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Key Takeaways
- The S&P 500 slipped less than 0.1% on Tuesday, Jan. 30, 2024, as the Fed’s two-day meeting got underway and big tech firms prepared to release quarterly results.
- UPS shares tumbled after the delivery company missed sales estimates and announced significant layoffs.
- Shares of General Motors soared as the automaker’s fourth-quarter 2023 earnings results and full-year 2024 guidance exceeded forecasts.
Major U.S. equities indexes were mixed as the Federal Open Market Committee (FOMC) began its two-day meeting and as earnings reports from several of the “ Magnificent Seven ” tech stocks loomed.
The S&P 500 posted minor losses of less than 0.1%, while the Nasdaq slipped 0.8% ahead of the big-name tech results. The Dow managed a gain of 0.4%, boosted by outperformance from JPMorgan ( JPM ) and other financial institutions.
Shares of United Parcel Service ( UPS ) saw Tuesday’s heaviest losses among S&P 500 stocks, plunging 8.2% after the shipping firm failed to deliver on quarterly revenue estimates . Lower package volumes and additional charges weighed on results, and UPS announced that it would cut 12,000 jobs in an effort to realign its resources.
Schlumberger ( SLB ) shares tumbled 7.2%, after Saudi Arabia announced that state-controlled Aramco would abandon plans to increase oil production capacity . Shares of SLB’s peers in the oilfield services sector also moved lower.
Whirlpool ( WHR ) shares declined 6.6% after the company issued full-year profit and sales forecasts that came in below analysts’ expectations. The appliance maker is facing stiff pricing competition as cost-conscious consumers turn to more affordable refrigerators, laundry machines, and other household products.
Shares of MSCI ( MSCI ) jumped 9.3% on Tuesday, marking the top performance on the S&P 500, after the provider of indexes and other financial information reported fourth-quarter sales and profits that handily beat analyst’s forecasts. A year-over-year increase in revenue from recurring subscriptions helped drive the strong results.
General Motors ( GM ) also beat estimates with its fourth-quarter revenue and earnings per share (EPS) results, despite the impact of the recent strike by autoworkers, and its shares added 7.8%. The carmaker also issued stronger-than-expected guidance for its full-year 2024 profits as it aims to deliver strong margins and cash flow while growing its electric vehicle (EV) business.
Sysco ( SYY ) shares jumped 7.5% after the wholesale food distributor reported solid earnings growth for its fiscal second quarter. Higher sales volumes and positive operating leverage helped drive strong performance as the company effectively managed product cost inflation.
Shares of Nucor ( NUE ) added 6.9% after the steelmaker reported higher-than-expected revenue for the fourth quarter. The company also expects higher average selling prices and volumes to drive a sequential increase in earnings for the current quarter.