The stock market was divided Tuesday as investors struggled to keep building on early 2023 momentum and weighed the latest earnings results. The Dow fell 1.14%. The S&P 500 dipped 0.20%. The Nasdaq rose 0.14%.
Traders work on the floor of the New York Stock Exchange during morning trading on January 17, 2023 in New York City.The Dow Jones Industrial Average fell on Tuesday as investors struggled to keep building on early 2023 momentum and weighed the latest earnings results.
"Goldman and Morgan Stanley have almost mirror image price action today following their earnings," Yung-Yu Ma, BMO chief investment strategist, told CNBC. "Even within the financial sector, individual lines of business are faring very differently and Morgan Stanley's wealth management segment provided a strong ballast."
Wall Street is coming off positive back-to-back weeks to start the new year, but investors may have entered a hall of mirrors, according to Mike Wilson, chief U.S. equity strategist at Morgan Stanley. Gains have come on the back of the first crop of inflation-related data that investors saw as indicating a contracting economy, with hopes that will give the Federal Reserve justification to slow interest rate hikes once again. Last week, the consumer price index for December showed prices cooled 0.1% from the prior month, but prices were still 6.5% higher than the same month a year ago.
Thornton also views Roku as the "most macro sensitive" in its coverage and expects dim active account growth, given the economic pressures on TV. He anticipates continued weakness within this market as the year progresses.— Samantha SubinNew year rally is a 'hall of mirrors' requiring strong views and clear vision, says Morgan Stanley's Wilson
"Bear markets are like a hall of mirrors, designed to confuse investors and take their money," he said in a note Tuesday. "We advise staying focused on the fundamentals and ignoring the false reflections."A recession probably won't start now until later in 2023 as consumer spending has been stronger than expected and the Federal Reserve eases up on the intensify of its interest rate hikes, according to Bank of America.
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