Stocks tread water as earnings pull down Dow

Live2 updates

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  Tue, January 23, 2024 at 8:33 AM MST

  Stocks on the move after earnings

  Earnings are driving the market action on Tuesday morning as results from several companies disappointed Wall Street analysts and sent the Dow Jones Industrial Average (^DJI) lower.

  3M Company (3M) tumbled nearly 10% on Tuesday as the company’s 2024 profit outlook came in below Wall Street’s expectations.

  General Electric (GE) beat earnings expectations for the prior quarter but it’s stock fell about 2% in morning trade after its profit outlook for the current quarter came in lower than analyst had projected.

  Johnson & Johnson (JNJ) shares fell more than 2% as the company noted it’s in “progress” to reach a settlement with 43 state attorney generals to resolve claims on J&J’s marketing of its product Talc. The Wall Street Journal has reported that J&J will pay $700 million to settle the investigation.

  Verizon (VZ) had a different earnings story with shares rising nearly 5% in morning trade. The wireless carrier added 449,000 postpaid phone net additions, well above Wall Street estimates for 232,000 additions.

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  Tue, January 23, 2024 at 7:32 AM MST

  Stocks open mixed

  US stocks hit pause on a record-setting rally as focus turned to the day’s stream of earnings for insight into the health of corporate America and the economy.

  The Dow Jones Industrial Average (^DJI) was down about 0.1% after the blue-chip index broke above 38,000 for the first time on Monday. The S&P 500 (^GSPC) 0.1% to hold near a record close, while the tech-heavy Nasdaq Composite (^IXIC) also popped.

  Key Dow components 3M and Johnson & Johnson weighed on the major average as the stocks fell following quarterly earnings reports.