Leading Stock Movers Today: GM, UPS, SLB, and More Insights
Explore the latest movements in U.S. stock markets as key players like GM, UPS, and SLB react ahead of major earnings reports and the upcoming Federal Reserve interest rate decision.
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Highlights to Watch
- U.S. stocks showed mixed and steady performance at midday on Tuesday, January 30, 2024, as investors awaited earnings reports from Microsoft and Alphabet, alongside the Federal Reserve’s upcoming interest rate announcement.
- UPS shares fell sharply after the company announced plans to cut 12,000 jobs due to disappointing revenue figures.
- General Motors shares rose following stronger-than-expected Q4 earnings and an optimistic 2024 forecast that surpassed analyst predictions.
Midday trading saw minimal shifts in U.S. equities ahead of after-hours earnings from tech giants Microsoft and Alphabet, and the Federal Reserve’s interest rate decision scheduled for Wednesday. While the Dow inched higher, reaching new record levels, both the S&P 500 and Nasdaq experienced slight declines.
Shares of SLB and other oilfield service companies dropped after Saudi Aramco announced it would keep oil production steady at 12 million barrels per day, foregoing a previously planned increase.
Whirlpool’s stock declined following a warning about slowing consumer demand and reduced appliance upgrades.
UPS shares tumbled as the company revealed plans to eliminate 12,000 jobs, reported revenue below expectations, and issued a cautious outlook for the year ahead.
In contrast, General Motors saw its stock climb after delivering Q4 profits and sales that beat estimates, along with a strong full-year 2024 outlook.
MSCI shares surged after the financial data provider reported better-than-anticipated results, driven by a rise in subscription services.
Corning’s stock advanced, benefiting from increased product pricing and reduced inventory levels in the fiber optics and technology sector.
Commodities like oil and gold futures rose, while the 10-year U.S. Treasury yield declined. The U.S. dollar strengthened against the British pound and Japanese yen but weakened versus the euro. Most major cryptocurrencies traded higher during this period.
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