Wall Street Eyes First Weekly Losses of 2023

Earnings from the bank sector and Netflix (NFLX) were in focus this week

Deputy Editor
Jan 20, 2023 at 2:50 PM
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The holiday-shortened week was not short on volatility, with the S&P 500 Index (SPX) kicking things off by breaching the psychologically-significant 4,000 level, while the Nasdaq Composite Index (IXIC) managed to extend its winning streak to seven, before snapping it on Wednesday. Sentiment quickly soured, however, despite upbeat inflation data rolling in, and the Dow Jones Industrial Average (DJI) logged its worst single-day percentage drop in over a month. Fear of the Federal Reserve overtightening continues to weigh, and as of this writing all three major indexes are on track for their first weekly loss of 2023.

The Week's Biggest Earnings Reports

With 2023 firmly underway, a new earnings season is upon us. Traders were most interested in bank earnings this week, especially the reports from Morgan Stanley (MS), Goldman Sachs (GS), and Fifth Third Bancorp (FITB). Earnings from Netflix (NFLX) were also in focus, and the results gave Wall Street a much-needed boost. At least one analyst hiked its price target on United Airlines (UAL) following an upbeat forecast, while Alcoa's (AA) bleak shipment outlook dented the company's shares. Lastly, Procter & Gamble (PG) posted a mixed quarterly report, citing that it anticipates higher prices moving forward.

In Case You Missed It

Party City (PRTY) -- a giant during the "meme stock" craze -- filed for Chapter 11 bankruptcy following months of slowing sales and store closures. The recent barrage of layoffs in the tech sector show no signs of slowing down, with Teladoc Health (TDOC) and Microsoft (MSFT) joining the bunch with a hefty round of job cuts. Elsewhere, Carvana (CVNA) adopted a "poison pill," while bear notes rolled in for Tesla (TSLA) and Rivian Automotive (RIVN) on a plethora of challenges ahead.

Inflation Data, Blue-Chip Earnings Ahead

As we head into the end of January, investors will turn their attention towards a fresh batch of inflation data, as well as several blue-chip earnings. In the meantime, check out the possible bullish implications for the SPX, in the event of a ratio rollover.

 

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