S&P, Nasdaq hit records as tech leads rally
General Motors missed its sixth record-high close this month
U.S. equity markets ended mixed on Thursday after President Biden signed a series of executive orders in the first hours of his presidency.
The Dow Jones Industrial Average slipped 12 points, or 0.04% while the S&P 500 and the Nasdaq Composite were higher by 0.03% and 0.55%, respectively. Both the S&P 500 and the Nasdaq finished in record territory.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DHI | NO DATA AVAILABLE | - | - | - |
| SP500 | S&P 500 | 6966.28 | +44.82 | +0.65% |
| I:COMP | NASDAQ COMPOSITE INDEX | 23671.346424 | +191.33 | +0.81% |
Biden signed 10 executive orders on Thursday to help slow the spread of COVID-19. That followed a flurry of demands issued on Wednesday which included extending a freeze on student loan payments and the eviction and foreclosure moratoriums for those impacted by COVID-19. Other measures including canceling the permit for the Keystone XL pipeline, re-entering the Paris climate agreement and stopping construction of the southern border wall, among other things.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UAL | UNITED AIRLINES HOLDINGS INC. | 117.32 | +1.85 | +1.60% |
Looking at stocks, United Airlines Holdings reported a fourth straight quarterly loss in the three months through December as the COVID-19 pandemic continued to snarl demand for air travel. The Chicago-based airline lost $7.1 billion in 2020 but said that while the next few quarters will be difficult, it foresees a return of travel and cost-cutting resulting in its 2019 profit margins being exceeded by 2023.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BKS | NO DATA AVAILABLE | - | - | - |
Baker Hughes Co. missed on revenue but beat on earnings and said it expects the energy market to bottom by the middle of this year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 259.37 | +0.33 | +0.13% |
Elsewhere, the price target on Apple Inc. shares was raised to $152 from $144 at Morgan Stanley, which is anticipating record quarterly earnings and revenue from its upcoming report.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 445.01 | +9.21 | +2.11% |
Tesla Inc. vehicle registrations in the state of California spiked 63% year over year in the fourth quarter, according to data from the research firm Cross-Sell. The increase in registrations was bolstered by demand for the Model Y crossover vehicle.
GM GETS ITS GROOVE BACK, DIVIDEND COULD RETURN SOON
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GM | GENERAL MOTORS CO. | 82.35 | +1.18 | +1.45% |
In other auto news, General Motors missed its sixth record-high close this month. Optimism has been building around the company following a flurry of strategic moves.
In commodities, West Texas Intermediate crude fell 18 cents to $53.13 per barrel and gold slid 60 cents to $1,865.30 an ounce.
European markets were lower after the European Central Bank kept policy on hold with France’s CAC 40 falling 0.67% and Germany’s DAX 30 losing 0.11%. Britain’s FTSE 100 was down 0.37%.
In Asia, Hong Kong’s Hang Seng index slipped 0.12% while Japan’s Nikkei 225 rose 0.82% and China’s Shanghai index gained 1.07%.