Stocks Snap 4-Day Rally; Dow Drops Most in a Month: Markets Wrap

Goldman drops after results disappoint; Morgan Stanley climbs
Treasuries catch bids at front-end of curve, dollar weakens

WATCH: UBS Wealth Management Head of APAC Equities Hartmut Issel believes the start of the US’s fourth-quarter earnings season may provide a reality check for the recent rally.Source: Bloomberg

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By Stephen Kirkland

January 16, 2023 at 10:30 PM UTC

Updated on

January 17, 2023 at 10:00 PM UTC

This article is for subscribers only.

US stocks fell as concern over the outlook for corporate earnings weighed on risk sentiment while investors assessed the path for policy tightening.

The S&P 500 closed in the red for the first time in five days after struggling for direction throughout the session. The Dow Jones Industrial Average dropped the most in a month, with financials weighing on the gauge of blue chips. Meanwhile, the tech-heavy Nasdaq 100 eked out gains, up for a seventh day, taking a cue from declines in policy sensitive short-dated Treasury yields.