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Hank Williams
Jan 31, 2023 2:56PM ET
Place your bets - B-13.
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U.S. stocks are rising after GM's strong outlook as investors await Fed
© Reuters.
By Liz Moyer
Investing.com -- U.S. stocks were rising after strong earnings from General Motors and data showing wage growth pressures eased in the fourth quarter.
At 11:16 ET (16:16 GMT), the Dow Jones Industrial Average was up 82 points or 0.2%, while the S&P 500 was up 0.6%, and the NASDAQ Composite was up 0.9%.
Stocks are on track to clock a positive start to the year, with the S&P 500 up 4.6% so far in January and the Nasdaq up 8.8%, putting the tech-heavy index on pace for its best monthly gain since last July.
Investors await the Federal Reserve’s first policy decision of the year on Wednesday and the highly anticipated report on January jobs on Friday.
Automaker General Motors Company (NYSE:GM) beat estimates and outlined stronger-than-expected 2023 earnings projections, boosted by demand for electric vehicles and improved supply chains. GM shares rose 7.9%.
Shares of heavy equipment maker Caterpillar Inc. (NYSE:CAT) fell 3.5% after it said higher manufacturing costs led to a drop in quarterly profit. Fast food giant McDonald’s Corporation (NYSE:MCD) beat estimates for same-store sales as revenue fell slightly from the same period one year ago. McDonald’s shares fell 2.3%.
Pharmaceutical giant Pfizer Inc.'s (NYSE:PFE) revenue outlook for COVID-19 products fell short of estimates, sending its stock down 0.4%.
Later this week, investors will take in earnings from major tech companies including Apple (NASDAQ:AAPL), Alphabet (NASDAQ:GOOGL), and Amazon.com (NASDAQ:AMZN).
The market is betting on the Fed raising rates by a quarter of a percentage point. Chair Jerome Powell will speak to reporters in the afternoon after the decision is announced, and investors will be listening for any clues as to the Fed’s next steps.
Labor data is also featured this week. In addition to Friday’s report on jobs, the latest employment cost index reading is out. Labor costs increased less than expected in the fourth quarter, rising 1% from the third quarter against expectations for a 1.1% rise and the third quarter’s 1.2% rise.
Oil rebounded. Crude Oil WTI Futures were up 1.4% to $78.95 a barrel while Brent Oil Futures was up 1.2% to $85.48 a barrel. Gold Futures were up 0.3% to $1928.
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Comments (9)
Derick Lim
Jan 31, 2023 1:42PM ET
GM rule the world.....
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Jan 31, 2023 12:27PM ET
Fed has surrendered to inflation
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Ronald Warren
Jan 31, 2023 12:27PM ET
The rate increase is not in yet. Maybe they will continue on the right path.
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Mitchel Pioneer
Jan 31, 2023 12:06PM ET
The 10AM breaker flagrantly fires, and the FRAUD and CRIMINAL MANIPULATION commences right on schedule. BIGGEST INVESTMENT JOKE IN THE WORLD.
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Jimmy Tsang
Jan 31, 2023 12:04PM ET
Why media keep making the Fed decision like a mystery? It will not be a surprise and PLEASE STOP making it like it’s going to be a surprise, Powell has said it MANY times already, it will be .25 for Jan 23! There is No need for B S consensus from those so called economists from the banks who are manipulating the market
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Andrew Sim
Jan 31, 2023 12:04PM ET
not the first n definitely won't be the last too , this type of manipulation has been going on for almost a century and yet retailers are always ruled by emotions and the Algo are used to counter trade the retailers.
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Ronald Warren
Jan 31, 2023 12:04PM ET
There are problems associated with a .25 increase. #1 The market will rally to the moon, emboldened inflation. #2 inflation hasn't eased enough to justify only .25 Powell needs to add more pressure to force it down.
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Hank Williams
Jan 31, 2023 11:37AM ET
With so much irrational exuberance it should be easy to go 50 basis points.
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Hank Williams
Jan 31, 2023 11:26AM ET
If fed only goes .25 it will be further behind inflation.
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chino Choi
Jan 31, 2023 10:54AM ET
car repossessions are rising . GM is full of BS
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JIM VETTER
Jan 31, 2023 10:47AM ET
Markets keep pushing, Fed will be hawkish
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