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All indices off to a bad start in 2022; Alphabet, GM and Exxon Mobil rise
Nasdaq stocks fell, erasing opening gains as the broader S&P 500 index was on track to rebound from its worst month since March 2020. The Dow Jones Industrial Average and the S&P 500 were slightly mixed after they rose in yesterday's final trading session of the month, led by shares of technology companies. The S&P lost 5.3% for the month, the Dow lost 3.3% and the Nasdaq lost 8.9%.
Companies reporting results today include Advanced Micro Devices Inc. (AMD), Alphabet Inc. (GOOG), Exxon Mobil Corporation (XOM), General Motors Corporation (GM), Starbucks Corporation (SBUX) and United Parcel Service. (UPS). This morning, the U.S. Bureau of Labor Statistics (BLS) is releasing a survey of the U.S. economy. (BLS) will release a jobs and employee turnover survey (JOLTS). Economists are forecasting 10.1 million job openings in December, down 500,000 from November, as the number of jobs offered exceeds the number unemployed. Also today, ISM released the January industrial purchasing managers' index (PMI). Economists are predicting a reading of 58, about the same as in December. New construction spending data for December is expected to rise 0.6 percent after a 0.4 percent gain in November.
Oil prices posted their biggest monthly increase of the year, driven by supply shortages and political tensions in Eastern Europe and the Middle East. Investors will also be looking ahead to the meeting of OPEC and its allies, including Russia, this week. Light sweet crude is currently below $88 per barrel.
SOURCE
Rough Start to 2022 Continues for All Indexes; Alphabet, GM, Exxon Earnings. (2022, February 1). Investopedia. Retrieved February 1, 2022, from https://www.investopedia.com/indexes-down-goog-earnings-5217742?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral
