Live Markets: Netflix & chill: S&P 500 saunters to third straight record close

3M Co

23/01/2024 21:12

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      S&P 500, Nasdaq end modestly higher, DJI dips
    

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      Staples lead S&P 500 sector gainers; real estate weakest
group
    

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      Dollar, gold up slightly; crude dips; bitcoin declines >1%
    

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      U.S. 10-Year Treasury yield rises to ~4.14%
    

  
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    NETFLIX & CHILL: S&P 500 SAUNTERS TO THIRD STRAIGHT RECORD
CLOSE
    The S&P 500 strolled to its third consecutive record closing
high on Tuesday as fourth quarter reporting season shifted into
a higher gear.
    The Nasdaq  .IXIC , which joined the S&P 500  .SPX  in the
green, ended the session out front, courtesy of a boost from the
"magnificent 7" group of megacap momentum stocks, all of which
advanced on the day.
    The blue-chip Dow  .DJI  closed in the red.
    Among the 11 major sectors of the S&P 500, consumer staples
 .SPLRCS  and communication services  .SPLRCL  enjoyed the
biggest percentage gains. Real estate  .SPLRCR  dipped the most.
    Despite a lack of economic data, a smattering of mixed
earnings gave investors something to chew on, with 3M  MMM.N 
General Electric  GE.N  and D.R. Horton  DHI.N  disappointing,
while Verizon Communications  VZ.N  and Procter & Gamble  PG.N 
surprised to the upside.
    It's still early going; only 67 of the companies in the S&P
500 have reported thus far. Of those, 87% have posted
consensus-beating earnings, according to LSEG.
    Analysts now see aggregate annual S&P 500 earnings growth of
4.6% for the Oct-Dec period, significantly less optimistic than
the 11.0% year-over-year growth predicted at the beginning of
the quarter.
    Netflix  NFLX.O  shares gained 1.3% ahead of its results
after the close. 
    The Commerce Department's first swing at fourth quarter GDP
is due on Thursday, and its wide ranging Personal Consumption
Expenditures (PCE) will wrap things up on Friday, with a look at
income growth, consumer outlays, and - drumroll - inflation.
    Both reports have the potential to move the needle with
respect to the timing of a possible Fed policy pivot in the form
of an interest rate cut.
    Here's your closing snapshot:
    
    
    (Stephen Culp)
     ***** 
  
    
    FOR TUESDAY'S OTHER LIVE MARKETS POSTS:
    
    EVEN IF GDP DELAYS RATE CUTS, CAN STILL BE STOCK POSITIVE -
DATATREK - CLICK HERE
    
    WITH VALUATIONS UNDER THE MICROSCOPE, NUVEEN SAYS FOCUS ON
THESE SECTORS - CLICK HERE
    
    WILL RED SEA ATTACKS SPARK INFLATION RE-HEAT? - CLICK HERE
    
    U.S. STOCKS ADOPT A HOLDING PATTERN - CLICK HERE
    
    GRAINS: GROUND UP AND SPIT OUT ON THE CHARTS - CLICK HERE
    
    EU CHEMICALS: SHOULD 2024 EXPECTATIONS BE RESET? - CLICK
HERE
    
    LOW CROWDING + EARNINGS SURPRISE = SHARE RALLY - CLICK HERE
    
    UTILITIES AND REAL ESTATE WEIGH ON STOXX - CLICK HERE
    
    BOJ STRUGGLES WITH A DEFLATIONARY STATE OF MIND - CLICK HERE
    


 

    
    
    
    
    
    
    

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