Wall Street's Strong Week Aided by Earnings, Inflation Data

The SPX and IXIC are poised for a seven-day win streak

Deputy Editor
Jan 26, 2024 at 12:16 PM
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Wall Street is about to wrap up another strong week. The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) scored record closes despite a slew of lackluster blue-chip earnings, while the SPX and the tech-heavy Nasdaq Composite Index (IXIC) stretched their win streaks out from last week.

Streaming giant Netflix's (NFLX) earnings report boosted the tech sector and an upbeat gross domestic product (GDP) data helped investor optimismBy Friday afternoon, the SPX and IXIC were pacing for their seventh-straight win despite a lukewarm personal consumption expenditures (PCE) price index readings, while all three benchmarks were on track for weekly gains 

This Week's Biggest Earnings Reports

Earnings season is officially here, and there were plenty of reports to unpack this week. IBM (IBM) hit a 10-year high, after "Big Blue" reported a quarterly win and better-than-expected guidance for 2024 on higher demand for its artificial intelligence (AI) software. Streaming giant Netflix (NFLX), meanwhile, hit a two-year high after its fourth-quarter report included subscriber growth to 260.8 million users. Blue-chip manufacturer Procter & Gamble (PG) beat profit expectations, while options traders blasted casino concern Las Vegas Sands (LVS) and RTX (RTX) after their respective reports.

Tech Earnings, Interest Rate Decision Ahead

As the first month of 2024 comes to a close, earnings season is only gaining steam as several major corporations get ready to post their quarterly results. However, despite reports from the likes of Alphabet (GOOGL), Amazon.com (AMZN), and Meta Platforms (META), all eyes will be firmly fixed on the latest interest rate decision by the Federal Reserve. Meanwhile, here's how to play the SPX's recent record highs, and a new bullish case for the broader-market benchmark.


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