- The Dow, S&P 500 and Nasdaq closed lower on Thursday, January 19, 2023.
- Oil and gold prices rose more than 1%.
- Comerica ( CMA ) was the top performer on the S&P 500 after the financial services company beat earnings expectations.
US stocks ended lower on fears of a possible economic slowdown and the Fed keeping interest rates high for a long time to fight inflation. The Dow and S&P 500 fell each day this holiday-shortened week, while the Nasdaq was in the red for a second straight session.
Home Depot (HD) was the biggest drag on the Dow as its shares fell 4% after the Commerce Department said housing starts and building permits fell more than expected last month. Shares of rival Lowe’s (LOW), as well as home builders such as DR Horton (DHI) and PulteGroup (PHM) slipped. 3M shares (MMM) lost 3.5%. Procter & Gamble (PG) shares fell 2% after the consumer goods maker’s profit and sales missed forecasts. American Express (AXP) and Caterpillar (CAT) shares also fell 2%.
It’s been a rough day for investors in alternative energy companies such as shares of Enphase Energy (ENPH), SolarEdge Technologies (SEDG), Generac Holdings (GNRC) and First Solar (FSLR) decreased. Northern Trust (NTRS) shares fell as the financial services company missed earnings and revenue estimates. Charles Schwab Stock (SCHW) sank after a double downgrade by Bank of America. Discover financial services (DFS) warned of rising credit card losses, and its stock fell. Netflix (NFLX) shares fell ahead of its final earnings report and are rising extended trading.
Bank stocks jump
Regional banks were among the best-performing stocks in the S&P 500, led by Comerica (CMA), as shares soared on the company’s better-than-expected earnings. Philip Morris (AFTERNOON) shares rose after analysts’ update, and shares of parent Altria Group (MO) also obtained. Shares of UnitedHealth Group (UNH) and other health insurance companies have advanced. Meta Platforms (META) and the alphabet (GOOGLE) shares added 2%.
Oil and gold futures each gained more than 1%. Yield on 10-year Treasury roses. The US dollar weakened against the euro, pound and yen. Prices of major cryptocurrencies were higher.