Stock Market Today: Dow Jones rises, Nasdaq slips as Tesla, Apple decline, Johnson & Johnson leads gains
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Economic indicators released earlier in the day showed consumer spending increased by 0.4% in December, reflecting resilience despite inflationary pressures. However, inflation remains a concern at 3.2% annually, prompting investors to monitor upcoming Federal Reserve decisions closely. Analysts predict the Fed may maintain its current interest rate of 5.5%, but any adjustments will depend on January’s inflation figures, set to release next week.
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Corporate earnings played a critical role in market movements. Johnson & Johnson reported a 6% increase in quarterly revenue, bolstered by strong pharmaceutical sales, pushing its stock up by 4.5%. On the other hand, Netflix missed its subscription growth target, causing its shares to fall by 3.8%. Energy giant ExxonMobil announced a $2 billion acquisition to expand its renewable energy footprint, which resulted in a 2.2% increase in its stock price.
Sector-wise, healthcare led the gains, with the S&P 500 Healthcare Index up by 1.2%, fueled by robust earnings and advancements in biotech. The energy sector struggled, with oil prices dropping to $77.85 per barrel, reflecting concerns
