January 26, 2023

Indexes Mixed As Business Activity Improves

  • US stocks recovered some early losses to close mixed on Tuesday as a key indicator showed improvement. 
  • S&P Global’s US purchasing manager indexes ticked higher, but remained in negative territory.
  • Earnings season is also heating up, with industrial giants GE and 3M reporting early Tuesday while tech heavyweights are due later.

US stocks were mixed at the close on Tuesday, as a key economic indicator showed improvement while investors digested a tranche of industrial earnings. 

S&P Global’s US purchasing manager indexes for January ticked higher, but remained in negative territory.

Meanwhile, 3M missed earnings views, while revenue beat expectations. The company also announced layoffs on Tuesday. But General Electric and Lockheed Martin beat fourth-quarter estimates.

The New York Stock Exchange experienced a hiccup during the session with dozens of stocks including AT&T, Morgan Stanley and Verizon halted due to a technical issue. 

Here’s where US indexes stood at the 4:00 p.m. ET close on Tuesday:

Here’s what else happened today:

In commodities, bonds and crypto:

  • West Texas Intermediate crude oil fell 2.22% to $79.78 per barrel. Brent crude, oil’s international benchmark, declined 2.59% to $85.90.
  • Gold ticked up 0.30% to $1,937.21 per ounce.
  • The yield on the 10-year Treasury was slipped 5.7 basis points to 3.466%.
  • Bitcoin fell 0.13% to $22,969.47. 

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