Stock market down due to weakness in chip stocks, higher bond yields

From Nasdaq: 2025-01-23 12:16:08

The S&P 500 Index is down -0.05%, Dow Jones up +0.28%, and Nasdaq 100 down -0.43%. Weekly US jobless claims rose more than expected. US initial claims hit a 6-week high at 223,000. Continuing claims rose to a 3-year high at 1.899 million. Earnings season shows S&P 500 earnings grew by 7.5% y/y in Q4.

Overseas markets are higher, with Euro Stoxx 50 up +0.02%. US 10-year T-note yield is up +4.5 bp to 4.656%. ECB may cut rates by 25 bp. Semiconductor stocks are down, impacting the market. ARM Holdings Plc, Micron Technology, and others are down. Electronic Arts and American Airlines Group are also down significantly.

GE Aerospace leads gainers in the S&P 500, up more than +10% after strong Q4 earnings. Union Pacific is up more than +4% with solid Q4 EPS. Northern Trust Corp and Datadog are also up. Vistra Corp and Palantir Technologies see modest gains. Earnings reports for 1/23/2025 include CSX Corp, GE, and others.



Read more at Nasdaq: Stocks Undercut by Weakness in Chip Stocks and Higher Bond Yields