Nasdaq Extends Win Streak as Dow, S&P 500 Pivot Lower

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Big bank earnings weighed on the Dow today

Stocks took a breather as they returned from the holiday weekend, with the Dow shedding 391 points as it joined the S&P 500 in snapping a four-day win streak. Bank earnings weighed on the broader market, which had been enjoying tailwinds following inflation-related data, especially after Goldman Sachs (GS) reported its worst earnings miss in over 10 years. Meanwhile, the Nasdaq logged a modest gain and marked its seventh-straight win.  

Continue reading for more on today’s market, including:

Closing Index Summary January 172023

NYSE and Nasdaq Stats January 172023

5 Things to Know Today 

  1. Peloton (PTON) hired former Twitter (TWTR) executive Leslie Berland, who left the social platform after Elon Musk’s takeover, as its chief marketing officer.(CNBC)
  2. The Centers and Disease Control and Prevention (CDC) will investigate a potential link between Pfizer (PFE) and BioNTech (BTNC) bivalent Covid booster and stroke in people who are 65 or older. (MarketWatch
  3. Shareholder rights plan boosted struggling Carvana stock.
  4. Analysts: Church & Dwight stock boasts attractive valuation
  5. Keep tabs on these 3 heavy hitters after a round of bear notes.

Earnings January 172023

Unusual Options Activity January 172023

Gold Prices Cool Down to Kick Off New Week

Oil prices finished higher on Tuesday, and settled above the $80 region for the first time in over two weeks. Better-than-expected economic data out of China contributed to this rise, as the country continues to reassess its strict Covid-19 measures. February-dated crude rose 32 cents, or 0.4%, to settle at $80.18 per barrel.

Meanwhile, gold prices settled lower, but still managed to stay above the psychologically significant $1,900 region. Investors were eyeing the World Economic Forum gathering in Davos, and weighed gold demand from China. February-dated gold fell $11.80, or 0.6%, to settle at $1,909.90 per ounce.