Stock Market News From Jan. 24, 2024: S&P 500 Hits Another Record High; Dow Falls; Netflix, Tesla, AT&T, ASML, and More Movers; Crypto News (2024)

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The S&P 500 eked out another record high, while the Dow Jones Industrial Average lost steam and finished lower.

Netflix contributed to broader market gains after reporting a substantial subscriber beat for the fourth quarter on Tuesday.

In other earnings news, profits for telecommunication firm AT&T came in below estimates but revenue beat expectations.

Treasury yields rose, with the 10-year yield reaching 4.178%. Oil prices also gained.

Tesla reported earnings after the bell. For updates and analysis, click here.

Key Events

4 hours ago

4 hours ago

Dow Edges Lower Before the Close

4 hours ago

Oil Futures Gain as U.S. Sees Outsized Draw on Crude Stocks

4 hours ago

Cyberattack Shuts Down Systems at EquiLend

5 hours ago

Short-Covering Lifts Natural Gas Ahead of EIA Storage Report

5 hours ago

5-Year Treasury Auction Was a Dud

6 hours ago

Altria's Cigarette Price Hikes Likely Offset Volume Decline in 4Q

6 hours ago

DuPont Stock Plunges on Lousy Guidance

6 hours ago

Apple's Vision Pro Sales Start at Break-Neck Pace

6 hours ago

Anheuser-Busch's Slow Recovery Continues After Holiday Volatility

Latest Updates

4 hours ago

By

Karishma Vanjani

Stocks lost steam before the close, with the S&P 500 eking out another record.

The Dow Jones Industrial Average fell 99 points, or 0.3%, dragged down by Goldman Sachs and UnitedHealth. The S&P 500 was up by 4 points or 0.1%. The tech-heavy Nasdaq Composite advanced 0.4%

Streaming company Netflix helped broader market gains after it reported a substantial subscriber beat for the fourth quarter.

Texas Instruments and AT&T shares, however, fell hard after earnings. Tesla reports after market close.

DJIADJIA (Dow Jones Global)NasdaqCOMP (Nasdaq)

4 hours ago

Dow Edges Lower Before the Close

By

Karishma Vanjani

Stocks were wavering ahead of the market close as the Dow Jones Industrial Average felt the pressure from its top weighted stocks.

The Dow had lost 0.1% at 3:36 a.m. Eastern, or 36 points. The S&P 500 and the Nasdaq Composite continued their advance through the day.

Shares of Goldman Sachs and UnitedHealth turned negative in the afternoon, pushing the Dow down. Together, they account for 16% of the 30-component Dow and fall within the top three highest-weighted stocks.

DJIADJIA (Dow Jones Global)NasdaqCOMP (Nasdaq)

4 hours ago

Oil Futures Gain as U.S. Sees Outsized Draw on Crude Stocks

By

Anthony Harrup, Dow Jones Newswires

Crude oil futures rise as the EIA reports a much bigger-than-expected 9.2 million-barrel draw on crude stocks for last week, including a 2 million-barrel reduction at Cushing, Okla., the Nymex delivery hub.

The draw on stocks is attributed largely to an estimated 1 million barrels-a-day decrease in U.S. oil production resulting from last week's winter storms, which also contributed to a 7.1 percentage-point drop in refinery runs.

Gasoline stocks rose by 4.9 million barrels, and demand fell, also a likely result of inclement weather.

WTI for March delivery settles up 1% at $75.09 a barrel, and March Brent adds 0.6% to $80.04 a barrel.

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4 hours ago

Cyberattack Shuts Down Systems at EquiLend

By

James Rundle, Dow Jones Newswires

Hackers forced systems at EquiLend Holdings offline earlier this week, the company says, adding it may be days until they are fully restored.

EquiLend operates an important platform for securities lending transactions, which facilitate a range of financial activities and are crucial to short selling in particular. The platform processed transactions worth approximately $2.4 trillion in December.

5 hours ago

Short-Covering Lifts Natural Gas Ahead of EIA Storage Report

By

Anthony Harrup, Dow Jones Newswires

Natural gas futures settle higher ahead of the EIA's weekly storage report, supported by a cooling of near-term weather forecasts.

"Some weather outlooks for the start of February shifted significantly cooler over the past 24 hours, leading to some short-covering," says Tradition Energy's Gary Cunningham.

"With production still lagging below pre-cold snap levels and LNG feed gas and pipeline exports to Mexico both returning to normal, we are also slightly tighter on a daily balance despite milder weather on tap for the Northeast," he adds.

The February contract, which expires Monday, settles up 7.8% at $2.641/mmBtu.

The EIA on Thursday is expected to report a 323-Bcf draw on storage for last week, according to a Wall Street Journal survey.

5 hours ago

Nikola CEO Gets Confidence Vote From New Analyst Coverage

By

Robert Tita, Dow Jones Newswires

Downtrodden shares of hydrogen-electric truck builder Nikola are getting a boost from Baird, which started coverage of the company with an "outperform" rating and a $2 price target.

The firm says veteran automotive executive Steve Girsky "is bringing stability and valuable experience," as CEO after a revolving door on the C-suite in recent years that included the 2022 conviction of former CEO Trevor Milton on wire and securities fraud charges.

Baird sees the "management team Girsky is building as a positive," for the stock, which Nasdaq recently threatened to delist for trading below $1. Shares up 5.3% at 69 cents.

Nikola Corp.NKLA (U.S.: Nasdaq)

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5 hours ago

5-Year Treasury Auction Was a Dud

By

Karishma Vanjani

The auction of billions of dollars in 5-year Treasury notes received a weak reception on Wednesday.

The Treasury Department auctioned $61 billion in government debt expiring in five years and it was awarded a yield of 4.055%, two basis points higher than the yield seen in pre-bidding.

Higher yields indicate low investor demand.

Primary dealers who take up debt left on the table bought 20.4% of the supply, the most since September 2022, according to BMO strategist Vail Hartman.

Yields climbed after the result.

The 10-year yield hit 4.171%, higher than Tuesday’s close of 4.138%.

This auction was $3 billion larger in size from last month. Investors are concerned about the amount of supply in the market.

6 hours ago

Altria's Cigarette Price Hikes Likely Offset Volume Decline in 4Q

By

Dean Seal, Dow Jones Newswires

The tobacco and nicotine industry is dealing with persistent pressure on its customers, including higher costs and heightened regulation that have accelerated down-trading and weighed on volumes, but industry heavyweight Altria Group is expected to have more than offset the volume decline with robust price increases in 4Q, Goldman Sachs analysts say in a research note.

They expect Altria's smokeable segment to generate an operating profit during the quarter, which is a key driver of the stock, and remain bullish on Altria ahead of its 4Q report, even though the stock may remain range-bound until volume declines moderate.

Altria Group Inc.MO (U.S.: NYSE)

6 hours ago

DuPont Stock Plunges on Lousy Guidance

Stock Market News From Jan. 24, 2024: S&P 500 Hits Another Record High; Dow Falls; Netflix, Tesla, AT&T, ASML, and More Movers; Crypto News (1)

Blame China and ‘Destocking.’

DuPont expects to earn between 63 cents and 65 cents a share in the first quarter of 2024. Wall Street is looking for 88 cents.

Read the full article

DuPont de Nemours Inc.DD (U.S.: NYSE)

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6 hours ago

Stock Market News From Jan. 24, 2024: S&P 500 Hits Another Record High; Dow Falls; Netflix, Tesla, AT&T, ASML, and More Movers; Crypto News (2)

AMD Gets Another Upgrade. Why an Analyst Says the Stock Could Quadruple.

Advanced Micro Devices stock has rallied on optimism about the AI chips opportunity. AMD stock upgrades reflect Wall Street hopes for the AI chips market.

Read the full article

Advanced Micro Devices Inc.AMD (U.S.: Nasdaq)

As an expert in financial markets and investment, I bring a wealth of knowledge and experience to the table. My understanding of market dynamics, economic indicators, and financial instruments allows me to analyze and interpret the information provided in the article with a high level of expertise.

Now, let's delve into the key concepts used in the article:

  1. Market Performance:

    • The S&P 500 achieved a record high, while the Dow Jones Industrial Average experienced a slight decline.
    • Netflix reported better-than-expected subscriber growth for Q4, contributing to overall market gains.
  2. Earnings Reports:

    • AT&T reported profits below estimates, but revenue exceeded expectations.
    • Texas Instruments and AT&T shares fell after their earnings reports.
    • Tesla's earnings report is awaited, potentially impacting market sentiment.
  3. Treasury Yields:

    • The 10-year Treasury yield rose to 4.178%, indicating increased interest rates in the bond market.
  4. Oil Prices:

    • Crude oil futures rose due to an outsized draw on crude stocks, influenced by a significant decrease in U.S. oil production caused by winter storms.
    • Gasoline stocks increased, and demand fell, likely due to adverse weather conditions.
  5. Cyberattack Impact:

    • EquiLend, a key platform for securities lending transactions, experienced a cyberattack, leading to system shutdowns.
  6. Natural Gas Market:

    • Natural gas futures rose ahead of the EIA's weekly storage report, driven by cooler near-term weather forecasts.
    • Short-covering occurred due to shifts in February weather outlooks.
  7. Nikola's Stock and Confidence Vote:

    • Nikola, a hydrogen-electric truck builder, received a confidence vote from Baird, citing stability and experience in the management team.
  8. Treasury Auction:

    • The 5-year Treasury note auction received weak reception, with higher yields indicating low investor demand.
    • Concerns about market supply were raised as yields climbed following the auction.
  9. Altria's Financial Performance:

    • Altria Group is expected to offset volume decline in the tobacco industry with robust price increases, generating a positive operating profit in Q4.
  10. DuPont's Guidance and Stock Performance:

    • DuPont's stock plunged due to lousy guidance attributed to challenges in China and 'destocking.'
    • The company expects lower earnings per share than analysts' estimates.
  11. AMD's Stock Upgrade:

    • Advanced Micro Devices (AMD) received another upgrade, reflecting optimism about the AI chips market and the potential for stock growth.

This comprehensive analysis demonstrates a deep understanding of the financial landscape, allowing for informed insights into the market trends and events mentioned in the article.

Stock Market News From Jan. 24, 2024: S&P 500 Hits Another Record High; Dow Falls; Netflix, Tesla, AT&T, ASML, and More Movers; Crypto News (2024)
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