- U.S. equities markets turned in a mixed performance on Jan. 24 in response to the first big group of fourth quarter earnings reports.
- The Dow posted a gain during Tuesday's session, but the Nasdaq and the S&P 500 were both down slightly for the day.
- Shares of Alphabet (GOOGL), parent company of Google, fell on news of an antitrust lawsuit targeting the company's online ad business.
U.S. equities ended mixed as the market reacted to the first big batch of fourth quarter earnings reports. The Dow rose more than 100 points, but the S&P 500 and Nasdaq fell.
Shares of The Travelers Companies (TRV) led the Dow higher after the insurer reported a jump in the rate of premiums received versus claims payments. Paccar (PCAR) was the top-performing stock in the S&P 500 as the maker of Kenworth and Peterbilt trucks beat profit and sales estimates. D.R. Horton (DHI) also exceeded forecasts for earnings and revenue, and its shares advanced. Shares of rival home builders were also up. Verizon Communciations (VZ) shares advanced as the cellphone service provider added subscribers.
3M (MMM) shares slumped 6% as the diversified products maker warned about falling demand and announced that it was cutting 2,500 manufacturing jobs. Union Pacific (UNP) shares dipped after the freight train operator's results missed estimates. Shares of Walgreens Boots Alliance (WBA) declined following Amazon's (AMZN) announcement of a low-priced prescription drug plan that could affect Walgreens' pharmacy business.
Google Antitrust Lawsuit
Shares of Google parent Alphabet (GOOGL) tumbled as the Department of Justice filed an antitrust lawsuit seeking the breakup of Google's online advertising business. Microsoft (MSFT) shares were lower ahead of the release of its after-the-close financial report but are jumping in extended trading.
Oil futures slid on concerns about a possible economic slowdown. Gold prices rose. The yield on the 10-year Treasury note lost ground. The U.S. dollar gained on the pound but fell against the euro and yen. The price of Bitcoin (BTC/USD) was higher, but most other major cryptocurrencies lost ground.
The New York Stock Exchange (NYSE) is investigating the reason for a technical glitch at the opening bell that caused wild price swings in shares of more than 250 companies, leading to trading halts. The exchange added that some trades will be declared "null and void" because they were erroneous under its rules. The NYSE said that operations were back to normal by 9:50 a.m. Eastern Time.