New York, January 24, 2024 - PrismMarketView - US equities are higher on Wednesday at midday, slightly off best levels after a mixed session on Tuesday. The S&P 500 and Nasdaq are both looking for fifth-straight gain and most big tech companies are beating the tape. Other outperformers include software, expensive tech, energy, credit cards, banks, and copper. Telecom, food, hospitals, MedTech, biotech, chemicals, and homebuilders are underperforming. The Dollar index is down (0.5%), Gold is down (0.4%), Bitcoin futures are up +2.0% and WTI crude is up +1.5%.
Notable gainers at midday are ASML Holding ($ASML) which has soared +10.5% on Q4 earnings, beating key metrics, and expectations for a strong revenue increase in 2025. Textron ($TXT) is up +8.2% on Q4 earnings, beating its operating margin and revenue, and SAP ($SAP) which has gained +7.7% after announcing Q4 revenue ahead, and EBIT largely in line. Spotify Technology ($SPOT) is up +3.0% after the company announced it is planning to start in-app purchases in Europe as soon as the EU’s Digital Markets Act takes effect in March.
Decliners are DuPont de Nemours ($DD) which has lost (11.7%) after it preannounced below-consensus Q4 revenue, citing a lower-volume environment and weak demand from China, Kimberly-Clark ($KMB) is down (4.9%) on Q4 earnings, with revenue, and operating margin light, and lower volumes in Consumer Tissue and K-C professional. Baker Hughes ($BKR) has fallen (3.3%) on missing Q4 revenue in spite of announcing a higher than expected share buyback.
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