US markets tepid on earnings concerns
Wall Street stocks mostly slipped on Wednesday, pulling back on concerns over lacklustre company earnings and ahead of key economic data to be released later this week. The Nasdaq fell 0.2 percent to 11,313, with analysts noting that Microsoft's disappointing fiscal guidance has added to worries. The tech giant said on Tuesday that sales slowed and profits slumped in the final quarter last year, as a darkening economic outlook pushed it to lay off 10,000 workers. The Dow Jones rose less than 0.1 percent to 33,743, while the S&P 500 Index shed less than 0.1 percent as well to land at 4,016. "I think that investors have been caught off-guard at the speed which stocks have risen as we entered into the new year," said Tom Cahill of Ventura Wealth Management. "Some are pulling back a little bit because of concerns over earnings, and in particular Microsoft," he added. Microsoft shares ended the day 0.6 percent lower. Meanwhile aviation giant Boeing reported a fourth-quarter loss on Wednesday over elevated operating and supply chain costs, though it confirmed its 2023 outlook amid strong aviation demand. Boeing shares rose 0.3 percent on Wednesday. Looking ahead, investors will be examining Tesla's earnings reported after the bell, and assessing key US economic data released later in the week – including GDP figures on Thursday morning and the Federal Reserve's preferred gauge of inflation on Friday. (AFP)