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US stocks tick down as industrial heavyweights report mixed earnings

Markets Insider 1/24/2023 bevans@insider.com (Brian Evans)
US stocks have rallied sharply since June. ANGELA WEISS/Getty Images © ANGELA WEISS/Getty Images US stocks have rallied sharply since June. ANGELA WEISS/Getty Images
  • US stocks opened lower Tuesday with all eyes on a new slate of earnings. 
  • Johnson & Johnson, General Electric and 3M all reported before the opening bell. 
  • Microsoft will report after the close ahead of a busy week for tech earnings. 

US stocks ticked down Tuesday amid mixed fourth-quarter earnings from industrial heavyweights. 

General Electric and Lockheed Martin exceeded analyst expectations, while 3M missed on earnings but beat on revenue. Meanwhile, Johnson & Johnson beat on earnings but fell just short of revenue forecasts.

Traders will shift focus toward tech later in the day, with Microsoft reporting after the market close. The ChatGPT backer kicks off a busy week for tech earnings. 

Here's where US indexes stood at the 9:30 a.m. ET open on Tuesday:

Here's what else happened today:

In commodities, bonds and crypto:

  • West Texas Intermediate crude oil climbed 0.31% to $81.85 per barrel. Brent crude, oil's international benchmark, gained 0.28% to $88.44.
  • Gold ticked down 0.04% to $1,930.45 per ounce.
  • The yield on the 10-year Treasury was ticked down 1 basis point to 3.513%.
  • Bitcoin slipped 0.52% to $22,860.17. 
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