Stocks Close January with Strong Monthly Wins

The S&P 500 marked its best January in four years

Digital Content Manager
Jan 31, 2023 at 4:31 PM
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Stocks rallied into the end of month, with the Dow adding 368 points. All three major benchmarks jumpstarted 2023 with solid January wins, with the S&P 500 and Nasdaq seeing their best monthly starts to the year since 2019 and 2001, respectively.

Investors unpacked a slightly cooler-than-expected employment cost index today, with compensation increasing only 1% for the fourth quarter. This inflation reading came as the Federal Reserve kicked off its policy meeting, which could bring a 25 basis point interest rate hike at its conclusion tomorrow.

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

  • Homebuilding stock enjoyed post-earnings tailwinds.
  • Goldman Sachs stock could be good for options bulls.
  • Plus, unpacking quarterly results from McDonald's; record revenue fails to boost PFE; and buy this China-based stock on the dip.

Closing Index Summary January 312023

 NYSE and Nasdaq Stats January 312023

5 Things to Know Today 

  1. General Motors (GM) doesn't expect production increases of electric vehicles (EVs) until the second half of 2023, due to battery cell production challenges(CNBC)
  2. PayPal (PYPL) announced plans to lay off about 7% of its staff, or roughly 2,000 workers, as the digital payments company continues to cut costs. (MarketWatch
  3. McDonald's stock brushed off a quarterly earnings and revenue win.
  4. Dismal sales outlook cast a shadow on Pfizer's record revenue.
  5. Buy this China-based stock in time for its next rally attempt.

Earnings January 312023

Unusual Options Activity January 312023

Gold Prices Extend Monthly Win Streak

Oil prices edged higher on Tuesday, but still shed 2.7% on a monthly basis to mark a  third-straight month in the red. Investors remained worried about the incoming interest rate decision and a Organization of the Petroleum Exporting Countries and their allies (OPEC+) committee meeting. March-dated crude rose 97 cents, or roughly 1.3%, to settle at $78.87 per barrel on the day.

Meanwhile, gold prices settled higher to notch a third-straight monthly win. Economic data that pointed to a cooling labor market and a weak economic outlook boosted the yellow metal. April-dated gold, which is now the most active contract, added $6.10, or 0.3%, to settle at $1,945.30 per ounce for the day. For the month, gold rose over 6%.

 

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