The Dow Jones Industrial Average closed at 28,734.45 on Wednesday with a gain of 11.60 points or 0.04%. The S&P 500 closed at 3,273.40 for a loss of 2.84 points or -0.09%. The Nasdaq Composite closed at 9,275.16 for a gain of 5.48 points or 0.06%. The VIX Volatility Index was higher at 16.39 for a gain of 0.11 points or 0.68%.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Wednesday’s market movers” data-reactid=”12″>Wednesday’s market movers
The Federal Reserve’s January meeting and corporate earnings were in focus for the day. The Fed left the federal funds rate unchanged at 1.5% to 1.75%. No major changes to its policy framework were reported, though the Fed has been discussing some possible tweaks.
In Washington, D.C., the Senate began a question and answer session Wednesday afternoon in President Trump’s impeachment trial. The Senate is expected to ask questions directed toward the prosecution and defense for approximately 16 hours.
On the earnings calendar:
- Tesla (NASDAQ:TSLA): Revenue of $7.38 billion increased 2.1% year over year and beat estimates by $300 million. Fourth-quarter GAAP earnings of 58 cents per share missed estimates by 26 cents and non-GAAP earnings of $2.14 beat estimates by 38 cents.
- Dow (NYSE:DOW): Revenue of $10.2 billion decreased 14.6% year over year and beat estimates by $110 million. Fourth-quarter GAAP earnings was $3.14 per share and non-GAAP earnings of 78 cents beat estimates by 6 cents.
- General Electric (NYSE:GE): Revenue of $26.24 billion decreased 1.0% year over year and beat estimates by $470 million. Fourth-quarter GAAP earnings of 7 cents per share missed estimates by 10 cents and non-GAAP earnings of 21 cents beat estimates by 3 cents.
- McDonald’s (NYSE:MCD): Revenue of $5.35 billion increased 3.7% year over year and beat estimates by $50 million. Fourth-quarter GAAP earnings of $2.08 per share beat estimates by 11 cents and non-GAAP earnings of $1.97 were in-line with estimates.
- Boeing (NYSE:BA): Revenue of $17.91 billion decreased 36.7% year over year and missed estimates by $3.85 billion. Fourth-quarter GAAP earnings loss of $1.79 per share missed estimates by $3.87 and non-GAAP earnings loss of $2.33 missed estimates by 50 cents.
- Mastercard (NYSE:MA): Revenue of $4.41 billion increased 16.1% year over year and beat estimates by $10 million. Fourth-quarter GAAP earnings of $2.07 per share beat estimates by 19 cents and non-GAAP earnings of $1.96 beat estimates by 9 cents.
- Microsoft (NASDAQ:MSFT): Revenue of $36.9 billion increased 13.6% year over year and beat estimates by $1.22 billion. Second-quarter GAAP earnings of $1.51 per share beat estimates by 19 cents.
- Facebook (NASDAQ:FB): Revenue of $21.08 billion increased by 24.7% year over year and beat estimates by $180 million. Fourth-quarter GAAP earnings of $2.56 per share beat estimates by 3 cents.
- PayPal (NASDAQ:PYPL): Revenue of $4.96 billion increased 17.3% year over year and beat estimates by $20 million. Fourth-quarter GAAP earnings of 43 cents per share missed estimates by 6 cents and non-GAAP earnings of 86 cents beat estimates by 3 cents.
Economic reports affecting market trading included the following:
- The MBA Mortgage Applications Index increased 7.2% following a decrease of 1.2%. The MBA’s average 30-year mortgage rate decreased to 3.81% from 3.87%.
- The international trade balance showed a deficit of $68.33 billion.
- Wholesale inventories decreased 0.1% in December.
- Pending home sales decreased 4.9% in December and 4.6% year over year.
- The EIA’s Weekly Petroleum Status report showed an increase of 3.548 million barrels following a decrease of 0.405 million.
- The USMCA trade deal was signed.
In the S&P 500, industrials led gains and energy led losses. In the Dow Jones Industrial Average, the following stocks led gains and losses:
- Microsoft (NASDAQ:MSFT) +6.12%
- Dow Inc. (NYSE:DOW) +5.32%
- Apple (NASDAQ:AAPL) +2.00%
- 3M (MMM) -2.16%
- Verizon (VZ) -2.14%
- Disney (DIS) -1.67%
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Small-cap stocks” data-reactid=”51″>Small-cap stocks
In small-caps, the Russell 2000 closed at 1,649.22 for a loss of 9.09 points or -0.55%. The S&P 600 closed at 1,004.42 for a loss of 7.81 points or -0.77%. The Dow Jones U.S. Small-Cap Growth Index closed at 10,666.22 for a loss of 49.33 points or -0.46%. The Dow Jones U.S. Small-Cap Value Index closed at 9,614.76 for a loss of 47.10 points or -0.49%.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Other notable indexes” data-reactid=”53″>Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 2,046.66 for a loss of 9.72 points or -0.47%; the S&P 100 at 1,466.70 for a gain of 1.14 points or 0.078%; the Nasdaq 100 at 9,101.61 for a gain of 10.68 points or 0.12%; the Russell 3000 at 1,916.53 for a loss of 2.13 points or -0.11%; the Russell 1000 at 1,810.15 for a loss of 1.47 points or -0.081%; the Wilshire 5000 at 33,451.47 for a loss of 34.98 points or -0.10%; and the Dow Jones U.S. Select Dividend Index at 750.75 for a loss of 3.59 points or -0.48%.
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<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="This article first appeared on GuruFocus.
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