- U.S. stock markets saw a mixed performance on Jan. 24 in response to the first big batch of fourth-quarter earnings reports.
- The Dow posted gains during Tuesday’s session, but both the Nasdaq and the S&P 500 were slightly lower for the day.
- Alphabet Actions (GOOGLE), the parent company of Google, fell on news of an antitrust lawsuit targeting the company’s online advertising business.
US stocks ended mixed as the market reacted to the first big batch of the fourth quarter earnings reports. The Dow rose more than 100 points, but the S&P 500 and Nasdaq fell.
Shares of The Travelers (TRV) led the Dow higher after the insurer announced a rate hike insurance premium received versus receivables. Paccar (PCAR) was the best-performing stock in the S&P 500 as the maker of Kenworth and Peterbilt trucks beat earnings and sales estimates. DR Horton (DHI) also beat earnings and revenue estimates and its stock advanced. Shares of rival homebuilders also rose. Verizon Communications (VZ) shares advanced as the mobile service provider added subscribers.
3 million (MMM) shares fell 6% as the diversified products maker warned of falling demand and announced it would cut 2,500 manufacturing jobs. Union Pacific (UNP) shares fell after the freight train operator’s results missed estimates. Shares of Walgreens Boots Alliance (WBA) declined after Amazon (AMZN) announcement of a low-cost prescription drug plan that could affect Walgreens’ pharmacy business.
Google Antitrust Lawsuit
Shares in Google’s parent company Alphabet (GOOGLE) collapsed when the Justice Department filed an antitrust lawsuit seeking to break up Google’s online advertising business. Microsoft (MSFT) shares were lower before the financial report after the close, but are rebounding extended trading.
Oil futures fell on fears of a possible economic slowdown. Gold prices rose. The yield on the 10-year government bond lost ground. The US dollar strengthened against the pound but fell against the euro and yen. Bitcoin price (BTC/USD) was higher, but most other major cryptocurrencies lost ground.
The New York Stock Exchange (NYSE) is investigating the reason for a technical glitch at the opening bell that caused wild price swings in the shares of more than 250 companies, leading to a trading halt. The exchange added that some trades would be declared “null and void” because they were erroneous under its rules. The NYSE said operations had returned to normal at 9:50 a.m. ET.