S&P 500 in holding pattern as technology pauses ahead of Investing.com’s busy earnings week

S&P 500 in holding pattern as technology pauses ahead of Investing.com’s busy earnings week

© Reuters.

Written by Yasin Ebrahim

Investing.com – The S&P 500 was on hold on Tuesday as the recent decline in rising stocks gave vent, but gains in cyclical sectors, including energy, kept the momentum of the fall under control.

rose 0.1%, added 0.2% or 66 points, Nasdaq fell 0.1%.

Market growth angles, such as technology, eased slightly, under pressure from Apple and Microsoft, while investors waited for another wave of quarterly results from technology heavyweights, including Alphabet-Parent Google, over reports after the market closed.

Ahead of the Alphabet results (NASDAQ :), some on Wall Street have indicated reasons for caution, citing concerns about the impact of Apple’s privacy changes.

“Although investors are still relatively in the mood for GOOGL to go to press, our view is a little more cautious on two fronts given our ad checks and investor checkpoints that revealed YouTube ATT / IDFA impediment,” RBC said in a note.

Facebook, NASDAQ 🙂 and Amazon (NASDAQ :), which recorded earnings on Tuesday and Friday, respectively, were also higher.

The value of stocks, including energy, industry and materials, supported the wider market, with energy leading the way, backed by a jump in energy giant stocks Exxon Mobile (NYSE :).

Exxon reported mixed results in the fourth quarter as revenue fell, but the oil giant also announced a new $ 10 billion share buyback program, raising its shares by more than 6%.

United Parcel The service (NYSE 🙂 delivered quarterly results better than expected and optimistic, which increased its shares by more than 13%.

In terms of business, AT&T (NYSE 🙂 has planned in detail to hand over its WarnerMedia business to Discovery (NASDAQ 🙂 in a $ 43 billion contract.

The telecoms giant, however, also said it had reduced its dividend of $ 1.11 per share, from $ 2.08 per share, and at the bottom of the previously announced range. Its shares fell 4%.

New York Times (NYSE :), meanwhile, said it would get a Wordle virus game for an unknown amount. Its shares rose more than 3%.

In economic terms, US manufacturing activity has slowed, but by less than expected.

for January it showed a decline to 57.6 and dive deeper into data indicating mitigation of supply chain problems, albeit at a modest pace.

A reading above 50 in the ISM index indicates an expansion in production, which accounts for about 12% of the U.S. economy.

“The data indicate marginal progress in the fight to replenish stocks and resolve backlogs […] but the magnitude of the changes in these indices was quite small, ”Jefferies said.

“There is still a lot of evidence that supply chain problems still exist.”

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