I. US Market Recap

The S&P 500 $S&P 500 index SPX$ ended Tuesday near the flatline as Wall Street waits for the latest Federal Reserve decision on interest rates.

The benchmark slipped 0.06% to close at 4,924.97. The Dow Jones Industrial Average $Dow Jones Industrial Average DJI$ added 133.86 points, or 0.35% to end at 38,467.31, marking its seventh record close this year. The Nasdaq Composite $NASDAQ IXIC$ pulled back 0.76% to finish at 15,509.90.

Traders will watch for updates out of the Federal Open Market Committee’s two-day policy meeting that got underway Tuesday. The fed funds futures market has priced in a 97% probability that the central bank will leave rates unchanged, according to the CME FedWatch tool, so investors are instead left anticipating a shift in the policy statement that will close out the meeting.

General Motors $General Motors Company GM$ shares popped nearly 8% after the automaker posted better-than-expected earnings. Cybersecurity stock $F5 Networks, Inc. FFIV$ gained just shy of 1% on the back of a better-than-expected financial report, while electronics manufacturer $Sanmina-SCI Corporation SANM$ soared more than 28% after posting strong earnings per share and current-quarter guidance.

Elsewhere, appliances maker $Whirlpool Corporation WHR$ shed 6.6% after sharing a worse-than-expected outlook for the full year. $JetBlue Airways Corporation JBLU$ fell 4.7% after forecasting little to no revenue growth in 2024, and costs per available seat mile rising in the mid- to high single digits, excluding fuel.

Those reports come ahead of major tech reports due out post-market, including $Microsoft Corporation MSFT$ and $Alphabet Inc. Class C GOOG$ $Alphabet Inc. Class A GOOGL$ .

“Technically, the table is set for U.S. equity indexes to trade higher in the short term,” said Joseph Cusick, senior vice president at Calamos Investments. “But will the fundamental risks evolve in the coming days and undercut current price action? Until bears take control, it remains the case that markets at fresh all-time closing highs demand respect.”

Wall Street is coming off a winning session that brought the Dow and S&P 500 to their sixth record closes of the year. So far, 144 companies have reported quarterly results this earnings season, or about 29% of the index. About 79% of companies that have posted results surpassed Wall Street estimates, compared to an average 76% clip over the past four quarters.

II. Stock Movers

Check out the companies making headlines in postmarket trading.

$Microsoft Corporation MSFT$ — The tech giant slipped 1% after releasing its quarterly results. Microsoft posted earnings of $2.93 per share on $62.02 billion in revenue. Analysts surveyed by LSEG, formerly known as Refinitiv, had expected earnings of $2.78 per share and revenue of $61.12 billion. Revenue from Azure and other cloud services rose 30% on a yearly basis.

$Tesla Motors, Inc. TSLA$ — Shares of the electric vehicle company fell nearly 2%. A Delaware judge agreed to void Tesla CEO Elon Musk’s $56 billion compensation package. The decision involves a lawsuit filed by Richard Tornetta, a Tesla shareholder.

$Electronic Arts Inc. EA$ — The stock declined 3.3% after its fiscal third-quarter revenue came in below estimates. EA reported $2.37 billion in revenue, while analysts had estimated $2.39 billion, according to LSEG.

Alphabet $Alphabet Inc. Class C GOOG$ $Alphabet Inc. Class A GOOGL$ — Shares fell around 5.8% on the company’s fourth-quarter results. Google ad revenue came in at $65.52 billion, short of analysts’ expectations for $65.94 billion, per StreetAccount. Separately, Alphabet posted a beat on top and bottom lines.

$Mondelez International, Inc. Class A MDLZ$ — The snack company slipped more than 3% after reporting higher-than-expected adjusted earnings and revenue that was in line with analysts’ forecasts, per LSEG. Meanwhile, organic growth and volume in the Asia and North America markets came in lower than expected.

$Starbucks Corporation SBUX$ — The coffee chain advanced 3% in extended trading. Starbucks CEO Laxman Narasimhan noted in a statement that the company’s brand is strong, even as it faces “headwinds.” Starbucks’ fiscal first-quarter adjusted earnings came in at 90 cents per share on revenue of $9.43 billion. This fell short of analysts’ expectations for 93 cents in earnings per share and revenue of $9.59 billion, per LSEG.

Advanced Micro Devices $Advanced Micro Devices, Inc. AMD$ — The chipmaker lost 4% following its fourth-quarter earnings. The company’s adjusted earnings were in line with estimates, while revenue came in slightly above expectations, according to LSEG. Revenue guidance for the first quarter came in lower than expectations. AMD said it expects $5.4 billion in revenue, versus estimates of $5.73 billion.

$Stryker Corporation SYK$ — The medical tech company jumped 4%. Stryker reported adjusted earnings of $3.46 per share on revenue of $5.82 billion, while analysts called for $3.27 per share in earnings and $5.6 billion in revenue, per FactSet. The company also issued rosy guidance for the full year.

$Skyworks Solutions, Inc. SWKS$ — The chip supplier rallied 3% on the back of its fiscal first-quarter results. Skyworks’ adjusted earnings per share beat estimates, while revenue came in line with expectations. CEO Liam Griffin said the company sees signs of recovery in the Android smartphone market.

$Powell Industries, Inc. POWL$ — The maker of electrical infrastructure equipment surged almost 13% after posting fiscal first-quarter earnings of $1.98 per diluted share versus 10 cents per diluted share a year ago. Revenue came in at $194 million, reflecting a 53% increase from a year earlier.

$Robert Half International Inc. RHI$ — The staffing agency slumped 9.5% postmarket after forecasting first quarter earnings of 54 cents to 68 cents per share versus analysts’ consensus estimate of 78 cents, FactSet said.

$Teradyne, Inc. TER$ — The maker of electronic test equipment and robotics fell more than 6% after hours. First quarter guidance for earnings of 22 cents to 38 cents per share missed a FactSet consensus analyst estimate of 54 cents per share. It was also below the lowest estimate of 48 cents. The revenue outlook fell short of the lowest estimate.

— CNBC’s Darla Mercado and Scott Schnipper contributed reporting.

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Finally, a small reminder for investors:

The regular trading hours for Hong Kong stocks are from 09:30 to 16:00 GMT+8.

The regular trading hours for US stocks in the Winter Time are from 22:30 to 05:00+1 GMT+8, with pre-market trading available from 17:00 to 22:30.

Have a nice trading day!

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