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Stock Market Today: S&P 500 clinches third-straight record close on tech strength

Published 01/22/2024, 06:50 PM
Updated 01/23/2024, 04:12 PM
© Reuters -- The S&P 500 closed at a new all-time high for the third-straight session Tuesday as bullish bets on tech continued to power stocks.

By 16:00 ET (21:00 GMT), The S&P 500 rose 0.3% to a closing record high of 4,864.11, and NASDAQ Composite was up 0.4% to close at a record. The Dow slipped 0.3%, or 95 points.

3M Company, Lockheed Martin Corporation drag industrials lower, but United Airlines shines on earnings stage

3M Company (NYSE:MMM) fell about 11%, leading the decliner in industrials after the diversified manufacturing conglomerate's weaker than expected full-year guidance overshadowed Q3 results that topped Wall Street analysts.

Lockheed Martin Corporation (NYSE:LMT), meanwhile, slipped 4% after the defense company reported a decline in sales in Q4, pressured by weakness in its rotary and mission systems business as well as its missiles and fire control division.

United Airlines (NASDAQ:UAL) , however, proved to be a bright spot, rising more than 5% following better-than-expected Q4 results that were bolstered by a strong-holiday-related demand for travel. The stronger quarterly results helped offset guidance that called for a wider-than-expected loss in Q1, owing to the impact of the grounding of Boeing (NYSE:BA)'s 737 Max 9.

General Electric (NYSE:GE) fell 1% after the industrial conglomerate disappointed with its first-quarter outlook even as its fourth-quarter earnings came in ahead of expectations on strong demand for parts and services at its jet engine business.

Homebuilders slump to pressure consumer stocks

Homebuilders including PulteGroup Inc (NYSE:PHM), Lennar Corporation (NYSE:LEN), and DR Horton Inc (NYSE:DHI), with the latter down more than 9% after its homebuilder reported Q1 earnings that fell short of expectations as margin were pressured by price cuts and other incentives to attract new homebuyers.

Pressures on margins are expected to continue through Q2, DR Horton said, forecasting margin to remain lat in the range of 22.6% to 23.1% for the current quarter.

Tech adds to gains as Netflix lines up earnings; Verizon jumps on positive guidance

Tech added to recent gains ahead of results from streaming giant (NASDAQ:NFLX) due after the market closes.

Elsewhere, Verizon Communications (NYSE:VZ) jumped more than 6% after the telecoms giant unveiled an annual earnings forecast range that was above expectations, saying it was "well-positioned" for growth in 2024.

(Peter Nurse, Oliver Gray contributed to this article.)

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Latest comments

Ride the bullish waves before the AI hype 🐂💩 bubble burst
Technically the market today is much more overvalued than the summer of '29. It's so overvalued today it makes the summer of 1929 look like the buying opportunity of the century. The U.S. stock market is the last ponzi that hasn't yet imploded other than Bitcoin. The Chinese real estate ponzi finally imploded.For now, the market makers prefers to grab the stop loss of the small retails at the top, the one who sells with too much leverage, and that exercice can continue a couple of do not sell the Nasdaq or they will crush you live !
People (or those people's heirs) who brought in the summer of 1929 would be up very much today.
Damn you Joe Biden, you and your socialism!
Economic indicators suggest moderate growth.
Fiscal policy decisions could impact the economy.
No need to apply any sense of reason.  The US Ponzi Scheme is a fraudulent, criminally manipulated joke.  Nothing can happen to derail the fraud, particularly when you have the "beat" the rigged, low-ball "estimate" to shore things up.  The greatest redistribution of wealth in history continues.
Who will persecute the people behind all these manipulations according to you ? No one obviously. They are serving much better many greedy people doing that, included them !
  Mitchel has provide no evidence that manipulation even happened; he's named "no one".  He keeps whining about "magic" and "miracles".  So obviously, no prosecutor (not persecutor) will take this on.
in January, 2024, the latest CPI report for December showed inflation started INCREASING again and rose 0.3 percent. The problem I have with the latest CPI report was inflation rose during a time when the cost of oil and energy dropped SIGNIFICANTLY. As a result, inflation should have dropped like a rock, but it actually increased. Prices are still RISING. We need deflation but it's not happening.
Daniel. You want to experience confusing? Google the Cleveland Nowcast. It shows that inflation is falling MOM and YOY from December to January, but it also shows That Q1 '24 compared to Q4 '23, inflation is up 1/2 a percent in all catagories.
45 % of inflation is merely corporate greed. The admin needs to enforce antitrust laws.
 What's confusing?  Forecast is for Feb & Mar 2024 inflation rates to be higher.  Nowcast does NOT "shows That Q1 '24 compared to Q4 '23, inflation is up 1/2 a percent".  Q12024  is not over, so data on it is not released.  It's a forecast that Q12024 inflation rate WILL be, not is, up.
oh my MAGAklan neighbors are now wishing they had avoided the recommendations yo buy crypto. how easy marks they have become on the right-wing media outlets.
Meanwhile inflation is trending back up! 10% CPI print is coming
Since mid-2023, inflation rate has been trending sideways
Bidenomics baby!
This is a total s/hit show
  "total s/hit show" is what Trump has planned.
have you thought about getting a life Mitch. your showing how little you know about markets.
Most market players have confidence in the fact that you can make your money grow with shares almost risk-free. These investors' egos would prove fatal, however, as these supposedly skilful trades were merely the result of a debt-based market anomaly. They have learned, however, that failure is not an option, because if all else fails, the central banks will come to the rescue. It used to be that you could count on low inflation, cheap money from the central banks, rising property prices and happy voters, but that era is over, as Every says. The change of era has begun, and it's not bringing the stability the markets need, but great volatility in growth, inflation, politics and geopolitics. That's when we'll see who has a grasp of the big picture and who's making money with really skilful trades - the era of permanent long positions is coming to an end.
when you have 3 months on zero red days it is risk free. just buy
  There hasn't been any 3 months of zero red days, but "just buy" is still better advice than being perma-bear.
Most market players have confidence in the fact that you can make your money grow with shares almost risk-free. Even when the global economy went completely haywire, as was the case with Corona, the big bloodbath didn't take place on the markets and they were still able to make a lot of money. These investors' egos would prove fatal, however, as these supposedly skilful trades were merely the result of a debt-based market anomaly. Conditions on the financial markets are changing dramatically, The low-inflation globalization and outsourcing of production processes that has driven profits and growth in recent decades is crumbling before our very eyes. Independence and protectionism are the watchwords of the new era, and both are pure poison for a thriving financial market.
my MAGAklan neighbors are taking a beating on gold that right wing nuts told them to buy and hoard. lol
Now we are waiting for the afternoon FED liquidity pump (under the guise of coordinated swashbuckling savvy investors) to get this charade green by end of day.
and look at that we green baby!
The miraculous mid-day bottom is in.  Remarkable how the laughingstock of the investing world doesn't top out mid-day and move lower into the close.  Of course there's no "late trade" selling in this criminally manipulated joke, only "buying."  Wall Street continues to sharpen the financial knife.
mo money mo money mo money
Market is still in the box I told you yesterday.
Broke above post-market.
I see we're getting the same old complaints from the same old losers that troll this site..
So, you are betting that Netflix will soon reach it's old glory days of nearly $700?
same old tiring fake merry go round. The basis of US media bilge
There is no healthy economy or real earnings. Its all deficit spending that's keeping these markets afloat This puts more money in the pocket of Wall St. while Main St. languishes.
Over promise. Under deliver.
What most economists and mainstream analysts miss is that while the economy appears robust, it remains a function of massive increases in deficit spending. The problem is that while FEDs deficit spending keeps the economy from recession and stocks at all time highs, it is temporary and does not increase the wealth or prosperity of the average American = Wall St. rich, Main St. poor. It never gets old
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