January 12, 2023 / By: Brad Smith
January 12, 2023 / By: Brad Smith
On Friday, stock markets saw minimal changes as major banks initiated earnings season with varied results, accompanied by data indicating a third consecutive monthly decline in wholesale prices for December. The S&P 500 posted a marginal increase of less than 0.1%, while the Nasdaq Composite remained steady, and the Dow Jones Industrial Average experienced a 0.3% dip.
Despite a challenging start to the year, all three indexes showed weekly gains, with the Nasdaq rising by 3.1%, the S&P 500 by 1.8%, and the Dow inching up by 0.3%.
The Producer Price Index , tracking prices for goods and services received by producers, fell by 0.1%, marking its third consecutive monthly decrease. The goods index dropped by 0.4%, while the services index remained unchanged.
Specific stock movements included:
Dow Jones Industrial Average:
Verizon (VZ) rose by 1.7%, recovering from losses incurred during discussions with federal officials over lead-sheathed phone cables.
Chevron (CVX) gained 1.4% amid heightened oil prices due to escalating tensions in the Red Sea.
Microsoft (MSFT) increased by 1%, approaching the position of the most valuable U.S. company compared to Apple (AAPL).
UnitedHealth Group (UNH) experienced a 3.3% decline following a 16% rise in medical costs during Q4.
S&P 500:
Bank of New York Mellon (BK) saw a 4% rise after surpassing analyst estimates in quarterly earnings.
Defense companies, including Northrop Grumman (NOC), L3 Harris Technologies (LHX), and Lockheed Martin (LMT), outperformed due to heightened tensions in the Red Sea.
Citigroup (C) rose by 1% despite an impact on quarterly earnings from an FDIC assessment and restructuring costs.
BlackRock (BLK) gained 0.9% after reporting better-than-expected earnings and announcing a $12.5 billion acquisition of Global Infrastructure Partners.
Nasdaq 100:
Coca-Cola Europacific Partners (CCEP) rose by 2.6%
Regeneron (REGN) increased by 1.9% following an upgrade to "outperform"
Tesla (TSLA) declined by 3.7%
These market movements were influenced by various factors, including earnings reports, geopolitical tensions, and the impact of global events on supply chains.
