U.S. Averages On Hold Ahead of Mega-Cap Tech Earnings and Rate Decision

Barry Adams
30 Jan, 2024
New York City

Market indexes on Wall Street headed down as investors reviewed the latest batch of quarterly results and looked ahead to the Federal Reserve's monetary policy announcement.

The S&P 500 index and the Nasdaq Composite traded around flatline, and investors reacted to quarterly results from General Motors, UPS, JetBlue, and Whirlpool.

After the close, Alphabet, Microsoft, and AMD are scheduled to announce their results. 

The SP 500 index and the Dow Jones Industrial Average closed at new record highs in the previous session.

The Federal Reserve is set to announce its monetary policy decision at the end of the two-day meeting on Wednesday.

Investors are anticipating that the Federal Reserve will hold rates and are looking forward to the central bank's guidance about the rate path.

 

U.S. Indexes and Yields

The S&P 500 index decreased 0.2% to 4,942.06, and the Nasdaq Composite declined 0.2% to 15,486.26.

The yield on 2-year Treasury notes decreased to 4.32%. 10-year Treasury notes declined to 4.07%, and 30-year Treasury bonds edged down to 4.30%.

WTI crude oil decreased $0.72 to $76.07 a barrel, and natural gas prices increased 2 cents to $2.07 a thermal unit.

Gold increased by $3.07 to $2,035.56 an ounce and extended the previous week's gains after the U.S. dollar drifted slightly lower in international trading.

The dollar index, which weighs the U.S. dollar against a basket of foreign currencies, edged lower to 103.48.

 

U.S. Stock Movers

General Motors jumped 7.5% to $38.03 after the company reported better-than-expected quarterly earnings on flat sales in the fourth quarter.

Sales in the quarter edged slightly lower to $42.98 billion from $43.11 billion, net income edged higher to $2.1 billion from $2.0 billion, and earnings per share rose to $1.59 from $1.39 a year ago.

The company reiterated its commitment to electric vehicles and confirmed that adoption of the advanced vehicle has been slower than anticipated.

Despite the near-term sales challenges, General Motors plans to build a production capacity of one million electric vehicles by 2025.

JetBlue Airways declined 1.1% to $5.44 after the company reported a loss in the latest quarter.

Revenue in the fourth quarter decreased 3.7% to $2.3 billion, net income swung to a loss of $124 million from a profit of $24 million, and diluted earnings per share were $0.31 from 7 cents a year ago.

UPS declined 6.9% to $147.20 after the package delivery company reported mixed quarterly results and the company's outlook fell short of market expectations.