- US indices launched today's cash trading higher
- Mixed results from top-tier US companies
- United Parcel Service (UPS.US) surges despite mixed quarterly results
Three major Wall Street indices launched today's session in green, with Dow Jones trading 0.17% lower, while S&P500 and Nasdaq fell 0.50% and 0.90% respectively, as markets digested a set of mixed quarterly results from top-tier US companies and are preparing for tomorrow’s Fed decision. US indices are on track to end January on a high note, with the Nasdaq 100 rallying nearly 8% this month, while the S&P 500 and Dow are up 4.2% and 1.4%, respectively. On the data front, a Bureau of Labor Statistics report pointed to a further slowdown in labor costs. Chicago PMI fell for the fifth consecutive month in January, reinforcing expectations that FED will raise rates only by 25 bps on Wednesday. On the other hand, the US Conference Board Consumer Confidence index fell to 107.1 in January while US 1-year consumer inflation expectations rose to 6.8% in January from revised 6.6% in December.
S&P 500 index stocks categorized by sectors and industries. Size represents market cap. Source: xStation5
US30 fell slightly on Monday however buyers are trying to defend major support at 33720 which coincides with 61.8% Fibonacci retracement of the downward wave launched in January 2022 and 50 SMA (green line). As long as price sits above, another upward impulse may be launched towards recent highs at 35000 pts. On the other hand, if sellers manage to regain control, then the nearest support to watch is located at 32620 pts. Source: xStation5
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United Parcel Service (UPS.US) shares jumped over 2.3% in premarket despite mixed quarterly results. Company reported adjusted earnings per share of $3.62 on $27.08 billion in revenue, while analysts expected $3.59 per share and $28.09 billion in revenue, per Refinitiv.
United Parcel Service (UPS.US) stock has been moving sideways since the beginning of January. Stock launched today's session higher, however as long as price sits below the lower limit of the local triangle formation, bears seem to have advantage. Source: xStation5
General Motors (GM.US) stock jumped nearly 5.0% ahead of the opening bell after the automaker posted better than expected quarterly figures, even as its profit margin narrowed. The company reported an adjusted $2.12 per share on $43.11 billion in revenue, which easily topped Refinitiv analysts' expectations of $1.69 in earnings per share and $40.65 billion in revenue. GM forecasts weaker earnings in 2023, however guidance still beats market consensus.
Pfizer (PFE.US) stock fell over 2.0% in premarket after the vaccine maker posted mixed quarterly results and issued weak financial outlook for the full fiscal year. Drugmaker expects revenues from its Comirnaty and Paxlovid drugs to fall 64% and 58%, respectively compared to last year's results.
Exxon Mobil (XOM.US) stock dropped over 1.0% in off-hours trading despite the oil giant reported solid quarterly results. CEO Darren Woods said the company, whose stock price jumped over 80% in 2022, noticed a tightening in supplies as economies began recovering.
