S&P 500 Reaches Record Closing High But Dow Gives Back Ground

Market Performance - Major U.S. stock indexes showed mixed results, with the Nasdaq and S&P 500 rising while the Dow experienced a pullback [1][2] - The Nasdaq increased by 215.74 points (0.9%) to close at 23,817.10, and the S&P 500 rose by 28.37 points (0.4%) to a record high of 6,978.60 [1] - The Dow closed down by 408.99 points (0.8%) at 49,003.41, despite recovering from its worst levels during the session [2] Company Earnings - Positive sentiment was bolstered by strong earnings reports from companies like General Motors and UPS [3] - Microsoft shares surged by 2.2%, Apple shares increased by 1.1%, and Meta shares saw slight gains ahead of their earnings announcements [2] - UnitedHealth shares fell sharply by 19.6% after reporting better-than-expected fourth-quarter earnings but disappointing revenue guidance [3] Economic Indicators - The Conference Board reported a significant drop in consumer confidence, with the index falling to 84.5 in January from a revised 94.2 in December, marking the lowest level since May 2014 [4][5] - Economists had anticipated a slight increase in the consumer confidence index to 90.0 [5] Sector Performance - Semiconductor stocks saw a notable increase, with the Philadelphia Semiconductor Index rising by 2.4% to a record closing high [6] - Computer hardware and networking stocks also contributed to the gains in the tech-heavy Nasdaq [6] - Oil service stocks advanced alongside rising crude oil prices, with the Philadelphia Oil Service Index up by 2.0% [6] - Conversely, healthcare, airline, and housing stocks faced significant selling pressure [7] International Markets - Stock markets in the Asia-Pacific region mostly rose, with Japan's Nikkei 225 Index up by 0.9%, Hong Kong's Hang Seng Index up by 1.4%, and South Korea's Kospi surging by 2.7% [8] - Most European stocks also experienced gains, with the U.K.'s FTSE 100 Index climbing by 0.6% and France's CAC 40 Index rising by 0.3%, while Germany's DAX Index dipped by 0.2% [9] Bond Market - U.S. treasuries moved modestly lower, leading to a slight increase in the yield on the benchmark ten-year note, which rose by 1.0 basis points to 4.223% [9]