US Markets climb ahead of earnings, economic data

The US stock market finished session modestly higher on Monday, 23 January 2023, as investors contemplated a potential slowdown in interest rate hikes from the Federal Reserve and ahead to the release of corporate news and earnings results from a number of big-name companies this week.

At the close of trade, the Dow Jones Industrial Average index advanced 254.07 points, or 0.76%, to 33,629.56. The S&P500 index was up 47.20 points, or 1.19%, to 4,019.81. The tech-heavy Nasdaq Composite Index increased by 223.98 points, or 2.01%, to 11,364.41.

Total 10 of 11 sectors ended higher along with the S&P500 Index. Information technology was top performing sector, gaining 2.28%, followed by communication services (up 1.78%), consumer discretionary (up 1.57%), financials (up 1.12%), and industrials (up 1.09%) sectors. Energy was worst performing sector, falling 0.2%.

 

Earnings reports could keep the market on edge this week, with about 40% of the Dow and about 25% of companies in the S&P 500 scheduled to release their latest financial results. Some big names on deck include Microsoft, AT&T, Boeing, IBM Corp., Tesla, Intel, American Express, General Electric, Johnson & Johnson, and Verizon.

Reports on durable goods orders, fourth quarter GDP, new home sales and personal income and spending are also likely to attract attention later in the week.

Shares of tech and semiconductor related companies advanced on hopes that a reopening in China would boost their businesses. Advanced Micro Devices rose 9%. Qualcomm and NVIDIA Corp rose more than 6% and 7% higher, respectively.

Spotify Technology SA rose more than 2% after the music streaming giant announced plans to cut 6% of its global workforce.

Energy stocks lagged the broader market move higher, weighed down by a 1% fall in Baker Hughes Co after the oil field services reported quarterly results that fell short of estimates on both the top and bottom lines.

Among Indian ADR, HDFC Bank was up 0.37% at $70.75, ICICI Bank added 1.16% to $21.77, INFOSYS was up 1.44% at $19.05, Tata Motors added 1% at $25.14, and WNS Holdings added 3.3% to $85.21, while Azure Power Global fell 0.7% to $4.14, Dr Reddy's labs fell 0.9% to $53.18, and Wipro fell 0.2% to $4.99.

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