Economic data showed shallower-than-expected contraction in the manufacturing and services sector in the first weeks of the year, suggesting that the Federal Reserve's restrictive interest rates are dampening demand.

The Dow Jones Industrial Average rose 104.4 points, or 0.31%, to 33,733.96, the S&P 500 lost 2.86 points, or 0.07%, to 4,016.95 and the Nasdaq Composite dropped 30.14 points, or 0.27%, to 11,334.27.

Among the 11 major sectors of the S&P 500, industrials led the percentage gainers, while communication services suffered the biggest loss.

Intercontinental Exchange (NYSE:ICE) Inc, owner of the New York Stock Exchange, dropped 2.2% as SEC investigators searched for the cause of Tuesday's opening bell confusion.

Alphabet (NASDAQ:GOOGL) Inc shares dipped 2.1% after the Justice Department filed a lawsuit against Google for abusing its dominance of the digital advertising business.

Industrial conglomerates 3M Co and General Electric (NYSE:GE) Co both provided underwhelming forward guidance due to inflationary headwinds.

3M's shares lost 6.2% while General Electric's rose 1.2%.

Aerospace/defense companies Lockheed Martin Corp (NYSE:LMT) and Raytheon Technologies (NYSE:RTX) Corp were a study in contrasts, with the former issuing a disappointing profit forecast and the latter beating estimates on solid travel demand.

Lockheed Martin and Raytheon (NYSE:RTN) were up 1.8% and 3.3%, respectively.

Railroad operator Union Pacific Corp (NYSE:UNP) missed profit estimates as labor shortages and severe weather delayed shipments. Its shares shed 3.3%.

Microsoft (NASDAQ:MSFT) gained more than 4% in extended trading after narrowly missing quarterly revenue estimates.

Advancing issues outnumbered declining ones on the NYSE by a 1.01-to-1 ratio; on Nasdaq, a 1.17-to-1 ratio favored decliners.

The S&P 500 posted 26 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 77 new highs and 22 new lows.

Volume on U.S. exchanges was 10.58 billion shares, compared with the 10.61 billion average over the last 20 trading days.

S&P 500 ends slightly down after mixed earnings, opening glitch
 

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Comments (17)
Hank Williams
Hank Williams Jan 24, 2023 11:42PM ET
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Phillipines market got hacked at the open similar to U.S. market.
Abolish The Fed
Abolish The Fed Jan 24, 2023 2:35PM ET
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People have no idea what is coming. Epic crash
Brad Albright
Brad Albright Jan 24, 2023 2:35PM ET
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Well, we do now thanks to someone called Abolish The Fed in an obscure comment thread.
First Last
First Last Jan 24, 2023 2:35PM ET
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Don't project your ignorance onto others.
Ac Tektrader
Ac Tektrader Jan 24, 2023 2:08PM ET
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mitchell the joke of https://investing.com is back....
Hank Williams
Hank Williams Jan 24, 2023 1:45PM ET
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WS relationships with FTX may be much bigger then made public.
Mitchel Pioneer
Mitchel Pioneer Jan 24, 2023 1:13PM ET
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Another intraday miracle in the BIGGEST INVESTMENT JOKE IN THE WORLD.
Adrian White
Adrian White Jan 24, 2023 1:13PM ET
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waaaaah, boohoohoo
Hank Williams
Hank Williams Jan 24, 2023 1:10PM ET
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Oil will skyrocket inflation.
Luke Knoep
Luke Knoep Jan 24, 2023 1:10PM ET
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Oil hasnt budged since last year at 80
First Last
First Last Jan 24, 2023 1:10PM ET
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You're thinking of Russian rockets/missiles launching for Ukrainian civilians.
Dave Jones
Dave Jones Jan 24, 2023 12:27PM ET
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wall street relies on advertising and Netflix subs? Oh and ratings agencies giving them a boost? Fundamentals are meaningless. It's now just a meme.
Stan Smith
Stan Smith Jan 24, 2023 12:26PM ET
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Tech are laying off in droves (3M now). For some we are already in a recession despite the finance and accounting tricks used to define it otherwise. This needs to be reflected in the price of stocks based on real economic activities not FED interference and puts
Hank Williams
Hank Williams Jan 24, 2023 11:55AM ET
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It is extremely important that the Senate get deep into ticket master. OMG.
Hank Williams
Hank Williams Jan 24, 2023 11:37AM ET
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The stock market is not allowing the economy to slow. The Fed should do two 50 rate hikes. You cannot have stocks reaching new all time highs and no slowdown in inflation. Starting to look like the 70 s.
David Braddock
David Braddock Jan 24, 2023 11:37AM ET
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But we are seeing a slowdown in inflation are we not?
Adrian White
Adrian White Jan 24, 2023 11:37AM ET
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The stock market doesn't control the economy. If anything it's the other way around, over the longer-term.
 
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