BUSINESS US stocks end mixed amid earnings, economic data

BUSINESS

US stocks end mixed amid earnings, economic data

Xinhua

08:19, January 25, 2023

NEW YORK, Jan. 24 (Xinhua) -- Wall Street's major averages finished mixed on Tuesday as investors parsed earnings reports and economic data.

The Dow Jones Industrial Average rose 104.40 points, or 0.31 percent, to 33,733.96. The S&P 500 fell 2.86 points, or 0.07 percent, to 4,016.95. The Nasdaq Composite Index decreased 30.14 points, or 0.27 percent, to 11,334.27.

Six of the 11 primary S&P 500 sectors ended in green, with industrials and utilities up 0.65 percent and 0.49 percent, respectively, outpacing the rest. Communication services and health care dropped 0.69 percent and 0.65 percent, respectively, leading the laggards.

Shares of 3M tumbled more than 6 percent after the company reported a miss on earnings per share and issued disappointing guidance.

Union Pacific shares fell 3.3 percent after the railroad company's fourth-quarter fell short of expectations.

Shares of Johnson & Johnson were roughly flat after the drug company reported earnings that exceeded estimates but missed revenue forecasts.

Investors also eyed data released Tuesday by S&P Global, which showed private sector contraction in the United States continued into the new year, with renewed pick up in cost pressures.

The S&P Global flash U.S. manufacturing purchasing managers index (PMI) registered 46.8 in January, following December's reading of 46.2, signaling a solid decline in operating conditions at the start of 2023.

The S&P Global flash U.S. services business activity index posted 46.6 in January, up from 44.7 in December. Any number above 50 suggests expansion in the sector, while a number below indicates contraction.

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