US Stocks end mixed

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The US stock market finished session with mixed note after moving up and down of the neutral line on Tuesday, 24 January 2023, as investors followed the latest batch of corporate earnings reports for insight into the state of the economy.

At the close of trade, the Dow Jones Industrial Average index advanced 104.40 points, or 0.31%, to 33,733.96. The S&P500 index was down 2.86 points, or 0.07%, to 4,016.95. The tech-heavy Nasdaq Composite Index decreased by 30.14 points, or 0.27%, to 11,334.27.

Total 5 of 11 sectors ended lower along with the S&P500 Index. Communication services was worst performing sector, falling 0.7% followed by healthcare (down 0.65%). Industrials was top performing sector, gaining 0.65%, followed by utilities (up 0.5%), and real estate (up 0.4%).

Earnings season continued Tuesday with mixed results. Shares of 3M finished 6.2% lower after reporting weaker than expected earnings and disappointing guidance. The company said it would cut 2,500 jobs from its global manufacturing roles amid a demand slowdown.

Johnson & Johnson shares were flat after the drug company reported earnings that beat profit estimates but missed revenue forecasts and full-year earnings outlook above estimates.

Alphabet declined nearly 2% after the U.S. Justice Department filed its second antitrust lawsuit against Google in a little over two years. The lawsuit, the first against the company filed under the Biden administration, calls for a breakup within Google's advertising business.

Among Indian ADR, ICICI Bank declined 0.6% to $21.63, INFOSYS was down 0.8% at $18.90, Tata Motors was steady at $25.14, Dr Reddy's labs fell 2.4% to $51.90, and WNS Holdings declined 0.86% to $84.48, while HDFC Bank was up 1% at $71.44, Azure Power Global added 0.24% to $4.15, and Wipro rose 0.04% to $4.98.

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First Published: Jan 25 2023 | 9:04 AM IST