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Home World News

Dow closes almost 400 points lower and snaps 4-day win streak, pressured by Goldman shares

INBV News by INBV News
January 17, 2023
in World News
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Dow closes almost 400 points lower and snaps 4-day win streak, pressured by Goldman shares
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The Dow Jones Industrial Average fell on Tuesday as investors struggled to maintain constructing on early 2023 momentum and weighed the newest earnings results.

The blue-chip index lost 391.76 points, or 1.14%, to shut at 33,910.85. The S&P 500 fell 0.2% to three,990.97, while the Nasdaq Composite gained 0.14% to finish the day at 11,095.11.

Goldman slid 6.44% after the bank reported its worst earnings miss in a decade for the fourth quarter. Its results were pressured by declines in investment banking and asset management revenues. Meanwhile, rival Morgan Stanley posted better-than-expected numbers, thanks partly to record wealth management revenue. Its shares jumped 5.91%.

Those results got here after other major banks corresponding to JPMorgan and Citigroup reported mixed quarterly reports.

“Goldman and Morgan Stanley have almost mirror-image price motion today following their earnings,” Yung-Yu Ma, BMO Wealth Management’s chief investment strategist, told CNBC. “Even inside the financial sector, individual lines of business are faring very in another way and Morgan Stanley’s wealth management segment provided a robust ballast.”

“These divergences are indicative of what we expect on this earnings season — diverging fortunes based on industry and sub-industry,” he added.

About 7% of S&P 500 earnings have reported earnings through Tuesday morning, in line with FactSet. Of those firms 70% have beaten expectations. United Airlines will report its quarterly results after the bell.

Wall Street is coming off positive back-to-back weeks to start out the brand new yr, but investors could have entered a hall of mirrors, in line with Mike Wilson, chief U.S. equity strategist at Morgan Stanley.

“The rally this yr has been led by low quality and heavily shorted stocks. Nonetheless, it is also witnessed a robust move in cyclical stocks relative to defensive ones. This move particularly is convincing investors they’re missing something and must re-position,” Wilson said.

“Truth be told, it has been a strong shift, but we also recognize bear markets have a way of fooling everyone before they’re done,” he added. “We’re not biting on this particular head fake/bear market rally because our work and process is so convincingly bearish, and we trust it.”

Dow Jones Industrial Average

Yr-to-date, the Nasdaq Composite is leading the way in which up 6.01%, as investors buy beat-up technology shares amid rising hopes of an improving landscape for growth stocks. The S&P 500 and Dow have advanced 3.95% and a couple of.30%, respectively, for the reason that start of the yr.

Gains have come on the back of the primary crop of inflation-related data, which investors have interpreted as a sign of a contracting economy. They hope it will give the Federal Reserve justification to slow rate of interest hikes. Last week, the buyer price index for December showed prices cooled 0.1% from the prior month, but prices were still 6.5% higher than the identical month a yr ago.

Lea la cobertura del mercado de hoy en español aquí.

Tags: 4dayclosesdowGoldmanPointspressuredsharessnapsstreakwin
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