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+ "page_name": "Closing Market Update | Charles Schwab",
+ "page_url": "https://www.schwab.com/learn/story/stock-market-update-close",
+ "page_snippet": "The S&P 500 index and Dow Jones Industrial Average hit new high-water marks after Nvidia results exceeded expectations.A strengthening trend in the current earnings season suggests the market is retaining solid fundamental underpinnings, for now. \"Treasury yields are creeping higher, which should work against higher equity prices, but individual stock earnings are taking over the narrative,\" Hincks explained. Next week brings a few economic reports likely to influence the market's expectations for inflation and Federal Reserve interest rate policy. Those numbers include Personal Consumption Expenditure (PCE) prices, the Fed's preferred inflation gauge, and an updated government estimate for fourth-quarter gross domestic product (GDP). Late Thursday, traders priced nearly 96% odds the fed funds target will remain unchanged at 5.25% to 5.5% following the March 19 \u2013 20 Federal Open Market Committee (FOMC) meeting, according to the CME FedWatch Tool. The tool shows a 75% chance the fed funds rate will be unchanged after the FOMC's May meeting, up from 62% a week ago. \"Nvidia delivered,\" Hincks said. \"Now, the market is trying to figure out what to do 'post-Nvidia.' Is today's event the catalyst to even higher stock prices, or will we look back at this as the day we put in the short-term highs?\"",
+ "page_result": "\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Closing Market Update | Charles Schwab \n \n \n \n \n \n \n\n\n\n \n\n\n\n\n \n\n
(Tuesday market close) Major U.S. equity indexes finished mixed Tuesday as the market extended a modest pullback from last week's climb to record highs and investors looked ahead to a handful of major company results remaining this earnings season and a key inflation update that promises to shape interest rate expectations.
Retailers were in the spotlight as Macy's (M) jumped 3.4% after the company, in its quarterly results, said it'll close about 150 department stores and open new locations for stronger-performing brands. Lowe\u2019s (LOW) added\u00a01.8% after the home improvement chain reported stronger-than-expected earnings. Dow member Salesforce (CRM) and Snowflake (SNOW) are both expected to report Wednesday.
Investors also are waiting for Wednesday's update to fourth-quarter gross domestic product (GDP) and Thursday's Personal Consumption Expenditures Price Index (PCE), the Federal Reserve's preferred inflation measure.
According to Nathan Peterson, director of derivatives analysis at the Schwab Center for Financial Research, investors are navigating a figurative \"air pocket\" between last week's Nvidia (NVDA) earnings and key events next month, including the February\u00a0Nonfarm Payrolls\u00a0Report March 8 and the Federal Reserve's next policy gathering in three weeks.
\"Stocks appear to be in consolidation mode as the tech rally takes a breather, along with a lack of major earnings or economic catalysts until we get the PCE numbers Thursday,\" Peterson said.
\"But money is always looking for a place to grow, and so far this week, we\u2019ve been seeing money flow into some previously lagging areas of the market, such as small caps and Chinese shares.\u00a0Money is also finding its way into the biotech sector, which is trading at a two-year high today,\" he added.
Here's where the major benchmarks ended:
The S&P 500\u00ae index (SPX)\u00a0rose 8.65 points (0.2%) to\u00a05,078.18; the Dow Jones Industrial Average\u00ae (DJI)\u00a0fell 96.82 points (0.3%) to\u00a038,972.41; the Nasdaq Composite\u00ae (COMP)\u00a0gained 59.05 points (0.4%) to\u00a016,035.30.
The 10-year Treasury note yield (TNX)\u00a0rose about 1 basis point to\u00a04.309%.
The CboeVolatility Index\u00ae (VIX)\u00a0dropped 0.31 to\u00a013.43.
Retailer strength helped lift the S&P Retail Select Industry Index (SPSIRE) 2.4% to its highest level in 22 months. Utility shares were also strong as the sector rebounded from the previous day's slump. The small-cap Russell 2000\u00ae (RUT) jumped\u00a01.3% to extend a nearly week-long rally and posted its second-highest close of the year.
In other markets, WTI crude oil (/CL)\u00a0futures surged\u00a01.4% and settled just under $79 per barrel, the market's highest close since early November. Strength in oil reflects concern over conflict in the Middle East and expectations OPEC may extend production cuts beyond the first few months of 2024.
Stock market benchmarks remain in a steady uptrend, according to Peterson, with the S&P 500 still well-above widely followed indicators, such as the 50-day moving average (currently about 4,864) and the Russell 2000 \"threatening to break out to two-year highs.\" If the S&P 500 continues to pull back from last week's all-time high above 5,100, the first near-term area support appears to be around 4,950 followed by 4,800, Peterson added.
\n\t\n\n\t\t\n\n\n\n\n\n\n Read all our market commentary on our\u00a0Insights & Education\u00a0page, and you can follow us at\u00a0@SchwabResearch.\"\n role=\"dialog\"\n aria-label=\"
The following companies had stock price moves driven by analyst ratings, quarterly results, or other news:
AutoZone\u00a0(AZO) jumped\u00a06.7% after the auto-parts retailer's quarterly earnings and revenue surpassed expectations.\u00a0
Cava (CAVA) gained\u00a012% after the Mediterranean restaurant chain posted earnings and revenue that exceeded forecasts.
Coinbase Global\u00a0(COIN) rose\u00a02.7%, joining a rally across the cryptocurrency industry after bitcoin soared above $57,000 to its highest level since late 2021.
Norwegian Cruise Line (NCLH) rallied\u00a020% after the cruise-ship operator topped earnings expectations and released strong guidance for 2024.
Roku (ROKU) fell\u00a00.8% after\u00a0Wells Fargo (WFC) downgraded the streaming platform to \"underweight\" from \"equal weight\" and cut its price target to $51 from $77, saying Walmart's \u00a0(WMT) acquisition of Vizio\u00a0(VZIO) creates \"substantial risk\" for Roku.
Unity Software (U) sank\u00a06.1% after the video-game developer released disappointing earnings guidance.\u00a0
Viking Therapeutics (VKTX) soared\u00a0121% after the biotechnology company announced favorable trial results from a Phase 2 study for its VK2735 weight loss treatment.
Workday (WDAY) dropped\u00a04% despite posting earnings that topped expectations. The maker of human resources and finance software also reiterated previous guidance for the full year.
Zoom Video Communications (ZM) climbed\u00a08% after the video-software vendor's quarterly results surpassed Wall Street expectations.
The two big tech companies on Wednesday's earnings calendar, Salesforce\u00a0and Snowflake,\u00a0may not be considered part of the so-called Magnificent Seven mega-caps, but their results are sure to be closely scrutinized and could add fuel to another leg up in the tech sector, or they could throw a bucket of cold water on the market. Both companies are expected to report results after the close.\u00a0
As Nvidia's results last week illustrated, big tech earnings surprises, to the upside or downside, have often triggered outsized moves for both the company's shares and the sector. After Salesforce\u00a0previously reported results in November, shares of the cloud-software vendor surged as much as 17% over the next three days.
Salesforce shares have gained\u00a014% so far this year, making it one of the Dow's top 10 performers and outpacing the\u00a03.4% increase for the blue-chip average. Shares of cloud-data storage provider Snowflake have also performed well, up\u00a0almost 18% this year.
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Economic news reported Wednesday came out weaker than expected but did not appear to significantly alter the market's longer-term outlook for the economy or interest rates.\u00a0
The Conference Board's Consumer ConfidenceIndex\u00ae (CCI) for February unexpectedly dropped to 106.7 from a downwardly revised 110.9 in January, breaking a three-month string of gains. Analysts expected the index to rise to around 114.6, according to Briefing.com.
The decline reflected \"persistent uncertainty about the U.S. economy,\" according to Dana Peterson, chief economist at The Conference Board.
Survey results indicated \"that while overall inflation remained the main preoccupation of consumers, they are now a bit less concerned about food and gas prices, which have eased in recent months,\" Peterson said in a statement. \"But they are more concerned about the labor market's situation and the U.S. political environment.\"
Also Tuesday, January Durable Orders fell 6.1%, a larger decline than analysts expected and down from a revised \u20130.3% in December. Excluding transportation, orders dropped 0.3%. Analysts had expected new orders to drop 4.4% in January from December. Excluding transportation, orders were seen rising 0.3% in January compared with a revised 0.1% increase in December.
\"The report indicates sluggish spending on durables,\" said Kathy Jones, chief fixed income strategist at Schwab. \"Boeing (BA) orders fell sharply, and non-defensive ex-aircraft (core) was up only 0.1%.\" Motor vehicles and parts demand also looked lackluster.
Wednesday's updated GDP estimate from the government is the second of three and typically has less market significance than the first and third. Consensus is an annualized 3.2%, below the first estimate of 3.3%, according to Briefing.com.
Schwab's Peterson noted that while Consumer Confidence and Durable Goods both reported lower-than-expected estimates, \"there really isn\u2019t enough to formulate a bearish thesis\" for the overall economy. Several other readings in recent months, he noted, largely conveyed an economy on solid footing.
\"Earlier this month, we saw retail sales come in below estimates, along with downward revisions to the prior month, as well as hotter-than-expected inflation,\" Peterson said. \"But we need more data points to see whether the consumer is weakening or inflation is ticking back up.\"
Investors continued to see little chance of the Fed lowering benchmark interest rates any time soon.\u00a0
Late Tuesday, traders priced nearly 98% odds the fed funds target will remain unchanged at 5.25% to 5.5% following the March 19 \u2013 20 FOMC meeting, according to the CME FedWatch Tool. The tool shows an 82% chance the funds rate will be unchanged after the FOMC's May meeting. For June, odds of a quarter-point cut are priced around 50-50.
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\n \n \n\n\n \n\n \n\n \n\n\n\n Opening Market Update \n \n \n \n \n \n Before the PCE prices report, three Fed officials are set to speak midday, Salesforce and Snowflake report earnings, and government shutdown talks may shift to high gear.\n
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\n \n \n\n\n \n\n \n\n \n\n\n\n Looking to the Futures\n \n \n \n \n \n The Japanese Nikkei 225 index closed at an all-time high for the first time in 34 years. \n
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\n \n \n\n\n \n\n \n\n \n\n\n\n Stocks End Mixed as Pullback Continues\n \n \n \n \n \n Retailer earnings grab spotlight, but market otherwise consolidates ahead of GDP, inflation data.\n
The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.
All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed.
Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.
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Supporting documentation for any claims or statistical information is available upon request.
Past performance is no guarantee of future results, and the opinions presented cannot be viewed as an indicator of future performance.
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Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see\u00a0\u200bschwab.com/indexdefinitions.
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Supporting documentation for any claims or statistical information is available upon request.
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+ "page_last_modified": " Wed, 28 Feb 2024 15:18:16 GMT"
+ },
+ {
+ "page_name": "Dow closes more than 100 points higher as stocks recoup some losses ...",
+ "page_url": "https://www.cnbc.com/2024/02/13/stock-market-today-live-updates.html",
+ "page_snippet": "Stocks rose on Wednesday following a substantial day of losses for all three major indexes.\"Markets are rebounding sharply so far this morning following the CPI-induced shellacking on Tuesday,\" he wrote. \"There's a bit of a reassessment taking place on inflation after the (brief but intense) panic yesterday thanks to downside price readings this morning out of the UK and India, along with a slew of disinflationary trends throughout earnings reports.\" Over the past year, GE shares have risen nearly 72%. Deuschle has a $185 price target for GE, which is about 28% higher than its Tuesday close. \"Since the beginning of 2023, GE's share price performance has correlated more with Microsoft ... than it has with Aerospace stocks ... Earlier this month, Hershey reported that its year-over-year sales had dropped 6.6% in the fourth quarter. \"Given where cocoa prices are, we will be using every tool in our toolbox, including pricing, as a way to manage the business,\" said CEO Michele Buck. Oil prices had gained 1% earlier in the trading session after Israel launched airstrikes in Lebanon in reaction to rockets fired into northern Israel that killed one person and injured at least seven more.",
+ "page_result": "Stock market today: Live updates
A trader wears ashes for Ash Wednesday as they work on the floor of the New York Stock Exchange during morning trading on February 14, 2024 in New York City.\u00a0
Michael M. Santiago | Getty Images News | Getty Images
Stocks rose Wednesday as Wall Street clawed back some of the steep losses suffered in the previous session.
Lyft shares jumped 35% after the ride-hailing company posted better-than-expected earnings in the fourth quarter. Airbnb slipped 1.7% even as the company beat on revenue expectations in its latest quarter.
Shares of Nvidia nudged nearly 2.5% higher, sending the chipmaker's market capitalization briefly above that of fellow "Magnificent 7" member Alphabet's. This follows Nvidia's roughly 0.2% slide on Tuesday after rising Treasury yields sunk technology stocks.
On Tuesday, the 30-stock Dow lost more than 1% for its worst day since March 2023. The S&P 500 and Nasdaq Composite also slumped more than 1%. A hotter-than-anticipated inflation reading early in the morning incited the sell-off as traders fretted that the Federal Reserve may not cut interest rates as early as they had hoped.
Dow 5-day chart
"The market was overbought from a variety of readings, but is yet to be now in the oversold camp. There is still some vulnerability in the near term for some corrective action, in my opinion, but I certainly don't think that we are headed for a decline in excess of 10%. I think it's a more corrective pullback that is needed before we can continue our upward climb," said Sam Stovall, chief investment strategist at CFRA, in an interview with CNBC.
January's CPI report likely pushes the likelihood of a Fed rate cut to the second half of 2024, versus investors' initial expectations of rate cuts as early as March.\u00a0
Correction: An earlier version misstated the move in Nvidia shares on Tuesday.
Stocks end higher to claw back some of Tuesday's big losses
Stocks ended Wednesday's trading session higher, making back some of their losses from Tuesday.
The S&P 500 added 0.96% to close at 5,000.62, while the Nasdaq Composite edged 1.30% higher to settle at 15,859.15. The Dow Jones Industrial Average gained 151.52 points, or 0.40%, to finish at 38,424.27.
\u2014 Lisa Kailai Han
Fed's Barr supports patient approach to policy this year
Federal Reserve Vice Chair for Supervision Michael Barr on Wednesday backed the central bank's cautious approach to lowering interest rates this year.
In prepared remarks to the National Association for Business Economics, Barr expressed confidence that inflation is heading back to the Fed's 2% goal but noted "we need to see continued good data before we can begin the process of reducing the federal funds rate."
This week's consumer price index data showing inflation higher than expected in January was "a reminder that the path back to 2% inflation may be a bumpy one."
Along with the comments on monetary policy, Barr assessed the banking system's conditions as "sound and resilient" though he said there are "a few pockets of risk," most notably commercial real estate.
\u2014Jeff Cox
Watch for a pullback to 4,800 for the S&P 500 on overbought conditions, Wolfe Research says
Wolfe Research thinks the S&P 500 could decline to 4,800 after Monday's selloff spurred by a higher-than-expected inflation report.
Macro strategist Rob Ginsberg noted that while the January inflation data seemingly acted the main catalyst Wall Street's decline on Tuesday, he added that the selloff simultaneously "felt like the start of a much overdue digestion of gains." The benchmark index slipped 1.37% on Tuesday, and a move down to the 4,800 level represents a roughly 3.4% further decline from current levels.
"The overbought condition which has lingered for over 2 months, may finally be coming in," Ginsberg said.
\u2014 Brian Evans
Small-cap stocks rebound
Small caps mounted a comeback on Wednesday, making up ground after selling off in the previous session.
The small cap-focused Russell 2000 climbed more than 2% in Wednesday's session, easily outperforming the three major indexes. That follows a particularly challenging Tuesday, when the index dropped 4% while the broad S&P 500 lost just 1.4%.
The Russell 2000, 1-day
Despite Wednesday's gain, the Russell 2000 is still down on the year.
\u2014 Alex Harring
Valentine's Day flower spending down 16% from previous year, says Barclays
U.S. consumer spending has softened, with spending on flowers down 16% month to date versus 2023 levels, according to Barclays analyst Josh Grasso.
Looking at credit card spending for all merchants categorized under 'Florists supplies, Nursery Stock and Flowers,' Barclays found that spending from the start of February through the 11th was the slowest-developing season across post-pandemic years.
"Softer Valentine's Data flowers spending also follows the softer gym spending that we identified last month and overall weakness in the aggregate spending in our consumer credit card data," Grasso wrote in a Monday note.
\u2014 Hakyung Kim
Oil prices give up advance as U.S. crude stockpile surges
Crude oil futures fell Wednesday, giving up gains from earlier in the session as stockpiles surged in the U.S. while demand fell.\u00a0
The West Texas Intermediate contract for March lost $1.23, or 1.58%, to settle at $76.64 a barrel. The Brent contract for April settled at $81.60 a barrel, down $1.17 or 1.41%.
The move came after commercial crude oil inventories in the U.S. surged by 12 million barrels last week, according to the Energy Information Administration. Oil demand as measured by finished products supplied to the market dropped by 973,000 barrels per day during the same period.\u00a0
Oil prices had gained 1% earlier in the trading session after Israel launched airstrikes in Lebanon in reaction to rockets fired into northern Israel that killed one person and injured at least seven more.
\u2014 Spencer Kimball
History indicates that equities are on track for a positive year, strategist says
Seasonality-wise, February may be a traditionally weak month for markets, but that could soon turn around if history is any indication, according to CFRA chief investment strategist Sam Stovall.
"February is typically the second worst month, but I think that could serve as a springboard for the rest of the year," he told CNBC in an interview. "Some of these early-in-the-year indicators make me believe that this will still be a positive year."
Since World War 2, every January in an election year that has ended in a positive monthly gain has also resulted in a positive return for the year, Stovall shared.
He added: "We've had new highs in both January and February, and whenever that has happened the average advanced approximately 16% for the full year and we were up 88% of the time, versus a more normal 9% rise and a 73% batting average. So higher returns and better frequency of advance typically have followed all-time highs in both January and February."
\u2014 Lisa Kailai Han
Cocoa prices on pace for seventh straight week of gains
Cocoa futures are on pace for their 7th straight positive week after hitting a record high last Friday.
A slew of adverse weather conditions and an onslaught of cacao swollen shoot virus have propelled the commodity's price in recent months. Last week alone, cocoa prices gained almost 12%.
Earlier this month, Hershey reported that its year-over-year sales had dropped 6.6% in the fourth quarter. "Given where cocoa prices are, we will be using every tool in our toolbox, including pricing, as a way to manage the business," said CEO Michele Buck.
\u2014 Lisa Kailai Han, Gina Francolla
Industrials lead S&P 500 sector gains Wednesday
The industrial sector outperformed the S&P 500 on Wednesday, rising 1.2%. Uber shares rallied 11.5%, followed by Johnson Controls International and Dayforce gaining more than 3%.
The only two sectors in the red were energy and consumer staples, down 0.4% and 0.5% each. Kraft Heinz and Campbell Soup Company were the biggest decliners among consumer staples stocks, falling 5.9% and 2.6%, respectively.
Apple was the biggest laggard in the Dow Jones Industrial Average.
The iPhone maker was down by 1.3% in early afternoon trading. That curbed gains for the 30-stock index, which was last little changed.
Apple
\u2014 Sarah Min
Stocks making the biggest moves midday
These are some of the biggest movers in midday trading:
Lyft\u00a0\u2014 \u00a0Shares of the ride-hailing platform surged 31% after the\u00a0company\u00a0posted\u00a0adjusted earnings of 18 cents per share in the fourth quarter, more than the LSEG consensus estimate of 8 cents per-share earnings.
Uber\u00a0\u2014 Uber's shares jumped 11%, climbing to a new 52-week high, after the ride-hailing company announced an inaugural $7 billion\u00a0share repurchase authorization program.
IQVIA Holdings\u00a0\u2014 The health tech company saw its shares rise 10% after it posted fourth-quarter earnings and revenue that beat analysts' expectations, according to LSEG.
Charles River Laboratories\u00a0\u2014 The drug maker gained 9% after fourth quarter adjusted earnings of $2.46 per share beat analysts' estimates of $2.40 per share, according to FactSet. Charles River posted $1.01 billion in revenue, while analysts anticipated $991.3 million.
BTIG sees more downside risk ahead for high-momentum stocks
Tuesday's sell off came on the heels of higher rates and the push out of rate cut expectations, which means market participants are going back into the 2023 playbook of buying high-quality momentum/growth names, according to BTIG.
"We still think over the next few weeks there is more downside risk in high-mo names, but as always momentum is a hard thing to break and it will take more than one day of a drawdown to do so," analyst Jonathan Krinsky wrote in a note Tuesday.
\u2014 Michelle Fox
16 stocks in the S&P 500 notch new all-time highs
25 stocks within the S&P 500 index notched new 52-week highs during Wednesday's trading session.
Of these names, 16 stocks hit new all-time highs. Here are some of the names that hit the milestone:
Cloud ETFs on pace to cinch first negative week in six
Major cloud ETFs are down for the week, with First Trust Cloud Computing ETF (SKYY) and WisdomTree Cloud Computing Fund (WCLD) on track to notch their first negative week in six.
The losses were in part led by shares of Shopify, JFrog, Monday.com and Blackbaud. All four stocks were all down at least 8% for this week.
\u2014 Lisa Kailai Han, Gina Francolla
Nvidia tops Alphabet in market value
Nvidia topped Alphabet in market value during Wednesday's session after surpassing Amazon in market capitalization earlier in the week.
The chipmaking stock was last up less than 1% and trading at a market cap of more than $1.83 trillion. Alphabet last traded a nudge lower at a market cap of $1.8 trillion.
This move pushes Nvidia to the third largest market cap in the S&P 500 behind Microsoft and Apple.
\u2014 Samantha Subin
Lyft shares track for best day on record despite earnings debacle
Uber and Lyft logos seen on a smartphone screen.
Anadolu Agency | Getty Images
Shares of Lyft headed for their best day in the rideshare provider's nearly half-decade on the public market as investors digested the latest earnings report.
Lyft shares climbed more than 31% in midday trading on Wednesday, putting the stock on pace to see its best day since it began trading in March 2019. The stock's next best day on record is March 19, 2020, when it added 29%.
Lyft, 1-day
Wednesday's rally comes a day after the rideshare company posted earnings per share that beat expectations for the fourth quarter, while revenue came in line with Wall Street forecasts. But leadership had to correct a major error in margin expansion numbers during the company's earnings call.
\u2014 Alex Harring
History suggests at least a 5% slide in S&P 500, Wells Fargo strategist says
Traders work on the floor of the New York Stock Exchange.
Michael Nagle | Bloomberg | Getty Images
An expected first half rise in stock market volatility has begun and "history suggests at least a 5% SPX slide," Wells Fargo equity strategist Christopher Harvey write in a note Wednesday, referring to the S&P 500. Tuesday's "market action might be the start of the selloff we have been expecting," Harvey said.
Momentum and trend following strategies that emphasize buying strong stocks and selling weaker ones have worked well lately, Wells Fargo said. "Price momentum remains one of the best-performing factors in recent months," with a 12-month momentum screen of the Russell 1000 stocks returning 5% in January, Harvey said. "Passive trends have helped trend-following strategies: As money shifts into passive, more portfolio money is dedicated to names that are 'working' vs. names that are not, supporting trend-following techniques."
As a result, Harvey recommended overweighting communications services, health care and utility stocks and underweighting energy and industrial companies, and software over computer hardware names.
"GDP strength supports Fed Funds re-pricing," Harvey said, acknowledging the recent move higher in Treasury yields is warranted by the vigorous economy.
\u2014 Scott Schnipper
No statistical and economic rationale to explain seasonal returns, Citi finds
While some well-known seasonality patterns exist within the equity market, Citi has revealed that there may not always be a clear reason to back these trends.
"While anecdotal evidence exists for monthly return patterns in equities, statistical evidence is at best patchy," wrote analyst Chris Montagu. "We find that while on average there are distinct monthly return patterns, in many cases statistical significance is absent as well as economic rationale as to why they exist."
Montagu added that amongst the market seasonality patterns, the trends with respect to style factors have been less studied by investors.
\u2014 Lisa Kailai Han
Deutsche Bank say several events could lift shares of its top large-cap pick
Deutsche Bank sees several events on the horizon that could give shares of General Electric, its top large-cap stock, a boost. One is the company's investor days on March 6-7, another is the April spinoff of GE Vernova \u2014 and announcements tied to this event. Analyst Scott Deuschle also expects GE has set itself up for a strong first-quarter earnings beat.
General Electric shares over the past year.
Over the past year, GE shares have risen nearly 72%. Deuschle has a $185 price target for GE, which is about 28% higher than its Tuesday close.
"Since the beginning of 2023, GE's share price performance has correlated more with Microsoft ... than it has with Aerospace stocks ... , the XLI ... , or the S&P 500 ...," Deuschle said.
\u2014Christina Cheddar Berk
Stocks trade higher after big day of losses for Dow
Stocks rose on Wednesday, clawing back some of their steep Tuesday losses that saw the Dow Jones Industrial Average cinching its worst day since March 2023.
The 30-stock index rose 116 points, or 0.3%. The S&P 500 added 0.6%, while the Nasdaq Composite gained 0.9%.
\u2014 Lisa Kailai Han
Fed's Goolsbee expresses confidence that inflation is easing
Austan Goolsbee
Kate Rooney | CNBC
Chicago Federal Reserve President Austan Goolsbee said longer-term inflation indicators still look positive even after the consumer price index in January came in stronger than expected.
In remarks to be delivered Wednesday morning, the central bank official said core inflation, which strips out food and energy, has been running at or below the Fed's 2% annual target as measured by personal consumption expenditures prices, according to notes released ahead of the 9:30 a.m. ET speech.
However, core CPI, a slightly different measure, held at 3.9% in January, boosted largely by higher than expected shelter costs.
Goolsbee, a nonvoting member of the rate-setting Federal Open Market Committee, noted the stronger housing reading but said alternative measures have told a different story, and he pointed out that goods inflation has continued to recede.
\u2014Jeff Cox
Gold and silver touch lowest levels in 2024
Gold and silver hit prices last seen in 2023 early Wednesday.
Gold touched 1998.2, its lowest since it reached 1,987.9 on Dec. 13. Silver fell as low as 21.975, a price last seen on Nov. 13, when it traded at 21.925.
\u2014 Alex Harring, Gina Francolla
Stocks making the biggest moves premarket
In this photo illustration, the Robinhood Markets, Inc. logo is displayed on a smartphone screen.
Rafael Henrique | Sopa Images | Lightrocket | Getty Images
Check out the companies making headlines before the bell:
Lyft\u00a0\u2014 Shares surged 21% after the ride-hailing company\u00a0posted\u00a0stronger-than-expected fourth-quarter results and issued better-than-expected guidance. In its most recent quarter, Lyft posted adjusted earnings of 18 cents per share, more than the LSEG consensus estimate of 8 cents per-share earnings. Revenue of $1.22 billion was in line with analysts' expectations. However, Lyft shares were off their Tuesday post-market high as the company corrected an overstatement of its margin forecast contained in its initial press release.
Robinhood Markets\u00a0\u2014 Shares of Robinhood soared roughly 16.5% after the investing platform beat on earnings and revenue for the fourth quarter. Robinhood reported a profit of 3 cents per share on $471 million in revenue, while analysts polled by LSEG forecasted a loss of 1 cent per share on $457 million in revenue.
Angi\u00a0\u2014 Shares jumped 7% after the home services platform\u00a0reported\u00a0a narrower-than-expected quarterly loss. Angi posted a fourth-quarter loss of 1 cent per share, smaller than the loss of 2 cents per share expected by analysts polled by FactSet. On the other hand, revenue of $300.4 million came in below the FactSet consensus estimate of $309.9 million.
Expect $400 to $600 billion to flow to risk assets in the next year, Barclays says
Between $400 billion to $600 billion worth of cash that has built up on household and corporate balance sheets is set to move back into risk assets in the near future, according to Barclays.
Analyst Joseph Abate pointed out that cash has piled up since early 2020, with cash holdings sitting at three standard deviations higher than their long-term average. Abate added that most of this liquidity belongs to households and sits in checking deposit accounts.
"We think there are two potential catalysts that could prompt cash to move: 1) lower cash returns\u00a0,\u00a0and 2) a decline in risk aversion," Abate wrote. "Retail fund flow patterns post-GFC suggest that cash coming in from the sidelines is likely to favor credit over equities."
\u2014 Lisa Kailai Han
Jeff Bezos sells more than $2 billion in Amazon stock
Amazon and Blue Origin founder Jeff Bezos provides the keynote address at the Air Force Association's Annual Air, Space & Cyber Conference in Oxen Hill, MD, on September 19, 2018.
The sales of 11,997,698 Amazon shares began Friday and continued Monday, the filing showed. The sales were executed under a prearranged trading plan that Bezos adopted in November. As part of the plan, Bezos, who stepped down as Amazon's CEO\u00a0in 2021, plans to sell 50 million Amazon shares before Jan. 31, 2025.
\u2014 Yun Li, Annie Palmer
Error in Lyft earnings release sparks rollercoaster ride for stock
Lyft shares soared after the company's fourth-quarter report was released, but they later pared those gains after management flagged the report included a critical error.
CFO Erin Brewer told analysts that Lyft misstated its margin expansion in the release. Instead of 500 basis points (5%) of growth for the year, Lyft sees an increase of 50 basis points (0.5%).
The stock gave up some of its initial gains but was still up more than 20% in the premarket Wednesday on the back of strong fourth-quarter earnings.
LYFT jumps
\u2014 Fred Imbert, Ari Levy
Bitcoin regains $1 trillion market cap as the cryptocurrency hits more than two-year high
Getty Images
Bitcoin surged more than 4% to its highest level in two years on Wednesday, pushing its market cap back over $1 trillion as growing success of U.S. spot bitcoin ETFs turned investor sentiment more positive.
The flagship cryptocurrency was last higher by about 4% at $51,544.00, according to Coin Metrics. Earlier in the morning it rose to $51,803.00. Ether also rose about 4% to $2,748.53.
Markets are taking a breather following Tuesday's post-CPI sell-off, as investors reassess inflation expectations going forward, Adam Crisafulli of Vital Knowledge wrote to clients.
"Markets are rebounding sharply so far this morning following the CPI-induced shellacking on Tuesday," he wrote.\u00a0"There's a bit of a reassessment taking place on inflation after the (brief but intense) panic yesterday thanks to downside price readings this morning out of the UK and India, along with a slew of disinflationary trends throughout earnings reports."
"While the US CPI was undoubtably disappointing, it's hardly a market-killing number (that's not to say though that parts of the market, especially tech, were overbought and in need of a consolidation period)," he added.
\u2014 Fred Imbert
A flat open in Europe, but FTSE 100 pops after softer-than-expected UK inflation
European shares made a muted start to Wednesday's trade.
The pan-European Stoxx 600 index inched 0.1% higher in early trade, with retail stocks adding 0.5% while mining stocks slipped 0.7% lower.
Britain's FTSE 100 was the top performer, adding 0.6% while most major European bourses hovered around the flatline.
- Elliot Smith
UK inflation holds steady at 4%, below expectations
Shoppers walk past shops on Regent Street on the final weekday before Christmas in London on December 22, 2023.
Henry Nicholls | Afp | Getty Images
U.K. inflation held steady at 4% year-on-year in January on the back of easing prices for furniture and household goods, food and non-alcoholic beverages.
Economists polled by Reuters had produced a consensus forecast of 4.2% year-on-year for January and -0.3% for the month.
"The largest upward contribution to the monthly change in both CPIH and CPI annual rates came from housing and household services\u00a0(principally higher gas and electricity charges),\u00a0while the largest downward contribution came from furniture and household goods, and food and non-alcoholic beverages," the Office for National Statistics said Wednesday.
Investors are 'way over our skis' on AI, Jeremy Grantham says
Artificial intelligence will be more than just a passing fad, but that doesn't mean now is a good time to buy the stocks tied to the trend, according to GMO co-founder Jeremy Grantham.
"My guess is we are getting wildly enthusiastic about AI. It is an incredibly important development, like the internet was, and probably more so. \u2026 But it will need a digestive phase. We are, I think, way over our skis," Grantham said at the Exchange ETF conference on Tuesday.
The fund manager, who has built his multidecade career around identifying quality stocks and avoiding speculative booms, compared AI to the tech bubble around 2000 and the bubble in railroad stocks more than a century ago.
\u2014 Jesse Pound
European earnings could sustain their loftier levels, Bernstein says
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, January 25, 2024.\u00a0
Staff | Reuters
European earnings have seen a robust season, and signs point to this strength staying, according to Bernstein.
"European forward earnings are currently 14% above their long-run trend, and 30% higher than pre-Covid at the market level, which makes for an uneasy visual," the investment firm wrote. "Is there a risk of a significant cut to estimates and earnings return to long-run trend?"
To answer this question, Bernstein polled analysts covering banks, semiconductors, energy, autos and capital goods, or the European industries whose earnings have so far been most above trend.
"While near-term tactical earnings downgrades are expected in all cases, we do not see a significant risk of earnings returning to trend, for reasons which are idiosyncratic to each industry," Bernstein wrote.
\u2014 Lisa Kailai Han
Stocks making the biggest moves after hours
Check out the companies making headlines in extended trading.
Robinhood Markets \u2014 Shares jumped 9.5% after the trading platform posted a surprise earnings and revenue beat. Robinhood reported 3 cents in earnings per share, versus analysts' expectations of a loss of 1 cent per share, according to LSEG, formerly known as Refinitiv. Revenue came in at $471 million, topping the $457 million expected by analysts.\u00a0
Lyft \u2014 The ride-hailing operator saw its shares soar 18.5% in extended trading after it reported strong fourth-quarter results and gave better-than-expected guidance. The company posted adjusted earnings per share of 18 cents for the fourth quarter, topping analysts' estimates of 8 cents, according to LSEG. Revenue of $1.22 billion was in line with analysts' expectations.
Traders work on the floor of the New York Stock Exchange during afternoon trading on February 05, 2024 in New York City.\u00a0
Michael M. Santiago | Getty Images
U.S. stock futures opened little changed on Tuesday.
Dow Jones Industrial Average futures ticked down 19 points, or 0.05%. Futures tied to the S&P 500 traded near the flatline, while Nasdaq 100 futures gained 0.08%.
\u2014 Hakyung Kim
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+ "page_url": "https://www.tipranks.com/stocks/abts",
+ "page_snippet": "Abits Group (ABTS) has a Smart Score of 4 based on an analysis of 8 unique data sets, including Analyst Recommendations, Crowd Wisdom, and Hedge Fund Activity.\u200b\u200bAbits Group reported an EPS of -$0.15 in its last earnings report, missing expectations of N/A. Following the earnings report the stock price went up 6.667%. Which hedge fund is a major shareholder of Abits Group? Currently, no hedge funds are holding shares in ABTS Abits Group lowest stock price was $0.76 and its highest was $1.80 in the past 12 months. According to Wall Street analysts Abits Group\u2019s price is currently Overvalued. Get more investment ideas with TipRanks Premium What happened to Abits Group\u2019s price movement after its last earnings report?",
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Currently, no data Available
What is Abits Group\u2019s market cap?
Currently, no data Available
When is Abits Group\u2019s upcoming earnings report date?
Abits Group\u2019s upcoming earnings report date is Dec 30, 2022 which is 425 days ago.
How were Abits Group\u2019s earnings last quarter?
Abits Group released its earnings results on May 15, 2018. The company reported -$0.15 earnings per share for the quarter, missing the consensus estimate of N/A by -$0.15.
Abits Group\u2019s EPS estimate for its next earnings report is not yet available.
How many shares outstanding does Abits Group have?
Currently, no data Available
What happened to Abits Group\u2019s price movement after its last earnings report?
Abits Group reported an EPS of -$0.15 in its last earnings report, missing expectations of N/A. Following the earnings report the stock price went up 6.667%.
Which hedge fund is a major shareholder of Abits Group?
Currently, no hedge funds are holding shares in ABTS
Moxian, Inc. operates online-to-offline business. It builds a one-stop comprehensive solution with social customer relation management tool that tie with data analysis capabilities to allow business owners to engage in precision marketing. Moxian+ App provides its users a social media platform that integrates entertainment, commerce, shopping and customer loyalty reward. The company was founded by Brandi L. DeFoor on October 12, 2010 and is headquartered in Shenzhen, China.
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+ "page_name": "Dow closes more than 100 points higher as stocks recoup some losses ...",
+ "page_url": "https://www.cnbc.com/2024/02/13/stock-market-today-live-updates.html",
+ "page_snippet": "Stocks rose on Wednesday following a substantial day of losses for all three major indexes.\"Markets are rebounding sharply so far this morning following the CPI-induced shellacking on Tuesday,\" he wrote. \"There's a bit of a reassessment taking place on inflation after the (brief but intense) panic yesterday thanks to downside price readings this morning out of the UK and India, along with a slew of disinflationary trends throughout earnings reports.\" Over the past year, GE shares have risen nearly 72%. Deuschle has a $185 price target for GE, which is about 28% higher than its Tuesday close. \"Since the beginning of 2023, GE's share price performance has correlated more with Microsoft ... than it has with Aerospace stocks ... Earlier this month, Hershey reported that its year-over-year sales had dropped 6.6% in the fourth quarter. \"Given where cocoa prices are, we will be using every tool in our toolbox, including pricing, as a way to manage the business,\" said CEO Michele Buck. Oil prices had gained 1% earlier in the trading session after Israel launched airstrikes in Lebanon in reaction to rockets fired into northern Israel that killed one person and injured at least seven more.",
+ "page_result": "Stock market today: Live updates
A trader wears ashes for Ash Wednesday as they work on the floor of the New York Stock Exchange during morning trading on February 14, 2024 in New York City.\u00a0
Michael M. Santiago | Getty Images News | Getty Images
Stocks rose Wednesday as Wall Street clawed back some of the steep losses suffered in the previous session.
Lyft shares jumped 35% after the ride-hailing company posted better-than-expected earnings in the fourth quarter. Airbnb slipped 1.7% even as the company beat on revenue expectations in its latest quarter.
Shares of Nvidia nudged nearly 2.5% higher, sending the chipmaker's market capitalization briefly above that of fellow "Magnificent 7" member Alphabet's. This follows Nvidia's roughly 0.2% slide on Tuesday after rising Treasury yields sunk technology stocks.
On Tuesday, the 30-stock Dow lost more than 1% for its worst day since March 2023. The S&P 500 and Nasdaq Composite also slumped more than 1%. A hotter-than-anticipated inflation reading early in the morning incited the sell-off as traders fretted that the Federal Reserve may not cut interest rates as early as they had hoped.
Dow 5-day chart
"The market was overbought from a variety of readings, but is yet to be now in the oversold camp. There is still some vulnerability in the near term for some corrective action, in my opinion, but I certainly don't think that we are headed for a decline in excess of 10%. I think it's a more corrective pullback that is needed before we can continue our upward climb," said Sam Stovall, chief investment strategist at CFRA, in an interview with CNBC.
January's CPI report likely pushes the likelihood of a Fed rate cut to the second half of 2024, versus investors' initial expectations of rate cuts as early as March.\u00a0
Correction: An earlier version misstated the move in Nvidia shares on Tuesday.
Stocks end higher to claw back some of Tuesday's big losses
Stocks ended Wednesday's trading session higher, making back some of their losses from Tuesday.
The S&P 500 added 0.96% to close at 5,000.62, while the Nasdaq Composite edged 1.30% higher to settle at 15,859.15. The Dow Jones Industrial Average gained 151.52 points, or 0.40%, to finish at 38,424.27.
\u2014 Lisa Kailai Han
Fed's Barr supports patient approach to policy this year
Federal Reserve Vice Chair for Supervision Michael Barr on Wednesday backed the central bank's cautious approach to lowering interest rates this year.
In prepared remarks to the National Association for Business Economics, Barr expressed confidence that inflation is heading back to the Fed's 2% goal but noted "we need to see continued good data before we can begin the process of reducing the federal funds rate."
This week's consumer price index data showing inflation higher than expected in January was "a reminder that the path back to 2% inflation may be a bumpy one."
Along with the comments on monetary policy, Barr assessed the banking system's conditions as "sound and resilient" though he said there are "a few pockets of risk," most notably commercial real estate.
\u2014Jeff Cox
Watch for a pullback to 4,800 for the S&P 500 on overbought conditions, Wolfe Research says
Wolfe Research thinks the S&P 500 could decline to 4,800 after Monday's selloff spurred by a higher-than-expected inflation report.
Macro strategist Rob Ginsberg noted that while the January inflation data seemingly acted the main catalyst Wall Street's decline on Tuesday, he added that the selloff simultaneously "felt like the start of a much overdue digestion of gains." The benchmark index slipped 1.37% on Tuesday, and a move down to the 4,800 level represents a roughly 3.4% further decline from current levels.
"The overbought condition which has lingered for over 2 months, may finally be coming in," Ginsberg said.
\u2014 Brian Evans
Small-cap stocks rebound
Small caps mounted a comeback on Wednesday, making up ground after selling off in the previous session.
The small cap-focused Russell 2000 climbed more than 2% in Wednesday's session, easily outperforming the three major indexes. That follows a particularly challenging Tuesday, when the index dropped 4% while the broad S&P 500 lost just 1.4%.
The Russell 2000, 1-day
Despite Wednesday's gain, the Russell 2000 is still down on the year.
\u2014 Alex Harring
Valentine's Day flower spending down 16% from previous year, says Barclays
U.S. consumer spending has softened, with spending on flowers down 16% month to date versus 2023 levels, according to Barclays analyst Josh Grasso.
Looking at credit card spending for all merchants categorized under 'Florists supplies, Nursery Stock and Flowers,' Barclays found that spending from the start of February through the 11th was the slowest-developing season across post-pandemic years.
"Softer Valentine's Data flowers spending also follows the softer gym spending that we identified last month and overall weakness in the aggregate spending in our consumer credit card data," Grasso wrote in a Monday note.
\u2014 Hakyung Kim
Oil prices give up advance as U.S. crude stockpile surges
Crude oil futures fell Wednesday, giving up gains from earlier in the session as stockpiles surged in the U.S. while demand fell.\u00a0
The West Texas Intermediate contract for March lost $1.23, or 1.58%, to settle at $76.64 a barrel. The Brent contract for April settled at $81.60 a barrel, down $1.17 or 1.41%.
The move came after commercial crude oil inventories in the U.S. surged by 12 million barrels last week, according to the Energy Information Administration. Oil demand as measured by finished products supplied to the market dropped by 973,000 barrels per day during the same period.\u00a0
Oil prices had gained 1% earlier in the trading session after Israel launched airstrikes in Lebanon in reaction to rockets fired into northern Israel that killed one person and injured at least seven more.
\u2014 Spencer Kimball
History indicates that equities are on track for a positive year, strategist says
Seasonality-wise, February may be a traditionally weak month for markets, but that could soon turn around if history is any indication, according to CFRA chief investment strategist Sam Stovall.
"February is typically the second worst month, but I think that could serve as a springboard for the rest of the year," he told CNBC in an interview. "Some of these early-in-the-year indicators make me believe that this will still be a positive year."
Since World War 2, every January in an election year that has ended in a positive monthly gain has also resulted in a positive return for the year, Stovall shared.
He added: "We've had new highs in both January and February, and whenever that has happened the average advanced approximately 16% for the full year and we were up 88% of the time, versus a more normal 9% rise and a 73% batting average. So higher returns and better frequency of advance typically have followed all-time highs in both January and February."
\u2014 Lisa Kailai Han
Cocoa prices on pace for seventh straight week of gains
Cocoa futures are on pace for their 7th straight positive week after hitting a record high last Friday.
A slew of adverse weather conditions and an onslaught of cacao swollen shoot virus have propelled the commodity's price in recent months. Last week alone, cocoa prices gained almost 12%.
Earlier this month, Hershey reported that its year-over-year sales had dropped 6.6% in the fourth quarter. "Given where cocoa prices are, we will be using every tool in our toolbox, including pricing, as a way to manage the business," said CEO Michele Buck.
\u2014 Lisa Kailai Han, Gina Francolla
Industrials lead S&P 500 sector gains Wednesday
The industrial sector outperformed the S&P 500 on Wednesday, rising 1.2%. Uber shares rallied 11.5%, followed by Johnson Controls International and Dayforce gaining more than 3%.
The only two sectors in the red were energy and consumer staples, down 0.4% and 0.5% each. Kraft Heinz and Campbell Soup Company were the biggest decliners among consumer staples stocks, falling 5.9% and 2.6%, respectively.
Apple was the biggest laggard in the Dow Jones Industrial Average.
The iPhone maker was down by 1.3% in early afternoon trading. That curbed gains for the 30-stock index, which was last little changed.
Apple
\u2014 Sarah Min
Stocks making the biggest moves midday
These are some of the biggest movers in midday trading:
Lyft\u00a0\u2014 \u00a0Shares of the ride-hailing platform surged 31% after the\u00a0company\u00a0posted\u00a0adjusted earnings of 18 cents per share in the fourth quarter, more than the LSEG consensus estimate of 8 cents per-share earnings.
Uber\u00a0\u2014 Uber's shares jumped 11%, climbing to a new 52-week high, after the ride-hailing company announced an inaugural $7 billion\u00a0share repurchase authorization program.
IQVIA Holdings\u00a0\u2014 The health tech company saw its shares rise 10% after it posted fourth-quarter earnings and revenue that beat analysts' expectations, according to LSEG.
Charles River Laboratories\u00a0\u2014 The drug maker gained 9% after fourth quarter adjusted earnings of $2.46 per share beat analysts' estimates of $2.40 per share, according to FactSet. Charles River posted $1.01 billion in revenue, while analysts anticipated $991.3 million.
BTIG sees more downside risk ahead for high-momentum stocks
Tuesday's sell off came on the heels of higher rates and the push out of rate cut expectations, which means market participants are going back into the 2023 playbook of buying high-quality momentum/growth names, according to BTIG.
"We still think over the next few weeks there is more downside risk in high-mo names, but as always momentum is a hard thing to break and it will take more than one day of a drawdown to do so," analyst Jonathan Krinsky wrote in a note Tuesday.
\u2014 Michelle Fox
16 stocks in the S&P 500 notch new all-time highs
25 stocks within the S&P 500 index notched new 52-week highs during Wednesday's trading session.
Of these names, 16 stocks hit new all-time highs. Here are some of the names that hit the milestone:
Cloud ETFs on pace to cinch first negative week in six
Major cloud ETFs are down for the week, with First Trust Cloud Computing ETF (SKYY) and WisdomTree Cloud Computing Fund (WCLD) on track to notch their first negative week in six.
The losses were in part led by shares of Shopify, JFrog, Monday.com and Blackbaud. All four stocks were all down at least 8% for this week.
\u2014 Lisa Kailai Han, Gina Francolla
Nvidia tops Alphabet in market value
Nvidia topped Alphabet in market value during Wednesday's session after surpassing Amazon in market capitalization earlier in the week.
The chipmaking stock was last up less than 1% and trading at a market cap of more than $1.83 trillion. Alphabet last traded a nudge lower at a market cap of $1.8 trillion.
This move pushes Nvidia to the third largest market cap in the S&P 500 behind Microsoft and Apple.
\u2014 Samantha Subin
Lyft shares track for best day on record despite earnings debacle
Uber and Lyft logos seen on a smartphone screen.
Anadolu Agency | Getty Images
Shares of Lyft headed for their best day in the rideshare provider's nearly half-decade on the public market as investors digested the latest earnings report.
Lyft shares climbed more than 31% in midday trading on Wednesday, putting the stock on pace to see its best day since it began trading in March 2019. The stock's next best day on record is March 19, 2020, when it added 29%.
Lyft, 1-day
Wednesday's rally comes a day after the rideshare company posted earnings per share that beat expectations for the fourth quarter, while revenue came in line with Wall Street forecasts. But leadership had to correct a major error in margin expansion numbers during the company's earnings call.
\u2014 Alex Harring
History suggests at least a 5% slide in S&P 500, Wells Fargo strategist says
Traders work on the floor of the New York Stock Exchange.
Michael Nagle | Bloomberg | Getty Images
An expected first half rise in stock market volatility has begun and "history suggests at least a 5% SPX slide," Wells Fargo equity strategist Christopher Harvey write in a note Wednesday, referring to the S&P 500. Tuesday's "market action might be the start of the selloff we have been expecting," Harvey said.
Momentum and trend following strategies that emphasize buying strong stocks and selling weaker ones have worked well lately, Wells Fargo said. "Price momentum remains one of the best-performing factors in recent months," with a 12-month momentum screen of the Russell 1000 stocks returning 5% in January, Harvey said. "Passive trends have helped trend-following strategies: As money shifts into passive, more portfolio money is dedicated to names that are 'working' vs. names that are not, supporting trend-following techniques."
As a result, Harvey recommended overweighting communications services, health care and utility stocks and underweighting energy and industrial companies, and software over computer hardware names.
"GDP strength supports Fed Funds re-pricing," Harvey said, acknowledging the recent move higher in Treasury yields is warranted by the vigorous economy.
\u2014 Scott Schnipper
No statistical and economic rationale to explain seasonal returns, Citi finds
While some well-known seasonality patterns exist within the equity market, Citi has revealed that there may not always be a clear reason to back these trends.
"While anecdotal evidence exists for monthly return patterns in equities, statistical evidence is at best patchy," wrote analyst Chris Montagu. "We find that while on average there are distinct monthly return patterns, in many cases statistical significance is absent as well as economic rationale as to why they exist."
Montagu added that amongst the market seasonality patterns, the trends with respect to style factors have been less studied by investors.
\u2014 Lisa Kailai Han
Deutsche Bank say several events could lift shares of its top large-cap pick
Deutsche Bank sees several events on the horizon that could give shares of General Electric, its top large-cap stock, a boost. One is the company's investor days on March 6-7, another is the April spinoff of GE Vernova \u2014 and announcements tied to this event. Analyst Scott Deuschle also expects GE has set itself up for a strong first-quarter earnings beat.
General Electric shares over the past year.
Over the past year, GE shares have risen nearly 72%. Deuschle has a $185 price target for GE, which is about 28% higher than its Tuesday close.
"Since the beginning of 2023, GE's share price performance has correlated more with Microsoft ... than it has with Aerospace stocks ... , the XLI ... , or the S&P 500 ...," Deuschle said.
\u2014Christina Cheddar Berk
Stocks trade higher after big day of losses for Dow
Stocks rose on Wednesday, clawing back some of their steep Tuesday losses that saw the Dow Jones Industrial Average cinching its worst day since March 2023.
The 30-stock index rose 116 points, or 0.3%. The S&P 500 added 0.6%, while the Nasdaq Composite gained 0.9%.
\u2014 Lisa Kailai Han
Fed's Goolsbee expresses confidence that inflation is easing
Austan Goolsbee
Kate Rooney | CNBC
Chicago Federal Reserve President Austan Goolsbee said longer-term inflation indicators still look positive even after the consumer price index in January came in stronger than expected.
In remarks to be delivered Wednesday morning, the central bank official said core inflation, which strips out food and energy, has been running at or below the Fed's 2% annual target as measured by personal consumption expenditures prices, according to notes released ahead of the 9:30 a.m. ET speech.
However, core CPI, a slightly different measure, held at 3.9% in January, boosted largely by higher than expected shelter costs.
Goolsbee, a nonvoting member of the rate-setting Federal Open Market Committee, noted the stronger housing reading but said alternative measures have told a different story, and he pointed out that goods inflation has continued to recede.
\u2014Jeff Cox
Gold and silver touch lowest levels in 2024
Gold and silver hit prices last seen in 2023 early Wednesday.
Gold touched 1998.2, its lowest since it reached 1,987.9 on Dec. 13. Silver fell as low as 21.975, a price last seen on Nov. 13, when it traded at 21.925.
\u2014 Alex Harring, Gina Francolla
Stocks making the biggest moves premarket
In this photo illustration, the Robinhood Markets, Inc. logo is displayed on a smartphone screen.
Rafael Henrique | Sopa Images | Lightrocket | Getty Images
Check out the companies making headlines before the bell:
Lyft\u00a0\u2014 Shares surged 21% after the ride-hailing company\u00a0posted\u00a0stronger-than-expected fourth-quarter results and issued better-than-expected guidance. In its most recent quarter, Lyft posted adjusted earnings of 18 cents per share, more than the LSEG consensus estimate of 8 cents per-share earnings. Revenue of $1.22 billion was in line with analysts' expectations. However, Lyft shares were off their Tuesday post-market high as the company corrected an overstatement of its margin forecast contained in its initial press release.
Robinhood Markets\u00a0\u2014 Shares of Robinhood soared roughly 16.5% after the investing platform beat on earnings and revenue for the fourth quarter. Robinhood reported a profit of 3 cents per share on $471 million in revenue, while analysts polled by LSEG forecasted a loss of 1 cent per share on $457 million in revenue.
Angi\u00a0\u2014 Shares jumped 7% after the home services platform\u00a0reported\u00a0a narrower-than-expected quarterly loss. Angi posted a fourth-quarter loss of 1 cent per share, smaller than the loss of 2 cents per share expected by analysts polled by FactSet. On the other hand, revenue of $300.4 million came in below the FactSet consensus estimate of $309.9 million.
Expect $400 to $600 billion to flow to risk assets in the next year, Barclays says
Between $400 billion to $600 billion worth of cash that has built up on household and corporate balance sheets is set to move back into risk assets in the near future, according to Barclays.
Analyst Joseph Abate pointed out that cash has piled up since early 2020, with cash holdings sitting at three standard deviations higher than their long-term average. Abate added that most of this liquidity belongs to households and sits in checking deposit accounts.
"We think there are two potential catalysts that could prompt cash to move: 1) lower cash returns\u00a0,\u00a0and 2) a decline in risk aversion," Abate wrote. "Retail fund flow patterns post-GFC suggest that cash coming in from the sidelines is likely to favor credit over equities."
\u2014 Lisa Kailai Han
Jeff Bezos sells more than $2 billion in Amazon stock
Amazon and Blue Origin founder Jeff Bezos provides the keynote address at the Air Force Association's Annual Air, Space & Cyber Conference in Oxen Hill, MD, on September 19, 2018.
The sales of 11,997,698 Amazon shares began Friday and continued Monday, the filing showed. The sales were executed under a prearranged trading plan that Bezos adopted in November. As part of the plan, Bezos, who stepped down as Amazon's CEO\u00a0in 2021, plans to sell 50 million Amazon shares before Jan. 31, 2025.
\u2014 Yun Li, Annie Palmer
Error in Lyft earnings release sparks rollercoaster ride for stock
Lyft shares soared after the company's fourth-quarter report was released, but they later pared those gains after management flagged the report included a critical error.
CFO Erin Brewer told analysts that Lyft misstated its margin expansion in the release. Instead of 500 basis points (5%) of growth for the year, Lyft sees an increase of 50 basis points (0.5%).
The stock gave up some of its initial gains but was still up more than 20% in the premarket Wednesday on the back of strong fourth-quarter earnings.
LYFT jumps
\u2014 Fred Imbert, Ari Levy
Bitcoin regains $1 trillion market cap as the cryptocurrency hits more than two-year high
Getty Images
Bitcoin surged more than 4% to its highest level in two years on Wednesday, pushing its market cap back over $1 trillion as growing success of U.S. spot bitcoin ETFs turned investor sentiment more positive.
The flagship cryptocurrency was last higher by about 4% at $51,544.00, according to Coin Metrics. Earlier in the morning it rose to $51,803.00. Ether also rose about 4% to $2,748.53.
Markets are taking a breather following Tuesday's post-CPI sell-off, as investors reassess inflation expectations going forward, Adam Crisafulli of Vital Knowledge wrote to clients.
"Markets are rebounding sharply so far this morning following the CPI-induced shellacking on Tuesday," he wrote.\u00a0"There's a bit of a reassessment taking place on inflation after the (brief but intense) panic yesterday thanks to downside price readings this morning out of the UK and India, along with a slew of disinflationary trends throughout earnings reports."
"While the US CPI was undoubtably disappointing, it's hardly a market-killing number (that's not to say though that parts of the market, especially tech, were overbought and in need of a consolidation period)," he added.
\u2014 Fred Imbert
A flat open in Europe, but FTSE 100 pops after softer-than-expected UK inflation
European shares made a muted start to Wednesday's trade.
The pan-European Stoxx 600 index inched 0.1% higher in early trade, with retail stocks adding 0.5% while mining stocks slipped 0.7% lower.
Britain's FTSE 100 was the top performer, adding 0.6% while most major European bourses hovered around the flatline.
- Elliot Smith
UK inflation holds steady at 4%, below expectations
Shoppers walk past shops on Regent Street on the final weekday before Christmas in London on December 22, 2023.
Henry Nicholls | Afp | Getty Images
U.K. inflation held steady at 4% year-on-year in January on the back of easing prices for furniture and household goods, food and non-alcoholic beverages.
Economists polled by Reuters had produced a consensus forecast of 4.2% year-on-year for January and -0.3% for the month.
"The largest upward contribution to the monthly change in both CPIH and CPI annual rates came from housing and household services\u00a0(principally higher gas and electricity charges),\u00a0while the largest downward contribution came from furniture and household goods, and food and non-alcoholic beverages," the Office for National Statistics said Wednesday.
Investors are 'way over our skis' on AI, Jeremy Grantham says
Artificial intelligence will be more than just a passing fad, but that doesn't mean now is a good time to buy the stocks tied to the trend, according to GMO co-founder Jeremy Grantham.
"My guess is we are getting wildly enthusiastic about AI. It is an incredibly important development, like the internet was, and probably more so. \u2026 But it will need a digestive phase. We are, I think, way over our skis," Grantham said at the Exchange ETF conference on Tuesday.
The fund manager, who has built his multidecade career around identifying quality stocks and avoiding speculative booms, compared AI to the tech bubble around 2000 and the bubble in railroad stocks more than a century ago.
\u2014 Jesse Pound
European earnings could sustain their loftier levels, Bernstein says
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, January 25, 2024.\u00a0
Staff | Reuters
European earnings have seen a robust season, and signs point to this strength staying, according to Bernstein.
"European forward earnings are currently 14% above their long-run trend, and 30% higher than pre-Covid at the market level, which makes for an uneasy visual," the investment firm wrote. "Is there a risk of a significant cut to estimates and earnings return to long-run trend?"
To answer this question, Bernstein polled analysts covering banks, semiconductors, energy, autos and capital goods, or the European industries whose earnings have so far been most above trend.
"While near-term tactical earnings downgrades are expected in all cases, we do not see a significant risk of earnings returning to trend, for reasons which are idiosyncratic to each industry," Bernstein wrote.
\u2014 Lisa Kailai Han
Stocks making the biggest moves after hours
Check out the companies making headlines in extended trading.
Robinhood Markets \u2014 Shares jumped 9.5% after the trading platform posted a surprise earnings and revenue beat. Robinhood reported 3 cents in earnings per share, versus analysts' expectations of a loss of 1 cent per share, according to LSEG, formerly known as Refinitiv. Revenue came in at $471 million, topping the $457 million expected by analysts.\u00a0
Lyft \u2014 The ride-hailing operator saw its shares soar 18.5% in extended trading after it reported strong fourth-quarter results and gave better-than-expected guidance. The company posted adjusted earnings per share of 18 cents for the fourth quarter, topping analysts' estimates of 8 cents, according to LSEG. Revenue of $1.22 billion was in line with analysts' expectations.
Traders work on the floor of the New York Stock Exchange during afternoon trading on February 05, 2024 in New York City.\u00a0
Michael M. Santiago | Getty Images
U.S. stock futures opened little changed on Tuesday.
Dow Jones Industrial Average futures ticked down 19 points, or 0.05%. Futures tied to the S&P 500 traded near the flatline, while Nasdaq 100 futures gained 0.08%.
\u2014 Hakyung Kim
",
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+ {
+ "page_name": "Closing Market Update | Charles Schwab",
+ "page_url": "https://www.schwab.com/learn/story/stock-market-update-close",
+ "page_snippet": "The S&P 500 index and Dow Jones Industrial Average hit new high-water marks after Nvidia results exceeded expectations.A strengthening trend in the current earnings season suggests the market is retaining solid fundamental underpinnings, for now. \"Treasury yields are creeping higher, which should work against higher equity prices, but individual stock earnings are taking over the narrative,\" Hincks explained. Next week brings a few economic reports likely to influence the market's expectations for inflation and Federal Reserve interest rate policy. Those numbers include Personal Consumption Expenditure (PCE) prices, the Fed's preferred inflation gauge, and an updated government estimate for fourth-quarter gross domestic product (GDP). Late Thursday, traders priced nearly 96% odds the fed funds target will remain unchanged at 5.25% to 5.5% following the March 19 \u2013 20 Federal Open Market Committee (FOMC) meeting, according to the CME FedWatch Tool. The tool shows a 75% chance the fed funds rate will be unchanged after the FOMC's May meeting, up from 62% a week ago. \"Nvidia delivered,\" Hincks said. \"Now, the market is trying to figure out what to do 'post-Nvidia.' Is today's event the catalyst to even higher stock prices, or will we look back at this as the day we put in the short-term highs?\"",
+ "page_result": "\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Closing Market Update | Charles Schwab \n \n \n \n \n \n \n\n\n\n \n\n\n\n\n \n\n
(Tuesday market close) Major U.S. equity indexes finished mixed Tuesday as the market extended a modest pullback from last week's climb to record highs and investors looked ahead to a handful of major company results remaining this earnings season and a key inflation update that promises to shape interest rate expectations.
Retailers were in the spotlight as Macy's (M) jumped 3.4% after the company, in its quarterly results, said it'll close about 150 department stores and open new locations for stronger-performing brands. Lowe\u2019s (LOW) added\u00a01.8% after the home improvement chain reported stronger-than-expected earnings. Dow member Salesforce (CRM) and Snowflake (SNOW) are both expected to report Wednesday.
Investors also are waiting for Wednesday's update to fourth-quarter gross domestic product (GDP) and Thursday's Personal Consumption Expenditures Price Index (PCE), the Federal Reserve's preferred inflation measure.
According to Nathan Peterson, director of derivatives analysis at the Schwab Center for Financial Research, investors are navigating a figurative \"air pocket\" between last week's Nvidia (NVDA) earnings and key events next month, including the February\u00a0Nonfarm Payrolls\u00a0Report March 8 and the Federal Reserve's next policy gathering in three weeks.
\"Stocks appear to be in consolidation mode as the tech rally takes a breather, along with a lack of major earnings or economic catalysts until we get the PCE numbers Thursday,\" Peterson said.
\"But money is always looking for a place to grow, and so far this week, we\u2019ve been seeing money flow into some previously lagging areas of the market, such as small caps and Chinese shares.\u00a0Money is also finding its way into the biotech sector, which is trading at a two-year high today,\" he added.
Here's where the major benchmarks ended:
The S&P 500\u00ae index (SPX)\u00a0rose 8.65 points (0.2%) to\u00a05,078.18; the Dow Jones Industrial Average\u00ae (DJI)\u00a0fell 96.82 points (0.3%) to\u00a038,972.41; the Nasdaq Composite\u00ae (COMP)\u00a0gained 59.05 points (0.4%) to\u00a016,035.30.
The 10-year Treasury note yield (TNX)\u00a0rose about 1 basis point to\u00a04.309%.
The CboeVolatility Index\u00ae (VIX)\u00a0dropped 0.31 to\u00a013.43.
Retailer strength helped lift the S&P Retail Select Industry Index (SPSIRE) 2.4% to its highest level in 22 months. Utility shares were also strong as the sector rebounded from the previous day's slump. The small-cap Russell 2000\u00ae (RUT) jumped\u00a01.3% to extend a nearly week-long rally and posted its second-highest close of the year.
In other markets, WTI crude oil (/CL)\u00a0futures surged\u00a01.4% and settled just under $79 per barrel, the market's highest close since early November. Strength in oil reflects concern over conflict in the Middle East and expectations OPEC may extend production cuts beyond the first few months of 2024.
Stock market benchmarks remain in a steady uptrend, according to Peterson, with the S&P 500 still well-above widely followed indicators, such as the 50-day moving average (currently about 4,864) and the Russell 2000 \"threatening to break out to two-year highs.\" If the S&P 500 continues to pull back from last week's all-time high above 5,100, the first near-term area support appears to be around 4,950 followed by 4,800, Peterson added.
\n\t\n\n\t\t\n\n\n\n\n\n\n Read all our market commentary on our\u00a0Insights & Education\u00a0page, and you can follow us at\u00a0@SchwabResearch.\"\n role=\"dialog\"\n aria-label=\"
The following companies had stock price moves driven by analyst ratings, quarterly results, or other news:
AutoZone\u00a0(AZO) jumped\u00a06.7% after the auto-parts retailer's quarterly earnings and revenue surpassed expectations.\u00a0
Cava (CAVA) gained\u00a012% after the Mediterranean restaurant chain posted earnings and revenue that exceeded forecasts.
Coinbase Global\u00a0(COIN) rose\u00a02.7%, joining a rally across the cryptocurrency industry after bitcoin soared above $57,000 to its highest level since late 2021.
Norwegian Cruise Line (NCLH) rallied\u00a020% after the cruise-ship operator topped earnings expectations and released strong guidance for 2024.
Roku (ROKU) fell\u00a00.8% after\u00a0Wells Fargo (WFC) downgraded the streaming platform to \"underweight\" from \"equal weight\" and cut its price target to $51 from $77, saying Walmart's \u00a0(WMT) acquisition of Vizio\u00a0(VZIO) creates \"substantial risk\" for Roku.
Unity Software (U) sank\u00a06.1% after the video-game developer released disappointing earnings guidance.\u00a0
Viking Therapeutics (VKTX) soared\u00a0121% after the biotechnology company announced favorable trial results from a Phase 2 study for its VK2735 weight loss treatment.
Workday (WDAY) dropped\u00a04% despite posting earnings that topped expectations. The maker of human resources and finance software also reiterated previous guidance for the full year.
Zoom Video Communications (ZM) climbed\u00a08% after the video-software vendor's quarterly results surpassed Wall Street expectations.
The two big tech companies on Wednesday's earnings calendar, Salesforce\u00a0and Snowflake,\u00a0may not be considered part of the so-called Magnificent Seven mega-caps, but their results are sure to be closely scrutinized and could add fuel to another leg up in the tech sector, or they could throw a bucket of cold water on the market. Both companies are expected to report results after the close.\u00a0
As Nvidia's results last week illustrated, big tech earnings surprises, to the upside or downside, have often triggered outsized moves for both the company's shares and the sector. After Salesforce\u00a0previously reported results in November, shares of the cloud-software vendor surged as much as 17% over the next three days.
Salesforce shares have gained\u00a014% so far this year, making it one of the Dow's top 10 performers and outpacing the\u00a03.4% increase for the blue-chip average. Shares of cloud-data storage provider Snowflake have also performed well, up\u00a0almost 18% this year.
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Economic news reported Wednesday came out weaker than expected but did not appear to significantly alter the market's longer-term outlook for the economy or interest rates.\u00a0
The Conference Board's Consumer ConfidenceIndex\u00ae (CCI) for February unexpectedly dropped to 106.7 from a downwardly revised 110.9 in January, breaking a three-month string of gains. Analysts expected the index to rise to around 114.6, according to Briefing.com.
The decline reflected \"persistent uncertainty about the U.S. economy,\" according to Dana Peterson, chief economist at The Conference Board.
Survey results indicated \"that while overall inflation remained the main preoccupation of consumers, they are now a bit less concerned about food and gas prices, which have eased in recent months,\" Peterson said in a statement. \"But they are more concerned about the labor market's situation and the U.S. political environment.\"
Also Tuesday, January Durable Orders fell 6.1%, a larger decline than analysts expected and down from a revised \u20130.3% in December. Excluding transportation, orders dropped 0.3%. Analysts had expected new orders to drop 4.4% in January from December. Excluding transportation, orders were seen rising 0.3% in January compared with a revised 0.1% increase in December.
\"The report indicates sluggish spending on durables,\" said Kathy Jones, chief fixed income strategist at Schwab. \"Boeing (BA) orders fell sharply, and non-defensive ex-aircraft (core) was up only 0.1%.\" Motor vehicles and parts demand also looked lackluster.
Wednesday's updated GDP estimate from the government is the second of three and typically has less market significance than the first and third. Consensus is an annualized 3.2%, below the first estimate of 3.3%, according to Briefing.com.
Schwab's Peterson noted that while Consumer Confidence and Durable Goods both reported lower-than-expected estimates, \"there really isn\u2019t enough to formulate a bearish thesis\" for the overall economy. Several other readings in recent months, he noted, largely conveyed an economy on solid footing.
\"Earlier this month, we saw retail sales come in below estimates, along with downward revisions to the prior month, as well as hotter-than-expected inflation,\" Peterson said. \"But we need more data points to see whether the consumer is weakening or inflation is ticking back up.\"
Investors continued to see little chance of the Fed lowering benchmark interest rates any time soon.\u00a0
Late Tuesday, traders priced nearly 98% odds the fed funds target will remain unchanged at 5.25% to 5.5% following the March 19 \u2013 20 FOMC meeting, according to the CME FedWatch Tool. The tool shows an 82% chance the funds rate will be unchanged after the FOMC's May meeting. For June, odds of a quarter-point cut are priced around 50-50.
\n \n\n \n\n\n\n Markets and Economy\n \n\n\n\n\n \n\n \n \n
\n \n \n\n\n \n\n \n\n \n\n\n\n Opening Market Update \n \n \n \n \n \n Before the PCE prices report, three Fed officials are set to speak midday, Salesforce and Snowflake report earnings, and government shutdown talks may shift to high gear.\n
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\n \n \n\n\n \n\n \n\n \n\n\n\n Looking to the Futures\n \n \n \n \n \n The Japanese Nikkei 225 index closed at an all-time high for the first time in 34 years. \n
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\n \n \n\n\n \n\n \n\n \n\n\n\n Stocks End Mixed as Pullback Continues\n \n \n \n \n \n Retailer earnings grab spotlight, but market otherwise consolidates ahead of GDP, inflation data.\n
The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.
All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed.
Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.
Schwab Center for Financial Research (\"SCFR\") is a division of Charles Schwab & Co., Inc.
Supporting documentation for any claims or statistical information is available upon request.
Past performance is no guarantee of future results, and the opinions presented cannot be viewed as an indicator of future performance.
Investing involves risk, including loss of principal.
Diversification strategies do not ensure a profit and do not protect against losses in declining markets.
Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see\u00a0\u200bschwab.com/indexdefinitions.
The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.
Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed-income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors.
Options carry a high level of risk and are not suitable for all investors. Certain requirements must be met to trade options through Schwab. Please read the Options Disclosure Document titled \"Characteristics and Risks of Standardized Options\" before considering any option transaction.
Supporting documentation for any claims or statistical information is available upon request.
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