US close: Stocks mixed ahead of key data releases

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RAYTHEON TECH

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Wall Street experienced a mixed performance on Tuesday, with its main market indices showing varied results following a record close in the previous session.

Verizon Communications Inc.

$41.13

10:49 05/11/24

0.18%

$0.07

Investors were closely monitoring upcoming economic data, including a preliminary reading for fourth-quarter US GDP scheduled for Thursday and key inflation readings set for release on Friday.

The Dow Jones Industrial Average closed with a modest decline of 0.25%, settling at 37,905.45 points.

On the other hand, the S&P 500 index managed to gain 0.29%, reaching 4,864.60 points, and the Nasdaq Composite posted a gain of 0.43% to finish at 15,425.94 points.

In currency markets, the dollar was last down 0.05% on sterling, trading at 78.78p, while it remained steady with no change against the euro at 92.13 euro cents.

The greenback experienced a slight decline of 0.14% on the yen, changing hands at JPY 148.14.

“Traders who were cheering on the market as it rallied to fresh highs now find themselves adopting a more cautious tone as they await Netflix earnings tonight,” said IG chief market analyst Chris Beauchamp.

“As the first of the ‘magnificent seven’ to report, the video-sharing giant will likely have an outsize move on the market in the short-term.

“Having gained 45% since October the stock does look ripe for a little profit-taking, even if the medium-term outlook remains solid.”

RTX and Verison rise, Johnson & Johnson falls back

In equity markets, aerospace company RTX surged 5.33% after it reported fourth-quarter profits and revenues that exceeded expectations, garnering increased investor confidence and interest.

Verizon Communications also recorded an impressive uptick, with its shares rising 6.7% by the close.

Investors were pleased by the telecom company's latest quarterly subscriber numbers, which contributed to the substantial increase in share value.

On the downside, Johnson & Johnson declined 1.66% despite surpassing analysts' estimates for its quarterly results.

Reporting by Josh White for Sharecast.com.

Dow Jones - Risers

Verizon Communications Inc. (VZ) $42.23 6.70%
Procter & Gamble Co. (PG) $153.98 4.14%
Intel Corp. (INTC) $48.89 1.39%
Nike Inc. (NKE) $101.90 1.33%
Apple Inc. (AAPL) $195.18 0.67%
Dow Chemical Co. (DOW) $53.91 0.65%
International Business Machines Corporation (CDI) (IBM) $173.94 0.64%
Microsoft Corp. (MSFT) $398.90 0.60%
McDonald's Corp. (MCD) $300.05 0.55%
Unitedhealth Group Inc. (UNH) $515.52 0.49%