Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
  • SMC Global Securities Limited
Upcoming Event : LeapToUnicorn - mentoring, networking and fundraising for startups. Register now
Budget 2023
Budget 2023

S&P 500 closes slightly red as weak corporate guidance fuels recession fears

All three major U.S. stock indexes pared their losses throughout the afternoon to close well off session lows, with the blue-chip Dow eking out a small gain in the final minutes.

January 26, 2023 / 06:07 AM IST
The broad-based S&P 500 climbed 0.3 percent to 3,909.00, while the tech-rich Nasdaq Composite Index jumped 0.7 percent to 10,922.82.

The broad-based S&P 500 climbed 0.3 percent to 3,909.00, while the tech-rich Nasdaq Composite Index jumped 0.7 percent to 10,922.82.

The S&P 500 ended nominally lower on Wednesday as a string of corporate earnings ran the gamut from downbeat to dismal, reviving worries over the economic impact of the U.S. Federal Reserve's restrictive policy.

All three major U.S. stock indexes pared their losses throughout the afternoon to close well off session lows, with the blue-chip Dow eking out a small gain in the final minutes.

The tech-laden Nasdaq was weighed down after Microsoft Corp (MSFT.O), the first major technology firm to post quarterly results, offered dour guidance and raised red flags with respect to its megacap peers which have yet to report.

"We’ve had up and down days, that indicates an ongoing tug-of-war," said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. "The dour guidance good news from the standpoint of what the Fed is doing is working."