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Entrepreneur
Kurra Bewarse
Username: Entrepreneur

Post Number: 3972
Registered: 05-2011
Posted From: 24.164.46.35

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Posted on Tuesday, January 25, 2022 - 11:44 am:   

Market Briefing: Back on 2022 form

There has been no follow-through on yesterday's huge afternoon rally effort. The major indices all opened in negative territory on renewed selling pressure, following their 2022 form.

Small-cap stocks, which were yesterday's biggest winners, are today's biggest losers. The Russell 2000 is down 2.6%.

Mega-cap stocks, which forged a much needed rebound try yesterday, are back on the defensive. The Vanguard Mega-Cap Growth ETF (MGK 224.80, -4.80) is down 2.1%. On a related note, Microsoft (MSFT 288.37, -8.00, -2.7%) reports its quarterly results after the close.

Dow components American Express (AXP 168.62, +9.69, +6.1%), IBM (IBM 132.29, +3.47, +2.7%), Verizon (VZ 52.57, -0.39, -0.7%), 3M (MMM 170.35, -2.45, -1.4%), and Johnson & Johnson (JNJ 164.05, +1.08, +0.7%) all reported better-than-expected earnings results since yesterday's close. The reactions have been mixed, but these reports did nothing to detract from the opening selling interest.

The major indices are off their lows of the day, but remain entrenched in negative territory. The Dow Jones Industrial Average for its part was down as many as 819 points but has cut that loss in half.

Volatility is to be expected in front of the FOMC decision tomorrow and Fed Chair Powell's press conference to discuss the committee's decision. The uncertainty surrounding what the Fed Chair will say -- and how he says it -- has been a contributor to the volatility.

All 11 S&P 500 sectors are lower with losses ranging from 0.8% (utilities) to 2.4% (information technology). The Russell 3000 Growth Index is down 2.4% and the Russell 3000 Value Index is down 1.7%, underscoring the broad-based selling interest currently afflicting the market.

The Dow Jones Industrial Average is down 1.4%; the S&P 500 is down 1.9%; and the Nasdaq Composite is down 2.4%.

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