U.S. Stocks Mixed Ahead Of Fed Decision
Wednesday, January 25, 2022 12:54 PM

U.S. stocks were mixed in mid-day trading ahead of the Federal Reserve’s decision on interest rates even as corporate earnings weighed on the sentiment.

S&P 500 Index lost 0.28 percent to trade at 1,310.97. The Dow Jones Industrial Average fell 0.50 percent to 12,612.48. The Nasdaq Composite Index gained 0.41 percent to 2,797.82.

On the economic front, The Federal Open Market Committee will release a policy statement later in the day. Economists expect the Fed to keep the interest rates unchanged.

In corporate news, Apple Inc. (NASDAQ: AAPL) hit an all-time high on Wednesday, surging 6.47 percent to $447.60 mid-day following robust quarterly numbers and upbeat forecast. The company earned $13.87 per share in the first quarter, surpassing analysts' expectations of $10.08 per share. Sales rose to $46.33 billion from $26.7 billion, ahead of consensus of $38.8 billion. The company's iPhone sales soared 128 percent to 37.04 million units, topping expectations of sales of around 30 million to 32 million. Apple sees second-quarter earnings per share of $8.50 on sales of $32.5 billion. Analysts expect the company to earn $8.03 per share on sales of $32.04 billion.

Boeing Co (NYSE: BA) dropped 1.5 percent to $74.18 after the aerospace giant forecast 2012 earnings below consensus. The company sees earnings between $4.05 and $4.25 per share, trailing consensus expectation of $4.96 a share.

US Airways Group Inc. (NYSE: LCC) advanced 14.9 percent to $7.37 following better-than-forecast earnings. Excluding items, the air carrier earned 13 cents per share, topping Wall Street view of 2 cents a share.

Illumina Inc. (NASDAQ:ILMN) soared 42 percent to $53.75 following an unsolicited $5.7 billion bid from Roche Holding AG made for the genetic analysis services provider.

Corning Inc. (NYSE: GLW) tumbled 10.4 percent to $13.10 after maker of glass for flat-panel televisions posted a sharp drop in quarterly earnings after glass prices for LCD displays slumped. Profit per share declined to 31 cents from 66 cents.

The European markets ended in red, with U.K. FTSE 100 closing 0.62 percent lower. German DAX30 inched 0.06 percent lower and French CAC 40 dropped 0.31 percent.
In the currency market, the euro lost 0.52 percent against the U.S. dollar to 1.2968, and the British pound fell 0.39 percent against the greenback. The dollar gained 0.63 percent against the Japanese yen to 78.1635.
 Crude oil futures strengthened 0.19 percent to $99.14/barrel, while gold futures fell 0.37 percent.