Stock Market Today: Stocks mixed amid earnings rush, bulls cheer new highs

Stocks are pressing ahead to records amid renewed bets that the Federal Reserve will execute a soft landing for the world's biggest economy.

Jan 23, 2024 - 20:30

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Stock Market Today: Stocks mixed amid earnings rush, bulls cheer new highs

Check back for updates throughout the trading day

U.S. stocks were mixed in early Tuesday trading, following on from the second consecutive record close for the S&P 500, as investors continue to bet that a solid earnings season and fading inflation will guide the domestic economy to a soft landing this year.

Updated at 9:47 AM EST

Freshman mixer

Stocks are mixed in the early open, with Treasury yields edging modestly higher ahead of a $60 billion 2-year auction later in the session.

The S&P 500 added around 3 points, or 0.15%, in the first half hour of trading, while the Dow was down 90 points. The Nasdaq, meanwhile, gained 11 points, or 0.11%.

Updated at 8:47 AM EST

Verizon, vroom!

Verizon shares are a big pre-market mover, rising more than 4.25% with on more than 900,000 in volume, after the wireless carrier topped Street earnings forecasts and issued a solid 2024 profit outlook.

"Although Verizon’s revenue declined year over year, the company ended 2023 on a high." said Third Bridge analyst Jamie Lumley. "Continued growth within its fixed wireless customer base and a rebound in consumer retail postpaid plans are signs the company is still able to compete and win in what is a saturated market environment."

Stock Market Today

Stocks ended higher again yesterday, with the Dow topping the 38,000-point mark for the first time and the S&P 500 notching its second record close. The figures were posted even in the face of a muted gain for the so-called Magnificent 7 tech stocks and a nudge higher in Treasury yields.

Investors are now likely to focus on a busy corporate earnings calendar over the next three sessions. Netflix (NFLX) - Get Free Report is slated to update investors after the close of trading and Verizon (VZ) - Get Free Report, Johnson & Johnson (JNJ) - Get Free Report, General Electric (GE) - Get Free Report, 3M (MMM) - Get Free Report and Procter & Gamble (PG) - Get Free Report are reporting before the bell.

GE shares slipped after the industrials giant topped Wall Street forecasts for fourth-quarter profit but forecast muted free-cash-flow and earnings to start the new year.

Johnson & Johnson's profit outlook was also stable, with the pharma giant reiterating its 2024 outlook following a stronger-than-expected fourth-quarter update.

Verizon share jumped 5.6% after it topped Street earnings forecast and said profits would rise firmly into the coming year thanks in part to better-than-expected gains on wireless subscribers linked to its new hybrid plan offerings.

United Airlines (UAL) - Get Free Report, which reported after the close of trading last night, was the standout premarket mover. The stock surged more than 6% after the carrier offset an expected hit from Boeing (BA) - Get Free Report aircraft delays with an upbeat profit outlook for 2024 of between $9 and $11 a share.

Overall, analysts see collective fourth-quarter S&P 500 profits rising around 4.5% from the same period in 2022 to a share-weighted $454.2 billion. First-quarter profits are expected to rise 6.6% to $468 billion.

In other markets, benchmark 10-year Treasury note yields were holding steady at 4.128% in early New York trading while 2-year notes were pegged at 4.406%. That's ahead of a $60 billion auction of new paper later today, the first of three coupon sales this week that will raise around $162 billion.

The U.S. dollar index, which tracks the greenback against a basket of six global currencies, was marked 0.06% higher at 103.398.

On Wall Street, stock futures suggest a muted open, with the S&P 500 called 4 points higher and the Dow Jones Industrial Average indicating a pullback of around 10 points. The tech-focused Nasdaq, meanwhile, is called 28 points higher.

In Europe, the Stoxx 600 was marked 0.2% lower in early Frankfurt dealing, with Britain's FTSE 100 down 0.12% and closely tracking U.S. equity futures.

Overnight in Asia, the Bank of Japan held its key policy rate steady at -0.1%, while maintaining its overall tenor of ultra-loose policy, as it lowered inflation forecasts for the coming year.

The Nikkei 225, which closed at a 34-year high on Monday, ended the session 0.06% lower at 36,517.57 points. The broader MSCI ex-Japan index slipped 0.06% into the close of trading.