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S&P, Nasdaq notch new record highs; Netflix surges 10%

Jan. 23, 2018 4:55 PM ETBy: Carl Surran, SA News Editor2 Comments
  • Stocks closed mostly higher, with the S&P and Nasdaq again setting new records but the Dow finishing flat following the latest batch of corporate earnings.
  • "Momentum remains strong, as the yearly change in forward earnings is up from six-year lows in early 2016 and should accelerate in 2018," says strategist Ed Yardeni.
  • Netflix spiked 10% after reporting strong subscriber growth and better than expected Q4 sales; shares have surged 30% YTD, as the tech sector (+0.6%) continues to lead the major indexes higher.
  • In other earnings news, Travelers jumped 5% following better than expected results, but Johnson & Johnson (-4.3%) and Procter & Gamble (-3.1%) fell despite beating earnings estimates and issuing positive guidance.
  • The utilities (+1.0%) and The real estate (+1.5%), utilities (+1%) and consumer discretionary (+0.9%) were today's strongest groups, while telecom services (-1.2%), health care (-0.5%) and consumer staples (-0.3%) lagged.
  • U.S. Treasury prices rose, sending yields lower across the curve; the benchmark 10-year yield slipped 4 bps to 2.62%, while the two-year yield  trimmed 2 bps to 2.05%.
  • U.S. WTI crude settled +1.4% at $64.47/bbl, the highest since December 2014.

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