Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

U.S. stocks were wobbling as investors take in megacap earnings

Published 01/08/2023, 15:02
Updated 01/08/2023, 16:11
© Reuters.

Investing.com -- U.S. stocks were wobbling as investors digested a slew of megacap earnings reports and awaited economic data that could set the stage for the Federal Reserve’s next meeting.

At 11:01 ET (15:01 GMT), the Dow Jones Industrial Average was up 17 points or 0.1%, while the S&P 500 was down 0.3% and the NASDAQ Composite was down 0.4%.

Pharmaceutical giants report mixed results

Pharmaceutical giants Merck & Company (NYSE:MRK) and Pfizer (NYSE:PFE) reported mixed results on Tuesday. Merck raised its full-year profit outlook after a smaller-than-expected loss for the quarter, while Pfizer fell short of revenue expectations. Shares of Merck rose 0.1%, while shares of Pfizer rose 1%.

Ride-hailing platform Uber Technologies (NYSE:UBER) fell 6% after guiding for better-than-expected third quarter operating profit.

After tonight’s closing bell, Advanced Micro Devices (NASDAQ:AMD), Starbucks (NASDAQ:SBUX) and Pinterest (NYSE:PINS) will report.

Fed eyes data on labor market

The ISM manufacturing survey for July was a reading of 46.4, which was below the 46.8 expected. The June job opening reports came in at 9.582 million, also below expectations for 9.61 million. 

The big economic report this week is Friday’s job report for July. The Fed, which has been trying to guide the economy to a soft landing, will be watching labor market data for signs the tight conditions are easing but without sparking massive job losses.

The Fed doesn’t meet again on interest rates until September but will meet at its annual conference in late August in Jackson Hole, Wyo., where policymakers could give more details on their thinking for the second half outlook. 

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Expectations that the Fed could be at or near the end of its rate increases have lifted stocks this year, sending the Nasdaq soaring 37%.

Arista Networks jumps after beating expectations

In other earnings, JetBlue Airways. (NASDAQ:JBLU) fell more than 9% after cutting its forecast for annual profit, while Arista Networks (NYSE:ANET) shares bounced over 17% after beating expectations despite fears of a slowdown in spending.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.