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Stock Market Today: S&P 500 clinches third-straight record close on tech strength

Published 23/01/2024, 10:36 am
Updated 24/01/2024, 08:52 am
© Reuters

Investing.com -- The S&P 500 closed at a new all-time high for the third-straight session Tuesday as bullish bets on tech continued to power stocks.

By 16:00 ET (21:00 GMT), The S&P 500 rose 0.3% to a closing record high of 4,864.11, and NASDAQ Composite was up 0.4% to close at a record. The Dow slipped 0.3%, or 95 points.

3M Company, Lockheed Martin Corporation drag industrials lower, but United Airlines shines on earnings stage

3M Company (NYSE:MMM) fell about 11%, leading the decliner in industrials after the diversified manufacturing conglomerate's weaker than expected full-year guidance overshadowed Q3 results that topped Wall Street analysts.

Lockheed Martin Corporation (NYSE:LMT), meanwhile, slipped 4% after the defense company reported a decline in sales in Q4, pressured by weakness in its rotary and mission systems business as well as its missiles and fire control division.

United Airlines (NASDAQ:UAL) , however, proved to be a bright spot, rising more than 5% following better-than-expected Q4 results that were bolstered by a strong-holiday-related demand for travel. The stronger quarterly results helped offset guidance that called for a wider-than-expected loss in Q1, owing to the impact of the grounding of Boeing (NYSE:BA)'s 737 Max 9.

General Electric (NYSE:GE) fell 1% after the industrial conglomerate disappointed with its first-quarter outlook even as its fourth-quarter earnings came in ahead of expectations on strong demand for parts and services at its jet engine business.

Homebuilders slump to pressure consumer stocks

Homebuilders including PulteGroup Inc (NYSE:PHM), Lennar Corporation (NYSE:LEN), and DR Horton Inc (NYSE:DHI), with the latter down more than 9% after its homebuilder reported Q1 earnings that fell short of expectations as margin were pressured by price cuts and other incentives to attract new homebuyers.

Pressures on margins are expected to continue through Q2, DR Horton said, forecasting margin to remain lat in the range of 22.6% to 23.1% for the current quarter.

Tech adds to gains as Netflix lines up earnings; Verizon jumps on positive guidance

Tech added to recent gains ahead of results from streaming giant (NASDAQ:NFLX) due after the market closes.

Elsewhere, Verizon Communications (NYSE:VZ) jumped more than 6% after the telecoms giant unveiled an annual earnings forecast range that was above expectations, saying it was "well-positioned" for growth in 2024.

(Peter Nurse, Oliver Gray contributed to this article.)

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