US Stock Diary | S&P hits new highs, Dow loses 38,000 (Michelle Farsi via Getty Images)
Wall Street stock markets showed mixed results after three consecutive gains. The Dow Jones index fell nearly 100 points and fell below the 38,000-point mark it just broke through, ending its three consecutive rises. The S&P 500 index reached a new high, driven by technology stocks.
Real-time quotations of U.S. stocks and foreign currencies, multi-country news
Market conditions on January 23 (Tuesday)
l The Dow Jones index fell 96.36 points, or 0.25%, to 37,905.45 points.
l The S&P 500 index rose 14.17 points, or 0.29%, to 4,864.60 points.
l The Nasdaq index rose 65.66 points, or 0.43%, to 15,425.94 points.
l New York February oil futures closed at US$74.37 a barrel, down US$0.82 or 1.1%.
l New York February gold futures closed at $2,030.6 an ounce, up 8.4 or 0.4%.
l The U.S. 10-year Treasury bond yield closed at 4.142%, up 4.8 points.
The market focuses on company performance. Netflix announced its results after the market closed. It reported a net increase of 13.12 million paid users in the last quarter, significantly exceeding the company’s guidance of 9 million, and the cumulative net increase for the year was approximately 30 million. Revenue last quarter was US$8.83 billion, an increase of 12.5%, exceeding market expectations. Netflix shares surged more than 8% during extended trading hours.
3M’s guidance was disappointing, and its stock price fell 11%, putting pressure on the Dow. Although Johnson & Johnson’s results were better than expected, it still closed down more than 1%. United Airlines’ stock price closed up more than 5% due to strong performance. However, the company said it expected a loss in the first quarter due to the grounding of Boeing 737 Max 9 aircraft.
As the S&P 500 index hits new highs, JPMorgan Chase has not given up its bearish stance. The bank’s Dubravko Lakos-Bujas and Marko Kolanovic said that although only a few S&P 500 companies have announced fourth-quarter results, “qualitatively Suspicious.” They expect subsequent results from consumer companies to reflect the negative impact of reduced household savings.
Ross, the co-founder of Pacific Investment Management Company (Pimco) and a well-known fund manager, recently warned not to invest more money in the “Seven Giants of U.S. Stocks”. Gross believes that the current stock valuation is too high and a severe recession is a The real threat is that the United States is falling into a debt spiral. He also pointed out that the S&P 500 index hitting a record high does not make sense to him because the index’s price-to-earnings ratio is about 19 times, and the current real interest rate or inflation-adjusted interest rate is only 1.8%. Such a price-to-earnings ratio is too high. .
Goldman Sachs expects some traders to sell stocks in the coming week regardless of market trends. Commodity trading advisors (CTAs) are expected to sell $10 billion if the market goes up; up to $42 billion if stocks fall. Over the next month, if the market goes up, commodity trading advisors could buy $42 billion; if the market starts going down again, CTAs could sell $226 billion.
Citi equity strategist Scott Chronert said 2024 should be split in half. “Following the strong rebound in the fourth quarter of 2023, a pullback should be expected, but as the Fed’s narrative changes, it should be a buy.” Chronert has a mid-year target of 4,800 for the S&P 500 and a year-end target of 5,100.
Suttmeier, chief equity technical strategist at Bank of America, said, “It took 24 months for the S&P 500 to reach this new high from its lows, which is consistent with the median time of 25 months to reach new highs in rallies after major corrections.” He Adding that over a four-year period, the S&P’s median rebound from sharp lows was 106%, lasting about 49 months. However, there is still one indicator that has not been met. “If the S&P 500 Index is to continue to rise in 2024, an upward breakthrough in cumulative net trading volume is a signal that urgently needs confirmation.”
2024-01-23 22:59:34
#U.S #Stock #Diary #hits #highs #Dow #loses #points
