Wall Street Weakens, Markets Remain Cautious
US stocks weakened on Friday (January 23rd). The S&P 500 and Nasdaq fell around 0.1%, while the Dow Jones Industrial Average plunged nearly 270 points. The market tone was more cautious after the previous two days of gains for major indexes, driven by easing geopolitical tensions.
Among the sectors, financials and healthcare were the weakest, while energy performed the strongest. This movement suggests investors are becoming more selective and reducing risk ahead of the release of the latest economic data.
Intel shares plunged more than 14% after the company provided a weaker-than-expected forecast and acknowledged that manufacturing challenges persist. This sentiment also weighed on certain technology stocks and put the market on the defensive.
Conversely, Nvidia rose around 1.6% and AMD strengthened 2.7% after news emerged that Nvidia's CEO planned to visit China in the coming days, which is seen as opening up opportunities for improved access to key markets. Intuitive Surgical also rose 2.5% after posting earnings and revenue performance that exceeded expectations.
Market participants are now awaiting the preliminary S&P Global US PMI data, released today, to gauge the direction of economic activity. On a weekly basis, the S&P 500 and Nasdaq are still heading for their second straight weekly decline, while the Dow is trending flat. (yds)
Source: Newsmaker.id
