GM Leads S&P 500 in Gains
The S&P 500 continues to trade with a loss of 0.4%. Early weakness has primarily been a function of profit taking versus a news-driven catalyst forcing a change in sentiment. S&P 500 was up 10.4% from its Dec. 24 low. entering the session.Nevertheless, General Motors (GM 37.51, +2.77) is up 8.0% after it increased its adjusted fiscal 2018 and 2019 earnings above consensus. GM attributed its upbeat earnings announcements to cost cuts, strong demand for its light trucks, and success in China. GM's outsized gain has pared the consumer discretionary sector's loss to just 0.1%.The inability for the broader market to rally on this good news, though, has arguably moved the market on the idea that a market unable to rally on good earnings news is reflective of a tired market due for a breather.