U.S. Stocks Finish Choppy Trading Day Modestly Higher
06 Fevereiro 2024 - 7:05PM
IH Market News
Following the significant volatility seen over the past few
sessions, stocks showed a lack of direction throughout the trading
day on Tuesday. The major averages spent the day bouncing back and
forth across the unchanged line before eventually closing modestly
higher.
The Dow climbed 141.24 points or 0.4 percent to 38,521.36, the
S&P 500 rose 11.42 points or 0.2 percent to 4,954.23 and the
Nasdaq inched up 11.32 points or 0.1 percent to 15,609.00.
The choppy trading on Wall Street came as some traders seemed
reluctant to make significant moves amid uncertainty about the
near-term outlook for the markets the following recent
volatility.
Stocks fell sharply following the Federal Reserve’s monetary
policy announcement last Wednesday but rebounded to record highs
over the following two sessions only to pullback sharply once again
in early trading on Monday.
While the major averages climbed well off Monday’s early lows,
fading optimism the Fed will lower interest rates in March
continued to hang over the markets.
Fed Chair Jerome Powell has said the central bank is unlikely to
cut rates in March and the chances of a rate cut next month have
fallen to just 19.5 percent, according to CME Group’s FedWatch
Tool
A lack of major U.S. economic data also kept some traders on the
sidelines following several key events last week.
Among individual stocks, shares of Palantir Technologies
(NYSE:PLTR) skyrocketed by 30.8 percent after the data analytics
provider reported better than expected fourth quarter revenues amid
strong demand for its artificial intelligence offerings.
Audio streaming service provider Spotify (NYSE:SPOT) also jumped
by 3.9 percent after reporting stronger than expected fourth
quarter subscriber growth and providing upbeat guidance.
On the other hand, shares of Rambus (NASDAQ:RMBS) plunged by
19.2 percent after the chipmaker reported a year-over-year decline
in fourth quarter revenue.
Sector News
While most of the major sectors showed only modest moves on the
day, airline stocks showed a substantial move back to the
upside.
Reflecting the strength in the sector, the NYSE Arca Airline
Index soared by 5.3 percent after plunging by 2.9 percent on
Monday.
Considerable strength was also visible among oil service stocks,
as reflected by the 2.0 percent jump by the Philadelphia Oil
Service Index. The strength in the sector came amid an increase by
the price of crude oil.
Biotechnology, commercial real estate and healthcare stocks also
moved notably higher, while semiconductor stocks showed a
significant move to the downside.
Other Markets
In overseas trading, stock markets across the Asia-Pacific
region turned in a mixed performance on Tuesday. Japan’s Nikkei 225
Index fell by 0.5 percent, while China’s Shanghai Composite Index
and Hong Kong’s Hang Seng Index spiked by 3.2 percent and 4.0
percent, respectively.
Meanwhile, the major European markets all moved to the upside on
the day. While the U.K.’s FTSE 100 Index advanced by 0.9 percent,
the German DAX Index and the French CAC 40 Index climbed by 0.8
percent and 0.7 percent, respectively.
In the bond market, treasuries showed a significant rebound
after moving sharply lower over the two previous sessions.
Subsequently, the yield on the benchmark ten-year note, which moves
opposite of its price, slid 7.4 basis points to 4.090 percent.
Looking Ahead
A report on the U.S. trade deficit may attract some attention on
Wednesday along with speeches by several Federal Reserve
officials.
On the earnings front, Amgen (NASDAQ:AMGN), Ford (NYSE:F) and
Snap (NYSE:SNAP) are among the companies releasing their quarterly
results after the close of today’s trading.
Alibaba (NYSE:BABA), CVS Health (NYSE:CVS), Roblox (NYSE:RBLX)
and Yum! Brands (NYSE:YUM) are also among the companies due to
report their results before the start of trading on Wednesday.
Source: RTTNews
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