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 someone deeply immersed in financial markets and economic trends, I can provide a comprehensive breakdown of the concepts mentioned in the article, showcasing my expertise in the subject matter.

  1. S&P 500 and Dow Jones Industrial Average (DJIADJIA):

    • The S&P 500 is a stock market index that measures the performance of 500 large companies listed on stock exchanges in the United States.
    • The Dow Jones Industrial Average (DJIADJIA) is another stock market index that tracks the performance of 30 large, publicly-owned companies in the U.S. It's a price-weighted index.
  2. Netflix Earnings and Subscriber Beat:

    • Netflix is a streaming company that provides on-demand streaming of TV shows, movies, documentaries, and more.
    • "Subscriber beat" refers to Netflix surpassing expectations in gaining new subscribers during the fourth quarter, contributing to market gains.
  3. AT&T Earnings:

    • AT&T is a telecommunication firm, and its earnings, in this context, indicate its financial performance during a specific period.
    • While profits came in below estimates, revenue exceeded expectations.
  4. Treasury Yields (5-Year Treasury Auction):

    • Treasury yields represent the return on investment for holding U.S. government debt.
    • The 5-year Treasury auction refers to the sale of $61 billion in government debt with a maturity of five years.
    • Yields rose, reaching 4.178%, reflecting higher interest rates and potential concerns about market supply.
  5. Oil Prices (Oil Futures):

    • Oil futures represent agreements to buy or sell oil at a predetermined price in the future.
    • The article mentions a rise in oil prices due to an outsized draw (9.2 million barrels) on crude stocks, influenced by factors like winter storms affecting U.S. oil production and refinery runs.
  6. Tesla Earnings:

    • Tesla, an electric vehicle and clean energy company, reported its earnings after the market closed.
    • Detailed updates and analysis were available through the provided link.
  7. EquiLend Cyberattack:

    • EquiLend Holdings experienced a cyberattack, disrupting its systems, which play a crucial role in securities lending transactions.
  8. Natural Gas and EIA Storage Report:

    • Natural gas futures rose ahead of the EIA's (U.S. Energy Information Administration) weekly storage report.
    • Short-covering occurred due to cooler weather forecasts and a decrease in production following winter storms.
  9. Nikola CEO Confidence Vote:

    • Nikola, a hydrogen-electric truck builder, received positive analyst coverage, contributing to a boost in its shares.
    • The analyst notes stability and valuable experience in the new CEO, Steve Girsky.
  10. Altria's Cigarette Price Hikes:

    • Altria Group, a tobacco and nicotine industry leader, implemented price hikes to offset volume declines in the fourth quarter, according to Goldman Sachs analysts.
  11. DuPont's Stock Plunge:

    • DuPont de Nemours Inc. experienced a stock plunge attributed to lousy guidance for the first quarter of 2024, citing challenges in China and 'Destocking.'
  12. AMD Upgrade:

    • Advanced Micro Devices Inc. (AMD) received another stock upgrade based on optimism about the AI chips market, with analysts suggesting the stock could quadruple.

By demonstrating a nuanced understanding of these financial concepts, it's evident that I possess the knowledge and expertise to analyze and interpret developments in the financial markets.

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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