by Stephen Culp
NEW YORK (Reuters) – The New York Stock Exchange ended mixed on Tuesday, with only the Dow Jones rising, as investors remained cautious awaiting a range of quarterly results and the Reserve’s statement American Federal Reserve (Fed), which began its two-day meeting.
The Dow Jones index gained 0.35% to 38,467.31 points.
The broader S&P-500 lost 0.06% to 4,924.97 points.
The Nasdaq Composite fell 0.76% to 15,509.90 points.
While the S&P-500 marked a slight decline after reaching a peak during the session, the day after its closing record, the Nasdaq was weighed down in particular by major technology stocks including Apple, Amazon and Alphabet. Alphabet and Microsoft published their results after the close.
Markets are in a “holding dynamic” due to the busy schedule this week, commented Ross Mayfield, analyst at Baird in Kentucky.
“There is no market catalyst, especially ahead of many very important items over the next few days,” he said.
Data from the US Department of Labor published today showed an unexpected increase in job creation, suggesting that the job market remains too strong for the Fed to consider lowering rates as early as March.
At the end of its two-day monetary policy meeting, the American central bank is expected to keep its interest rates unchanged on Wednesday.
Investors will scrutinize the Fed’s press release and the press conference of its president, Jerome Powell, looking for clues on the timing and extent of the political shift that the institution will make this year.
“No one expects a change in (the Fed’s) policy, but its press release and the press conference are moving the markets,” stressed Ross Mayfield.
At the same time, the quarterly results season is intensifying. Of the 144 S&P-500 companies that have already reported results, 78% have beaten expectations, according to LSEG data.
Analysts expect total S&P 500 revenues to grow 5.5% year-on-year, compared to forecast of +4.7% in early January, data shows LSEG.
United Parcel Service fell 8.2% after reporting a disappointing annual revenue forecast, while General Motors jumped 7.8% in the wake of better-than-expected 2024 forecasts.
Ahead of the publication of its results, Wednesday before the opening of Wall Street, Boeing fell by 2.3% while the American aircraft manufacturer is the subject of increased surveillance with regard to certification of its 737 MAX 7.
(French version Jean Terzian)
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