Stock market correction due to rising US Treasury yields
US stock markets are experiencing a correction as investors look forward to a good economic report from the Federal Reserve (Fed). As of 09:35 ET (14:35 GMT) this morning, the Dow Jones Industrial Average fell 30 points (0.1%) to 33,802, the S&P 500 fell 4 points (0.1%) to 4,368, and the Nasdaq Composite fell 20 points (0.1%). It fell by a point (0.1%) to 13,976.
Technology company earnings announcements
During this quarter's earnings season, major technology companies such as Microsoft, Alphabet, and AMD are announcing their earnings in succession. In particular, technology companies such as Alphabet, Microsoft, Apple, Amazon, and Meta have a market capitalization equivalent to nearly 25% of the S&P 500, so they are expected to have a significant impact on the stock index.
Aside from these, shares of automaker General Motors rose nearly 9% on a positive outlook for 2024 and signs that more capital could be returned to shareholders. Meanwhile, shares of United Parallel Services, the world's largest package delivery company, fell more than 7% after the company forecast lower-than-expected annual profits due to slowing domestic and international e-commerce demand.
Additionally, shares of vaccine maker Pfizer rose nearly 1% on a surprisingly strong quarter as demand for its COVID-19 products was stronger than expected and research costs declined.
Federal Reserve Meeting
The Federal Reserve will hold a two-day policy-making meeting starting today, at which it is widely expected to keep interest rates at their highest in more than two years. The Federal Reserve signaled in December that it may raise interest rates, and investors are watching for updates from this meeting.
The day's economic calendar includes a series of U.S. employment data, including the JOLTS jobs report and the January U.S. jobs report, which will provide additional insight into the state of the world's largest economy.
Crude oil exports despite demand worries
Crude oil prices rose despite concerns that the Eurozone, the largest crude oil consumer in the European Union (EU), would be late in issuing the cue even before it emerged from the recession at the end of last year. As of 09:35 ET this morning, U.S. oil futures were up 0.6% at $77.21 per barrel, while Brent futures were up 0.3% at $82.06 per barrel.
Tensions in the Middle East have driven up crude oil prices, with concerns that the region's energy supplies could be cut off, especially as the United States said it would "take all necessary measures to protect our troops" due to drone attacks in Iraq, which supports Iran. I am supporting it.
Additionally, gold futures rose 0.8% to $2,061.35 per ounce, and the euro/dollar exchange rate rose 0.1% to 1.0840.

This article was contributed by Oliver Gray. Upgrade your investing with AI-powered InvestingPro+ stock recommendations. Use coupon INVESTPROPLUS24 to enjoy a limited-time discount on the Pro+ subscription plan. Click here for more details and don't forget to use the discount code at checkout!