AllMarket Summary
logoArgusJanuary 29, 2021

Market Digest: CLS, COF, HBAN, LVS, NOC, XLNX, TSLA

Sector(s)
Financial Services, Technology, Industrials, Consumer Cyclical
Summary

Stocks rose on Thursday, but gave up some of their midday gains, as investors weighed results from a range of major companies along with new employment and GDP data. The Labor Department reported that both first-time and continuing unemployment claims fell from the prior week, and came in below consensus forecasts. Meanwhile, the Commerce Department said that the U.S. economy expanded at a 4.0% rate in 4Q, slightly below the consensus forecast of 4.2%. For the full year, the economy contracted at a 3.5% annualized rate - the first full-year decline since 2009. On the earnings front, McDonald's posted disappointing 4Q sales and earnings, with international comp sales down 7.4%, reflecting the impact of coronavirus lockdowns in Europe. Tesla shares fell 3% after the automaker posted mixed fourth-quarter results and failed to provide specific sales guidance for 2021. The Dow rose 0.99%, the S&P 0.98%, and the Nasdaq 0.50%. Crude oil fell to $52 per barrel, while gold fell $4 to $1845 per ounce.

Subscribe to Yahoo Finance Plus Essential for full access
Exclusive reports, detailed company profiles, and best-in-class trade insights to take your portfolio to the next level
Try it Free