While all three major U.S. stock indexes advanced, megacap momentum stocks, buoyed by Tesla Inc’s (TSLA.O) earnings beat and upbeat sales forecast, helped put the Nasdaq in the lead.
Reuters
January 27, 2023 / 06:05 AM IST
Wall Street ended a choppy session higher on Thursday as investors grappled with an onslaught of economic data and a string of mixed corporate earnings, all while eyeing the clock as it ticks down toward next week’s Federal Reserve monetary policy meeting.
While all three major U.S. stock indexes advanced, megacap momentum stocks, buoyed by Tesla Inc’s (TSLA.O) earnings beat and upbeat sales forecast, helped put the Nasdaq in the lead.
A raft of data showed the U.S. economy fared better in the fourth quarter than analysts expected, and the labor market remains tight, despite some signs of weakening demand. This is a double-edged sword for investors, as it could embolden the Fed to keep key interest rates at restrictive levels for longer.
While financial markets have largely priced in a 25 basis point rate from the central bank next Wednesday, that sentiment is not unanimous.
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