Home Business U.S. stocks close: The three major indexes continue to soar, Tesla closes double-digit gains for two consecutive days Provided by Financial Associated Press

U.S. stocks close: The three major indexes continue to soar, Tesla closes double-digit gains for two consecutive days Provided by Financial Associated Press

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© Reuters. U.S. stocks close: The three major indexes continue to soar, Tesla closes double-digit gains for two consecutive days

News from the Financial Associated Press on January 28 (Editor Zhao Hao)On Friday (January 27), U.S. stocks opened lower and moved higher, and the three major indexes collectively closed up.

As of the close, the Dow Jones Index rose 0.08% to 33,978.08 points, recording six consecutive positive daily lines; the S&P 500 Index rose 0.25% to 4,070.56 points; the Nasdaq Composite Index rose 0.95% to 11,621.71 points.

On a weekly basis, the Dow rose by 1.81%, the S&P 500 rose by 2.47%, and the Nasdaq rose by 4.32%, recording five consecutive positives for the week.

The Fed’s favorite inflation indicator released before the market dropped significantly as scheduled. Although it is still far from the Fed’s 2% target, it is enough to convince the market that the Fed will further slow down the pace of interest rate hikes at next week’s meeting. Not only that, the expectation of the terminal interest rate has also been reduced to a certain extent.

However, Ryan Detrick, chief market strategist at Carson Group, said that these data and expectations are still not enough to determine that the market is out of the woods. “We have the Fed next week, and officials may want to pour some cold water on the recent rebound in the stock market.”

Hot Stock Performance

Large technology stocks collectively rose. (Arranged by market value) Apple rose 1.37%, Microsoft rose 0.06%, Google rose 1.56%, Amazon rose 3.04%, and Meta rose 3.10%.

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After a 10.97% surge yesterday, Tesla rose another 11% today to $177.90 per share, a rebound of nearly 75% from its January low, and a cumulative gain of more than 33% this week, the best since May 2013 weekly performance.

Intel closed down 6.41%. The previously announced fourth-quarter results failed to meet market expectations, and revenue fell sharply by 32%.

In terms of Chinese concept stocks, the Nasdaq China Golden Dragon Index fell 0.28% to 8,255.63 points.

Popular Chinese concept stocks rose and fell. Weilai rose 4.44%, Xiaopeng Motors rose 4.39%, JD.com rose 1.00%, Baidu rose 0.44%, Pinduoduo rose 0.02%, Ideal Auto fell 0.99%, and New Oriental fell 1.57%. The future fell 1.72%, Alibaba fell 1.82%, and Tencent Music fell 3.67%.

company news

[Tesla and Mexico have not yet reached an agreement on a new electric car factory]

According to Japanese media reports on the 27th, Emmanuel Loo, Deputy Minister of Economic Development of the state of Nuevo Leon in northeastern Mexico, said that Tesla and the state have not yet reached an agreement on the construction of a new electric vehicle assembly plant. “No, we don’t have a deal yet,” Emanuel said, adding that he didn’t know if a decision would be made this year.

[Goldman Sachs CEO salary shrunk by 30% last year]

U.S. investment bank Goldman Sachs said in a regulatory filing on Friday that CEO David Solomon will receive a $25 million pay package for his work in 2022, about 29% lower than the $35 million he will receive in 2021 .

[Chevron Q4 earnings per share worse than expected revenue beat expectations]

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Chevron released its fourth-quarter earnings on Friday, and the data showed that the company’s revenue beat analysts’ expectations and its earnings per share fell short of analysts’ expectations. In the company’s latest earnings report, the company earned $4.09 per share on total revenue of $55 billion. Analysts expected the company to earn $4.42 per share on revenue of $53.8 billion. Shares of Chevron have risen 4% this year.

[AmericanExpressQ4revenueincreasedby17%year-on-yearnetprofitfellby9%year-on-year]

American Express has announced its fourth quarter and full year 2022 financial results. The financial report shows that the company’s Q4 revenue was US$14.176 billion, a year-on-year increase of 17%, which was lower than market expectations of US$14.22 billion; net profit was US$1.572 billion, a year-on-year decrease of 9%; diluted earnings per share were US$2.07, compared with the same period last year It was $2.18, missing market expectations of $2.22. Total loan loss provisions came in at $1.03 billion, beating consensus estimates of $949 million and compared with $53 million a year earlier.

[Colgate Q4 earnings per share and revenue exceeded expectations]

Colgate released its fourth-quarter financial report on Friday. The data showed that the company’s revenue was higher than analysts’ expectations and its earnings per share exceeded analysts’ expectations. In the company’s latest earnings report, the company earned $0.77 per share on total revenue of $4.63 billion. Analysts expected the company to report revenue of $4.57 billion and EPS of $0.76.

[Citigroup: raise Tesla’s target price from $137 to $146 and maintain a neutral rating]

Citigroup analyst Itay Michaeli raised his price target on Tesla to $146 from $137 and kept his neutral rating on the stock. The analyst said in a research note that Tesla’s fourth-quarter results were “mixed,” with auto results below consensus expectations, but management’s comments on January orders were upbeat and comments on auto gross margins in 2023 were reassuring . Given the heightened focus on the impact of recent price cuts on demand and gross margins, management’s comments may be a relief as they bring some much-needed visibility, Citi said. That said, the analyst doesn’t think this quarter will resolve all of the recent arguments, as margins did soften in the fourth quarter and free cash flow didn’t meet expectations.

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