Market Recap – February 1st
To cap off the first month of 2023, markets rallied after a slower Monday, sending all three indices higher with positive gains. Ahead of the Fed’s interest rate decision, investors seemed to price in their predictions of a 25-basis point hike and positive sentiment towards the economy. The S&P 500 grew 1.46%, the NASDAQ Composite went up 1.67%, and the Dow Jones rose 1.09%.
On the earnings side, car manufacturer General Motors saw better-than-expected earnings and strong guidance, sending shares of the stock to increase by 8.35% throughout the trading day. Another notable earnings release was energy company Phillips 66, which unfortunately missed their earnings expectations due to high costs, decreasing the stock by 5.78%
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.