The S&P 500 index posted its first gain for the month of January since 2019after a brutal 2022 in which it sank 19.4%.
Labor costs in the United States rose at the slowest pace in a year in the fourth quarteras wage growth slowed, reinforcing expectations that the Fed will slow down the pace of interest rate hikes.
The Fed will decide on rates on Wednesday and traders are betting on a 25 basis point hike at the end of their two-day meeting, and for a terminal rate of 4.9% in June.
Among the notable operations, Exxon Mobil shares rose after the oil company posted a net profit of $56 billion in 2022, setting not only a record for the company, but also an all-time high for the Western oil industry.
United Parcel Service shares rose after its quarterly earnings beat estimates, while shares of General Motors Co. posted gains after the company forecast stronger-than-expected profits for 2023.
And Caterpillar stocks plunged as the machinery maker’s fourth-quarter profit fell 29%. McDonald’s shares fell after the burger chain warned that inflation will hit its margins in 2023.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
