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Investor Digest: U.S. Stocks Open Lower as Inflation Slows, Visa, Hasbro, American Express, and 3M Report Earnings

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U.S. stocks opened mostly lower on Friday, as investors digested data from the Federal Reserve’s preferred gauge showing signs of inflation slowing while personal spending last month fell.[0] The Dow Jones Industrial Average shed 0.3%, according to FactSet data, at last check. On Friday, the Bureau of Economic Analysis revealed that the personal-consumption-expenditures index went up by 0.1% in December, resulting in an inflation rate of 5% for the past year.[1] November saw a decrease in year-over-year inflation, which dropped from 5.5%.[1] The “core” Personal Consumption Expenditures (PCE), not including food and energy prices, rose 4.4% in the year ending December, as compared to the 4.7% rate seen in the period between November and the previous year.[2]

Shares of Visa (V) were higher after the company reported results late Thursday.[3] Revenue exceeded expectations, reaching $7.94 billion instead of the predicted $7.69 billion.[3] Adjusted earnings per share were reported at $2.18, surpassing the expectation of $2.00.[3] Ryan McInerney was declared the new chief executive officer of the company, with his tenure beginning on February 1st.[3]

In their fiscal first quarter, Visa reported earnings that exceeded expectations.[4] The value of V stock increased by 1% during after[4] On Thursday, shares decreased by 0.1% to 224.71 after Mastercard (MA) released earnings that were better than anticipated.[4] Visa’s stock is still trading within a range from the buy point of 220.08[4]

Joining the trend of corporate layoffs, Hasbro (HAS) will be letting go of 1,000 staff members, which is 15% of the total workforce, over the course of the next few weeks.[5] In an effort to reduce expenses by up to $300 million annually by 2025, the toymaker is taking action.[3]

After releasing its fourth quarter net income of $1.57 billion, the stock of American Express (AXP) experienced an increase.[3] The profit per share was $2.07.[3] The anticipated earnings per share of American Express for the full year are estimated to be between $11 and $11.40.[3]

3M (MMM) announced a 7% decrease in earnings per share, which did not meet expectations, and provided weak[6] The manufacturer that offers a variety of products will be eliminating 2,500 jobs.[6] The stock[6]

Investor hopes for a new multi-port surgical system launch from Intuitive Surgical (ISRG) this year were dashed, causing the company’s stock to tumble.[6] Adjusted EPS declined by 5%, falling short of expectations.[6] Sales increased by 7%, totaling[6]

0. “U.S. Stocks Poised for Lower Open” Barron’s, 22 Jan. 2023, https://www.barrons.com/articles/u-s-stocks-poised-for-lower-open-51674430859

1. “U.S. stocks open mostly lower as investors digest PCE inflation data” MarketWatch, 27 Jan. 2023, https://www.marketwatch.com/story/us-stocks-open-mostly-lower-as-investors-digest-pce-inflation-data-2023-01-27

2. “Nasdaq, S&P, Dow waver as traders take in earnings, inflation data” Seeking Alpha, 27 Jan. 2023, https://seekingalpha.com/news/3929038-sp500-nasdaq-dow-jones-stock-market-earnings-inflation-data

3. “Stock market news live updates: Stocks rally, Intel craters, as inflation data cools” Yahoo News, 27 Jan. 2023, https://news.yahoo.com/stock-market-news-live-updates-january-27-2023-131503567.html

4. “Dow Jones Futures: Market Rally Faces Big Test With Inflation Data Due; Intel Plunges | Investor’s Business Daily” Investor’s Business Daily, 27 Jan. 2023, https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-tesla-drives-market-rally-to-test-intel-dives-inflation-report-due/

5. “Tech Leads Stock Rebound Amid Fed Downshift Wagers: Markets Wrap” Yahoo! Voices, 27 Jan. 2023, https://www.yahoo.com/now/asia-stocks-rally-tech-pulls-231753998.html

6. “Market Rally Powers Higher Amid Big Earnings: Weekly Review” Investor’s Business Daily, 27 Jan. 2023, https://www.investors.com/news/stock-market-rally-powers-higher-amid-big-earnings-from-tesla-boeing-microsoft-american-express

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