Stock Rally Hits a Wall; QQQ Gains in Late Trading: Markets Wrap

NYSE says certain trades to be canceled after glitch at open
US business activity shrinks for a seventh month, prices rise

WATCH: B. Riley Wealth’s Art Hogan says Fed speakers telegraphing that they are close to pausing on rate hikes is acting as a tailwind for markets.Source: Bloomberg

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By Rita Nazareth

January 23, 2023 at 10:47 PM UTC

Updated on

January 24, 2023 at 10:09 PM UTC

This article is for subscribers only.

Wall Street saw some buyer fatigue after a solid equity rally, with investors scouring a batch of earnings for clues on the outlook for Corporate America amid mounting fears about a recession.

After the closing bell, a $151.5 billion exchange-traded fund tracking the Nasdaq 100 (QQQ) climbed as Microsoft Corp.’s profit beat estimates. The results spurred a surge in cloud-computing shares like MongoDB Inc., Datadog Inc. and Snowflake Inc. Texas Instruments Inc., one of the world’s largest chipmakers, suffered its first sales decline since 2020 and gave a tepid forecast.