U.S. equities were mixed at midday Wednesday, Jan. 31, 2024, ahead of the Federal Reserve’s decision on interest rates.
Tech stocks lost ground after Google parent Alphabet reported ad revenue that missed estimates.
Paramount Global shares soared on a takeover bid by media mogul Byron Allen.
U.S. equities were mixed at midday ahead of Federal Reserve’s
decision on interest rates
. The Dow was up, while the S&P 500 and Nasdaq fell.
Tech stocks lost ground after Google and YouTube owner Alphabet (
GOOGL
) reported advertising revenue that
missed estimates
.
Shares of Rockwell Automation (
ROK
) plunged as the industrial tech company’s results were worse than expected and it cut its full-year forecast on higher inventories and supply chain issues.
Weaker-than-anticipated
guidance
also sent shares of Advanced Micro Devices (
AMD
) lower. The semiconductor firm warned about demand for its PC chips and CPUs.
Paramount Global (
PARA
) was the best-performing stock in the S&P 500 as media mogul Byron Allen
offered $30 billion
for the entertainment giant.
Shares of Boeing (
BA
) flew higher as the plane maker
reported
a smaller loss and higher revenue than analysts’ forecasts as sales at its commercial aircraft business jumped.
Stryker (
SYK
) shares gained as Wells Fargo and Baird raised the stock’s price target after the medical device maker’s profit, sales, and outlook all came in above estimates.
Oil futures fell and gold prices rose. The yield on the 10-year Treasury note sank. The U.S. dollar lost ground to the euro, pound, and yen. Most major cryptocurrencies traded lower.
