42 SPX firms have provided negative profit guidance
Wall Street took a step back Wednesday, as investors questioned 2023's profit outlook. In the first quarter of the year, 42 firms listed on the S&P 500 Index have provided negative guidance, while eight have gone positive -- a higher-than-normal share of negative expectations based on the historical average. In response, the Dow and Nasdaq both shed triple digits, while the S&P 500 also settled in the red.
Continue reading for more on today's market, including:
- Retail stock's options pop after earnings.
- Chipotle's quarterly report was worse than expected.
- Plus, analyzing the market climate; Uber's earnings report; and TRIP's double upgrade.
5 Things to Know Today
- Here are the biggest economic points from U.S. President Joe Biden's 2023 State of the Union address. (CNBC)
- Microsoft neared the $2 trillion market cap level once again, as excitement builds regarding the company's OpenAI technology usage. (MarketWatch)
- Read this to understand the strange market climate.
- Uber's impressive quarterly performance.
- Travel stock earns double upgrade.
Oil, Gold Log Third-Straight Win
Oil prices closed up shop with a third-straight win, as investors continued to bet on higher energy demand. As a result, March-dated crude added $1.33, or 1.7%, to settle at $78.47 per barrel.
Gold prices moved higher for the third-straight session, too, as traders continued to ponder Federal Reserve Chair Jerome Powell's recent remarks. April-dated gold tacked on $5.90, or 0.3%, to settle at $1,890.70 per ounce.