U.S. stocks ended mixed at the close of a rocky session marked by a raft of uneven earnings and a technical malfunction at the opening bell
"Everybody’s having computer problems, first the airlines and now it’s the NYSE," said Tim Ghriskey, senior portfolio strategist Ingalls & Snyder in New York. "Seems like it was quickly corrected."The Nasdaq joined the S&P 500 in negative territory, while the Dow ended modestly higher.
Fourth quarter earnings season is in full swing, with 72 of the companies in the S&P 500 having reported. Of those, 65% have beaten consensus, just a hair below the 66% long-term average, according to Refinitiv. On aggregate, analysts now expect S&P 500 earnings 2.9% below the year-ago quarter, down from the 1.6% year-on-year decline seen on Jan. 1, per Refinitiv.
"The Fed will take apart earnings reports and look at how the economy is doing, given the rate hikes and other issues out there," Ghriskey said. "We’re getting closer to that point where the Fed sees enough progress in the inflation fight to stop the rate hikes and that’s why the markets have reacted positively lately."
showed shallower-than-expected contraction in the manufacturing and services sector in the first weeks of the year, suggesting that the Federal Reserve's restrictive interest rates are dampening demand.
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