US stocks decline as Intel, IMB tumble
Friday, January 22, 2021       22:13 WIB

New York, Jan 22, 2021 (AFP)
Wall Street stocks pulled back from records Friday following disappointing earnings reports from IBM and Intel, and as investors digested a spate of executive orders from US President Joe Biden.
Dow member IBM plunged more than 10 percent as it reported another drop in quarterly revenue, while fellow blue-chip Intel shed nearly six percent despite reporting better-than-expected results as the chipmaker faces calls to outsource its manufacturing operations.
Analysts said the pullback was unsurprising following a heady run by the market since the November elections.
About 30 minutes into trading, the Dow Jones Industrial Average was down 0.6 percent at 31,004.65.
The broad-based S&P 500 dipped 0.3 percent to 3,842.07, while the tech-rich Nasdaq Composite Index was down a hair at 13,529.44. Both the S&P 500 and Nasdaq ended at records Thursday.
Investors have been encouraged by Biden's efforts to improve the coronavirus vaccine rollout and his call for Congress to enact an aggressive $1.9 trillion stimulus package.
At the same time, there have been concerns at Republican criticism that Biden's economic package is excessive.
And some sectors, such as petroleum producers, have taken a hit from early Biden executive orders which limit oil and gas production and bolster climate policy.
Among individual companies, Carnival dropped 2.6 percent as it canceled more cruises and extended its pause in business because of the coronavirus cases. US cruises will be offline through April 30.

Sumber : AFP