US Stocks Weaken Slightly, But January Still Posts Gains
US stocks fell slightly on Friday (January 30th). The S&P 500 and Dow Jones both fell 0.2%, while the Nasdaq slipped 0.3%. The market was still digesting President Donald Trump's nomination of Kevin Warsh as the successor to Fed Chair Jerome Powell, while assessing the latest release of corporate performance reports.
Market participants viewed Warsh as more hawkish, but he was still considered a supporter of lower interest rates—though not as aggressively as some other candidates. Among the sectors, materials, communication services, and technology were the weakest, while healthcare performed stronger.
Among large-cap stocks, Apple fell 1.2% despite posting a solid quarterly report and increasing iPhone sales. Visa also fell 1% despite exceeding earnings and revenue expectations. ExxonMobil fell 0.8%, while American Express plunged 3.1% after its results missed estimates.
On the other hand, some remained bullish. Chevron rose 0.5% after posting earnings that beat expectations, and Verizon jumped 6.6% thanks to strong results. Despite Friday's correction, January's performance remains strong: the S&P 500 is up 1.8% so far this month, the Dow is up 2.1%, and the Nasdaq is up 1.9%. (yds)
Source: newsmaker.id
