The three main US stock indexes cut their losses throughout the afternoon to close far from its session lows.
in the day, The Nasdaq fell after Microsoft warned that growth in its lucrative cloud business could stall.while its PC unit continued to struggle and set off red flags that its mega-cap competitors have yet to report.
“That result has become the catalyst for the market one way or another,” said Chuck Carlson, managing director of Horizon Investment Services in Hammond, Indiana. “Earnings matter, but what really has the market’s focus is the Federal Reserve’s interest rate/inflation story.”
The fourth-quarter earnings season has revved up, with 95 companies in the S&P 500 filing reports. Of those, 67 percent have beaten median estimates, well below the 76 percent average beat rate over the past four quarters, according to Refintiv.
Boeing shares, a heavyweight on the Dow Jones, reversed their decline and closed in the blue following a report that the planemaker’s losses widened into 2022 and that the company missed fourth-quarter sales estimates but at the same time reported its first positive cash flow since 2018.
Abbott Laboratories fell as weaker-than-expected medical device sales weighed on shares.
Source: Ambito
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