The major US stock indices are closing near highs for the day. Wall Street Journal's Timiraos tweeted that the core PCE was likely to be tame when released on January 26th with the 12-month, 6 month and 3-month trends moving lower (see post here).

The Dow industrial average which was trading above and below unchanged surged to over a 200-point gain. The Nasdaq was the biggest gainer with a rise of 1.35%.

The final numbers are showing.

  • Dow Industrial Average rose 201.94 points or 0.54% at 37468.62
  • S&P index rose 41.73 points or 0.88% at 4780.95
  • NASDAQ index rose 200.02 points or 1.35% at 15055.64

The small-cap Russell 2000 also reversed from negative levels into the US afternoon and is closing up 10.48 points or 0.55% at 1923.65 (the index was down -11.51 points at lows).

Technically, recall the S&P all-time high closing level is 4796.575. The closing level today of 4780.95 is still 16 or so points away from that level, but it is within shouting distance. Last week the level was broken on two separate occasions, failed and closed below the level. On December 28 the price, got within three points of that level

The earnings after the close are still focused on lesser names. However, starting next week, the earnings releases for the final quarter of 2023 will start to include the more influential leaders.

Below is a sampling of the schedule of releases over the next few weeks:

  • January 23: Netflix, 3M, Intuitive Surgical, Verizon, Johnson & Johnson, P&G
  • January 24: Tesla, IBM, servicenow
  • January 25: Intel, Southwest Airlines, Northrop Grumman
  • January 26, Caterpillar, American Express
  • January 30: AMD, Pfizer, GM, UPS, Stryker
  • January 31: Microsoft, MasterCard, Boeing, Phillips 66, Boston Scientific
  • February 1: Apple, Meta, Alphabet, Merck, Honeywell, Amazon
  • February 2: Chevron, Exxon
  • February 5: McDonald's
  • February 6: Ford, Chipotle
  • February 7: Walt Disney, PayPal, McKesson
  • February 8: ConocoPhillips
  • February 9 PepsiCo