US close: Stocks continue to fall ahead of this week’s Fed policy meeting

by | Jan 24, 2022

Wall Street stocks were sharply lower yet again early on Monday as market participants braced for another week of corporate earnings and a key policy decision from the Federal Reserve Bank.
As of 1515 GMT, the Dow Jones Industrial Average was down 2.16% at 33,524.73, while the S&P 500 was 2.55% weaker at 4,285.83 and the Nasdaq Composite came out the gate 2.83% softer at 13,379.92.

The Dow opened 740.64 points lower on Monday, extending losses recorded in the previous session as Netflix weighed on the tech-heavy Nasdaq.

Stocks continued their fall early on Monday as investors await the outcome of the central bank’s two-day policy meeting on Wednesday. Market participants will look for any hints on exactly how much the Fed will look to raise interest rates by in 2022 and when it will start doing so.

Also in focus, the yield on the benchmark 10-year Treasury note eased off slightly to 1.717% but remained elevated and just short of a quarter of a percentage point year-to-date rise.

On the macro front, the Chicago Federal Reserve’s national activity index printed at -0.15 in December, down from 0.44 in November and short of estimates for a reading of 0.25.

Elsewhere, a flash reading of IHS Markit’s manufacturing PMI revealed that US business activity expanded its slowest pace in 18 months January amid a winter surge in new Covid-19 cases. According to the report, IHS’ output index fell to a reading of 50.8 from 57.0 in December, while the flash composite orders index slipped to a reading of 55.0 from 56.6 in December

In the corporate space, Halliburton declared a quarterly dividend of $0.12 per share as it posted fourth-quarter revenues and earnings per share that well and truly beat the firm’s 2020 performance, while Peloton shares were in the green prior to the open after bouncing back more than 11% on Friday.

IBM will report earnings after the close, while Microsoft, Tesla and Apple will publish their latest quarterly figures later on in the week.

Dow Jones – Risers

Verizon Communications Inc. (VZ) $53.49 0.62%
Cisco Systems Inc. (CSCO) $56.87 0.34%
Amgen Inc. (AMGN) $228.40 0.30%
Procter & Gamble Co. (PG) $162.99 0.23%
Dowdupont Inc. (DWDP) $30.52 0.00%
Honeywell International Inc. (HON) $230.94 0.00%
Travelers Company Inc. (TRV) $162.24 -0.23%
Walmart Inc. (WMT) $139.39 -0.57%
3M Co. (MMM) $171.63 -0.59%
Coca-Cola Co. (KO) $60.07 -0.63%

Dow Jones – Fallers

Goldman Sachs Group Inc. (GS) $330.39 -3.93%
Boeing Co. (BA) $197.49 -3.87%
Walt Disney Co. (DIS) $132.34 -3.67%
JP Morgan Chase & Co. (JPM) $141.10 -2.74%
Salesforce.Com Inc. (CRM) $213.01 -2.57%
Visa Inc. (V) $201.13 -2.33%
Caterpillar Inc. (CAT) $209.27 -2.25%
Nike Inc. (NKE) $139.88 -2.15%
American Express Co. (AXP) $155.51 -2.03%
Unitedhealth Group Inc. (UNH) $452.02 -1.98%

S&P 500 – Risers

Kohls Corp. (KSS) $62.22 32.84%
Macy’s Inc. (M) $24.14 5.23%
Nordstrom Inc. (JWN) $20.61 3.05%
Comcast Corp. (CMCSA) $51.03 2.61%
Kroger Co. (KR) $48.02 2.34%
CF Industries Holdings Inc. (CF) $67.32 2.00%
Clorox Co. (CLX) $182.01 1.91%
Campbell Soup Co. (CPB) $46.01 1.58%
Progressive Corp. (PGR) $109.71 1.57%
Kellogg Co. (K) $67.49 1.32%

S&P 500 – Fallers

Xilinx Inc. (XLNX) $173.79 -7.46%
Netflix Inc. (NFLX) $369.00 -7.17%
Svb Financial Group (SIVB) $541.44 -6.93%
TripAdvisor Inc. (TRIP) $25.74 -6.37%
Advanced Micro Devices Inc. (AMD) $111.39 -6.25%
Nvidia Corp. (NVDA) $219.24 -6.20%
Freeport-McMoRan Inc (FCX) $38.59 -5.86%
FMC Technologies Inc. (FTI) $6.11 -5.79%
Coty Inc. Class A (COTY) $7.93 -5.48%
Diamondback Energy Inc. (FANG) $111.66 -5.36%

Nasdaq 100 – Risers

Vodafone Group Plc ADS (VOD) $16.80 6.13%
T-Mobile Us, Inc. (TMUS) $105.22 3.54%
Comcast Corp. (CMCSA) $51.03 2.61%
Charter Communications Inc. (CHTR) $576.49 1.19%
Gilead Sciences Inc. (GILD) $69.24 1.07%
Dollar Tree Inc (DLTR) $127.32 0.86%
O’Reilly Automotive Inc. (ORLY) $639.93 0.63%
Sirius XM Holdings Inc (SIRI) $6.04 0.50%
NortonLifeLock Inc. (NLOK) $26.16 0.38%
Cisco Systems Inc. (CSCO) $56.87 0.34%

Nasdaq 100 – Fallers

Tesla Inc (TSLA) $865.41 -8.32%
Xilinx Inc. (XLNX) $173.79 -7.46%
Netflix Inc. (NFLX) $369.00 -7.17%
Nvidia Corp. (NVDA) $219.24 -6.20%
Asml Holdings N.V. (ASML) $658.15 -5.27%
Baidu Inc. (BIDU) $148.79 -5.14%
Wynn Resorts Ltd. (WYNN) $81.62 -4.71%
Paypal Holdings Inc (PYPL) $156.01 -4.61%
JD.com, Inc. (JD) $70.13 -4.53%
Mercadolibre Inc. (MELI) $1,005.19 -4.50%

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