4:10pm: Microsoft, Alphabet earnings due afterhours
US stocks were mixed at the close as investor attention turned to Microsoft and Alphabet's latest earnings report due after the bell.
As of 4pm ET, the Dow had its head above water at 38,467, a 0.4% gain on the day. The S&P 500 finished flat at 4,925 and the Nasdaq had lost 118 points, or 0.8%, to close at 15,510 points.
12:00pm: Tech stocks ease as hopes for early rate cut take a hit
Tech stocks eased ahead of earnings from Microsoft and Google-parent Alphabet after strong jobs data dented hopes for an early cut in interest rates.
At midday, the Dow Jones Industrial Average was up 0.2% at 38,391.87, the S&P 500 was up 0.1% at 4,928.46 but the Nasdaq Composite was down 0.5% at 15,558.37.
Figures showed domestic job openings rose unexpectedly in December, a sign of continued labour market resilience that dented traders’ hopes of imminent interest rate cuts from the Federal Reserve.
The Bureau of Labor Statistics’ JOLTS survey found that there were 9 million job openings on the last business day of December, an increase from an upwardly-revised 8.9 million in November.
Economists had forecast a decline.
Elsewhere, consumer confidence beat expectations in January to reach its highest level since December 2021, with the public more optimistic than at any point since the Federal Reserve began hiking interest rates.
9:40am: Stocks subdued ahead of tech earnings
Stocks in New York made subdued early progress ahead of earnings from Alphabet and Microsoft after the closing bell.
Shortly after the opening bell, the Dow Jones Industrial Average was little changed at 38,334.51, the S&P 500 marginally lower at 4,925.99 and the Nasdaq Composite was down 0.1% at 15,613.72.
General Motors gained soared 9.4% after fourth quarter earnings beat expectations, helping drag Ford 2.1% to the good.
But UPS tumbled 5.7% after 2024 guidance disappointed the Street and the firm said it was cutting 12,000 jobs in a bid to save $1 billion.
In economic news, the US house price index rose both annually and on-month, according to the Federal Housing Finance Agency on Tuesday.
The US housing price index rose by 0.3% in November on-month, after rising by the same amount from September to October.
7:00am: Stocks called lower but General Motors jumps on beating guidance
Stocks in New York look set to open lower but General Motors’ share price is shifting through the gears after beating guidance.
In pre-market trading, futures for the Dow Jones Industrial Average were down 0.2%, while those for the S&P 500 fell 0.1% and contracts for the Nasdaq 100 declined 0.1%.
“Today represents the biggest day of fourth quarter earnings thus far, with Microsoft hoping to maintain its new crown as a $3 trillion business,” noted Joshua Mahony at Scope Markets.
As well as Microsoft, earnings are due after the closing bell from Advanced Micro Devices, Alphabet and Electronic Arts.
Reporters before the opening bell include Pfizer, Starbucks and General Motors, which has jumped 7.3% in pre-market trading after full-year results beat guidance.
The Detroit-Michigan automaker reported 2023 net income of $10.1 billion ahead of previous guidance in November of $9.1-$9.7 billion.
GM is looking for 2024 net income of $9.8-$11.2 billion.
Pfizer is up 2.1% after its results despite posting a large drop in full-year sales.
Chief Financial Officer David Denton said the firm had achieved its full-year 2023 non-COVID operational revenue growth target of 6% to 8%.
“In addition, we are on track to deliver at least $4.0 billion in annual net cost savings by the end of 2024 from our cost realignment program,” he said.
Investors will be awaiting JOLTS figures as a week of data on the labour market hits the wires, culminating in non-farm payrolls figures on Friday.