Stocks give back gains, Dow sheds more than 400 points as January rally loses steam
Publishing timestamp: 2023-01-18 12:53:54
Summary
Stocks gave back earlier gains on Wednesday as investors hit brakes on new year's rally. Microsoft announced plans to lay off about 10000 employees, which hurt investor sentiment. Oil service stocks are riding latest wave of China reopening/soft landing enthusiasm. Federal Reserve Chairman Jerome Powell tested positive for Covid-19. Retail and food service sales for December dropped 1.1%. Producer price index fell 0.5% in December. Stocks opened higher on Wednesday. Moderna rose 7.5% after pharmaceutical company said its RSV vaccine is 84% effective in preventing disease in older adults. PNC Financial regional bank fell more than 4%. IBM shares dipped nearly 2%. European markets were mixed Wednesday. Bank of Japan's governor Haruhiko Kuroda said there is no further need to expand its yield curve control range. United Airlines rose more than 2% in Tuesday extended trading after firm topped estimates in its latest earnings results. It's more likely that
Sentiment: MIXED
Tickers: GE, SLB, MSFT, OTLY, TPR, IBM, LHX, CDW, UAL, US30Y, GDDY, ULTA, MRNA, .STOXX, PNC, CRWD, US10Y, ACGL, HES,
Keywords: stock markets, markets, breaking news: markets, united states, international business machines corp, liz young, business news,
Source: https://www.cnbc.com/2023/01/17/stock-market-futures-open-to-close-news.html