"The markets are looking to extend their gains and finish January on a high note. With the broader markets swirling in record turf, including the S&P 500 clinching the 7,000 level for the first time ever, all three of the major stock market averages are seeing green, including a 0.51% gain in the Nasdaq Composite. Semiconductor stocks are a bright spot today on the heels of robust earnings prints from the likes of ASML Holding ( Nasdaq: ASML) and SK Hynix."
"All eyes are on the Federal Reserve, which wraps up its two-day meeting on the fate of short-term interest rates. Any decision would be expected by this afternoon. Precious metals are on a tear, with the gold spot price ballooning by over 20% so far this month to hover above the $5,300/ounce level for the first time in history. Amazon ( Nasdaq: AMZN) is reportedly cutting its corporate workforce by 16,000 jobs, blaming competition in the AI era. Separately, ASML is also reducing its workforce, laying off approximately 4% of its entire workforce, largely affecting tech jobs."
"Here's a look at where things stand as of morning trading: Dow Jones Industrial Average: 49,033.83 Up 35.42 (+0.07%) Nasdaq Composite: 23,949.52 Up 131.41 (+0.55%) S&P 500: 6,997.05 Up 18.01 (+0.26%) Market Movers Seagate Technology ( Nasdaq: STX) stock is up 17% today on the heels of its quarterly earnings report fueled by soaring revenue. Intel ( Nasdaq: INTC) is participating in the wider chip-sector rally, tacking on 9.8% in today's session alone. Mizuho analysts are bullish on the semiconductor sector. They have improved their rating on Applied Materials ( Nasdaq: AMAT) to an "outperform" rating from "neutral" and boosted the price target to $370."
Major U.S. stock indexes advanced, with the S&P 500 reaching the 7,000 level and the Nasdaq posting a 0.51% gain. Semiconductor shares outperformed following strong earnings from ASML and SK Hynix, boosting chip-sector names. The Federal Reserve is concluding a two-day meeting that will determine short-term interest-rate policy. Gold surged more than 20% this month and is trading above $5,300 per ounce. Amazon plans to cut 16,000 corporate positions and ASML is trimming roughly 4% of its workforce. Analysts at Mizuho upgraded Applied Materials and raised its price target to $370.
Read at 24/7 Wall St.
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