From NASDAQ.:

Microsoft has recently surpassed Apple to be named as the world’s most valuable company. On the other hand, Citigroup’s profit will see a decrease of $3.8 billion due to charges and reserves, Netflix reports that its ad tier has over 23 million active monthly users globally, and US Consumer prices rose more than previously anticipated. Indices for Dow, S&P and Nasdaq fell by 0.62%, 0.76%, and 0.91% respectively, while Citigroup declined by 2.6% after new reports. On a brighter note, the number of Americans filing for unemployment benefits was at 202,000, below the expected 210,000. Moreover, experts predict a less likely US interest rate cut with increasing inflation rates. With hopes high for a rate cut in March, Cleveland Fed President Loretta Mester disagrees, stating that it’s too soon to lower rates. Reuters also reports that the US Fed’s decision might swing to a neutral bias soon. Other megacaps such as Tesla, Meta, and Nvidia, fell to percentages ranging from 0.9%-3.3%. At the time of report, markets continue to be in decline as the Dow Jones Industrial Average fell 0.62%, S&P 0.76%, and Nasdaq 0.91%. Overall, ten of the S&P 500 sectors are declining, except the energy sector which rose by 0.4% after facing three days of continuous losses. Despite the negative trends, Netflix rose by 1.9% reporting its increased number of monthly users, while 32 new 52-week highs for the S&P index and 39 new highs for the Nasdaq index were reported with only one new low.
Source: • African Media Agency (AMA) • Last accessed January 2023



Read more: US STOCKS-Wall Street drops as inflation data dulls rate-cut hopes