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Stock market today: Dow rises as earnings season heats up; Microsoft Q2 EPS Beats

Stock Markets Jan 24, 2023 04:26PM ET
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By Yasin Ebrahim

Investing.com -- The Dow notched a third-straight day of gains Tuesday as investors weighed up a slew of quarterly results as the earnings season continued to gather pace.

The Dow Jones Industrial Average gained 0.3%, or 104 points, the S&P 500 was down 0.1%, and the Nasdaq Composite ended 0.27% lower.

Industrials led the broader market higher following an 8% surge in PACCAR (NASDAQ:PCAR) after the truck manufacturing company reported quarterly results that beat on both the top and bottom lines.

Defense companies including Raytheon Technologies Corp (NYSE:RTX) and Lockheed Martin Corporation (NYSE:LMT) also underpinned gains in the sector following the latter’s quarterly results that topped estimates.

Elsewhere on the earnings front, material maker 3M Company (NYSE:MMM), a major dow component, slumped more than 6% after quarterly earnings missed estimates and the company flagging a slowdown demand announcing 2,500 layoffs.

Zions Bancorporation (NASDAQ:ZION), meanwhile, closed more than 1% lower as its better-than-expected fourth-quarter earnings per share was offset by a gloomy outlook as CEO Harris Simmons said the bank was socking away more money to protect against a slowing economy.

Tech was roughly unchanged on the day as gains in Apple (NASDAQ:AAPL) were offset by a wobble in Alphabet (NASDAQ:GOOGL) as the latter attracted further regulatory scrutiny.

The U.S. Justice Department filed a lawsuit against Google, alleging that the search-engine giant violated antitrust laws by abusing its monopoly in ad technology.

Chip stocks gave back some gains from a day earlier on struggles in Advanced Micro Devices (NASDAQ:AMD) as Bernstein downgraded the chipmaker to market perform from outperform, citing weakness in the personal computer market and new parts markets.

Microsoft Corporation (NASDAQ:MSFT), which ended the day just below the flatline, surged after its quarterly earnings topped Wall Street estimates driven by growth in its cloud business.

In meme-related news, Bed Bath & Beyond (NASDAQ:BBBY) continued to put the squeeze on short sellers, rallying more than 15% even as the retailer is widely expected to be on the brink of bankruptcy.

Stock market today: Dow rises as earnings season heats up; Microsoft Q2 EPS Beats
 

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Comments (6)
Abolish The Fed
Abolish The Fed Jan 24, 2023 6:46PM ET
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Biggest crash of all time has begun. Fed will teach the middle class a brutal lesson.
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First Last
First Last Jan 24, 2023 6:46PM ET
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Despite your name, it's not all the Fed's fault.  Mostly Russia's & CCP's fault.
Abolish The Fed
Abolish The Fed Jan 24, 2023 6:46PM ET
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First Last keep drinking the american fox news cnn kool aid buddy. The fed is your true enemy whether you admit it or not. 0% interest rates for over 13 years. Now the piper must be paid
First Last
First Last Jan 24, 2023 6:46PM ET
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Abolish The Fed   The Fed reacts more than it leads.
First Last
First Last Jan 24, 2023 6:46PM ET
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The stock market peaked at all-time high the month before Russia's massed troops crossed Ukraine's borders, breaking Kremlin's promise it won't invade.  The Fed started raising rates the month after the invasion.  You keep thinking that's a coincidence.
JIM VETTER
JIM VETTER Jan 24, 2023 6:46PM ET
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First Last... ignorant, as usual
Bruno Diaz
Bruno Diaz Jan 24, 2023 6:34PM ET
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They're being modifying their estimates the last weeks, so if they lower the estimates to Zero, The company reports 1 then the company beats estimates and Everything is ok, and all Rises come on...
Derick Lim
Derick Lim Jan 24, 2023 6:17PM ET
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MSFT earnings beat scammer estimate........ that's why it surged
Mario tragik
Mario tragik Jan 24, 2023 5:10PM ET
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beats? lol. anyways I am so glad Microsoft has helped fix all the country's economic problems and ended the inflationary period and recession. THANK YOU MSFT !
Casador Del Oso
Casador Del Oso Jan 24, 2023 4:45PM ET
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Overvalued stocks now even more overvalued.
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G D
G D Jan 24, 2023 4:45PM ET
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First Last
First Last Jan 24, 2023 4:45PM ET
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And PMI report up today above expectation.
First Last
First Last Jan 24, 2023 4:45PM ET
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G D  So "more overvalued" is not self-evident.
hd tv
hd tv Jan 24, 2023 4:45PM ET
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the pmi was still in contraction territory and also showed selling prices expectations increased on last month
First Last
First Last Jan 24, 2023 4:45PM ET
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SPY fell more post market close.   Is it "now even more overvalued"?
MAP SR
MAP SR Jan 24, 2023 4:33PM ET
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Go bullies go.
 
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