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Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

US open: Stocks mixed following MLK Day break

(Sharecast News) - Wall Street stocks were mixed early on Tuesday as traders returned from the Martin Luther King Jr Day break to more bank earnings and headlines from the Republican Party's Iowa caucus. As of 1545 GMT, the Dow Jones Industrial Average was down 0.29% at 37,482.46, while the S&P 500 was 0.07% weaker at 4,780.26 and the Nasdaq Composite came out the gate 0.11% firmer at 14,988.78.

The Dow opened 110.52 points lower on Tuesday, extending losses recorded on Friday as the first batch of quarterly earnings came rolling in.

Corporate earnings were again in focus on Tuesday, with Goldman Sachs reporting fourth-quarter results that topped Wall Street expectations, driven by better-than-expected asset and wealth management revenues, while Morgan Stanley reported a slide in fourth-quarter income as costs in its core wealth management division jumped.

Elsewhere, the yield on the benchmark 10-year Treasury note rose more than five basis points early on Tuesday and was sitting just below the key 4% level. The two-year and 30-year notes were also higher after European central bankers talked down expectations for interest rate cuts in the immediate future.

Also drawing an amount of investor attention, Donald Trump won the Republican caucus in Iowa by a landslide, claiming 51% of the vote for the biggest win in history. He told supporters: "The big night is going to be in November, when we take back our country." Following the news, European Central Bank president Christine Lagarde warned that a second term in office for the former president would undoubtedly represent a global threat.

On the macro front, the New York Empire State manufacturing index fell to -43.7 in January, according to the Federal Reserve, the lowest reading since May 2020, pointing to a sharp drop in manufacturing activity in the state. New orders fell to -49.4 and shipments dropped to -31.3, down from -11.3 and -6.4, respectively, while unfilled orders continued to shrink significantly. Delivery times shortened to -8.4 from -15.6, inventories edged lower to -7.4 from -5.2, while employment and the average workweek declined modestly.

Still to come, Federal Reserve banker Christopher Waller will deliver a speech at 1600 GMT.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Verizon Communications Inc. (VZ) $39.13 1.47% Goldman Sachs Group Inc. (GS) $383.23 1.45% Microsoft Corp. (MSFT) $392.15 0.95% Home Depot Inc. (HD) $358.37 0.75% International Business Machines Corporation (CDI) (IBM) $166.61 0.49% Visa Inc. (V) $265.10 0.35% Unitedhealth Group Inc. (UNH) $523.29 0.34% Travelers Company Inc. (TRV) $196.22 0.34% Walmart Inc. (WMT) $161.82 0.31% Merck & Co. Inc. (MRK) $118.82 0.16%

Dow Jones - Fallers

Boeing Co. (BA) $204.81 -5.92% Nike Inc. (NKE) $102.99 -1.97% Apple Inc. (AAPL) $182.82 -1.67% Chevron Corp. (CVX) $144.88 -1.62% Walgreens Boots Alliance, Inc. (WBA) $22.97 -1.29% JP Morgan Chase & Co. (JPM) $167.02 -1.20% American Express Co. (AXP) $180.30 -0.96% Dow Chemical Co. (DOW) $52.94 -0.82% Amgen Inc. (AMGN) $304.32 -0.71% Johnson & Johnson (JNJ) $161.51 -0.54%

S&P 500 - Risers

Advanced Micro Devices Inc. (AMD) $157.16 7.23% Western Digital Corp. (WDC) $52.12 4.23% Synopsys Inc. (SNPS) $513.98 3.96% Cadence Design Systems Inc. (CDNS) $277.22 3.25% AutoZone Inc. (AZO) $2,640.39 2.77% O'Reilly Automotive Inc. (ORLY) $977.02 2.51% Nvidia Corp. (NVDA) $560.58 2.46% Micron Technology Inc. (MU) $84.36 2.39% Royal Caribbean Cr (RCL) $123.47 1.86% Arista Networks Inc. (ANET) $256.21 1.66%

S&P 500 - Fallers

Leggett & Platt Inc. (LEG) $23.45 -7.84% Boeing Co. (BA) $204.81 -5.92% Under Armour Inc. Class A (UAA) $7.57 -4.48% Under Armour, Inc. (UA) $7.26 -4.47% Ansys Inc. (ANSS) $331.95 -4.19% Delta Airlines Inc. (DAL) $36.86 -4.19% Johnson Controls International plc (JCI) $54.12 -3.94% Morgan Stanley (MS) $86.23 -3.87% Hewlett Packard Enterprise (HPE) $15.35 -3.37% Alaska Air Group Inc. (ALK) $34.01 -3.30%

Nasdaq 100 - Risers

Western Digital Corp. (WDC) $52.12 4.23% Synopsys Inc. (SNPS) $513.98 3.96% Qurate Retail Inc. (QRTEA) $0.88 3.73% Cadence Design Systems Inc. (CDNS) $277.22 3.25% O'Reilly Automotive Inc. (ORLY) $977.02 2.51% Nvidia Corp. (NVDA) $560.58 2.46% Micron Technology Inc. (MU) $84.36 2.39% Tesla Inc (TSLA) $223.04 1.90% Seagate Technology Plc (STX) $84.14 1.64% Mercadolibre Inc. (MELI) $1,683.36 1.49%

Nasdaq 100 - Fallers

Baidu Inc. (BIDU) $105.32 -3.47% JD.com, Inc. (JD) $23.87 -3.36% Paypal Holdings Inc (PYPL) $59.24 -2.89% Hasbro Inc (HAS) $47.55 -2.18% American Airlines Group (AAL) $12.94 -2.01% DENTSPLY Sirona Inc. (XRAY) $35.83 -2.00% eBay Inc. (EBAY) $40.42 -1.90% Align Technology Inc. (ALGN) $266.92 -1.74% Apple Inc. (AAPL) $182.82 -1.67% Incyte Corp. (INCY) $61.71 -1.65%

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Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

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