news/GOOGL/2023.01.24/Wall Street edges lower as earnings kick into high gear.txt

(For a Reuters live blog on U.S., UK and European stock
markets, click or type LIVE/ in a news window.)*3M slides on downbeat Q1 forecast*J&J falls on sales warning; GE down on weak profit view*Microsoft to report quarterly earnings after market close*Indexes: S&P and Nasdaq down 0.1%, Dow flatJan 24 (Reuters) -Wall Street slipped on Tuesday after industry bellwethers
3M, Johnson & Johnson and GE warned of a challenging year ahead,
while a technical issue at the New York Stock Exchange briefly
halted trading in some stocks shortly after the opening bell.More than 80 NYSE-listed stocks were affected by theglitch, with shares of companies including Nike Inc and
Walmart Inc seeing big swings in opening prices.The problem sowed confusion among traders on an
earnings-heavy day, where the market reaction to the quarterly
results of some of the biggest companies was in focus.Industrial conglomerate 3M Co fell 5.7% as it
forecast a gloomy first quarter.Verizon Communications Inc dropped 0.4% after
forecasting annual profit below estimates, while Johnson &
Johnson fell 1.3% as it warned that a surge in China
COVID-19 cases could dent the first half sales in 2023.General Electric Co fell 0.2% on a disappointing
profit forecast for the year, despite topping quarterly earnings
estimates."The problem today is mainly earnings," said Fall Ainina,
research director at James Investments. "Now many are
forecasting a profit recession, which is back-to-back quarters
of negative earnings."Wall Street's main indexes started the week on a strong note
amid renewed appetite for growth stocks following a battering
last year.After logging its biggest gain in over two months on Monday,
Advanced Micro Devices Inc slipped 3.2% as Bernstein
downgraded it to "market-perform" from "outperform".The Philadelphia SE Semiconductor index dropped 0.7%
to slip from its one-month high.Big Tech earnings could also determine whether renewed
enthusiasm for growth stocks will be sustained."In the near-term, the answer seemingly lies with tech
earnings ... longer-term, if we do experience a Fed pivot this
year, then would anticipate a strong, positive buying impulse
for tech," JPMorgan analysts wrote in a client note.Microsoft Corp is scheduled to report quarterly
earnings after the bell.Analysts now see fourth-quarter earnings for S&P 500
companies dropping 2.9% year-on-year, according to Refinitiv
data.The fourth-quarter earnings season is keenly watched as
companies are expected to feel the full impact of the Federal
Reserve's rate-hike campaign. The central bank is expected to
raise rates by another quarter of a percentage point next week.At 12:31 p.m. ET, the Dow Jones Industrial Average
was up 0.20 points, or 0.00%, at 33,629.76, the S&P 500
was down 5.95 points, or 0.15%, at 4,013.86, and the Nasdaq
Composite was down 14.26 points, or 0.13%, at 11,350.15.Travelers Companiesadded 2.6% after the insurer reported
better-than-expected fourth-quarter revenue.Other major growth stocks also dipped, with Alphabet Inc
down 1.1%. The U.S. Justice Department will be joined
by about eight states in an antitrust lawsuit against Alphabet's
Google that is expected to be filed this week.Advancing issues outnumbered decliners by a 1.13-to-1 ratio
on the NYSE. Declining issues outnumbered advancers for a
1.08-to-1 ratio on the Nasdaq.The S&P index recorded 27 new 52-week highs and 10 new
lows, while the Nasdaq recorded 60 new highs and 18 new lows.
(Reporting by Shreyashi Sanyal and Johann M Cherian in
Bengaluru; Editing by Vinay Dwivedi and Anil D'Silva)