The S&P 500 is heading for its best January performance since 2019
A packed earnings slate and the latest Federal Reserve policy meeting have the major benchmarks trading higher today and heading for their third monthly win in four. Nearly all sectors across the S&P 500 Index (SPX) are trading higher today, as it heads for its best January performance since 2019. The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are also higher this month, the latter boasting a 9% lead -- its best monthly win since July.
Continue reading for more on today's market, including:
- Why McDonald's stock is sitting out today rally.
- Pfizer stock is trading at its lowest level in months.
- Plus, unpacking three impactful earnings reports.
Options traders are picking up shares of General Motors Company (NYSE:GM), after the automaker reported fourth-quarter sales and profits that topped forecasts. Digging deeper, more than 68,000 calls and 40,000 puts have been exchanged so far, volume that's five times the intraday average volume. New positions are being opened at the most active contract, the weekly 2/3 40-strike call. In addition, GM was last seen 7.6% higher at $39.05, eyeing its highest close since Dec. 2.
Spotify Technology SA (NYSE:SPOT) reported earnings that fell short of estimates; however, the shares are up 9.2% at $109.22 and trading near the top of the New York Stock Exchanged (NYSE), after a 20% year-over-year rise in monthly active users. SPOT sports a 38.5% year-to-date lead already and is trading at its highest level since August.
Phillips 66 (NYSE:PSX) is trading near the bottom of the NYSE, despite posting sky-high profits for the fourth quarter. The stock was last seen 5.7% lower to trade at $100.27, and just pulled back below its year-to-date breakeven level.