U.S. Stocks Close Weak As Investors Await Key Economic Data
26 Fevereiro 2024 - 6:40PM
IH Market News
U.S. stocks ended on a negative note on Monday, and the major
averages turned weak after a slightly positive start, as investors
largely stayed cautious ahead of some key economic data, including
a report on consumption expenditure.
Among the major averages, the Dow (DOWI:DJI) ended lower by
62.30 points or 0.16 percent at 39,069.23. The S&P 500
(SPI:SP500) settled with a loss of 19.27 points or 0.38 percent at
5,069.53. The Nasdaq (NASDAQI:COMP), which spent much of the day’s
session in positive territory despite a choppy ride, ended down
20.57 points or 0.13 percent at 15,976.25.
The Commerce Department’s report on personal income and
spending, which is scheduled to be released on Thursday, includes a
reading on consumer price inflation said to be preferred by the
Federal Reserve.
The inflation data could have a notable impact on the outlook
for interest rates, as Fed officials have said they need greater
confidence inflation is slowing before cutting rates.
Reports on durable goods orders, consumer confidence, weekly
jobless claims and manufacturing activity are also likely to
attract attention in the coming days.
In economic news today, data released by the Commerce Department
showed new home sales climbed 1.5 percent to an annual rate of
661,000 in January after surging by 7.3 percent to a revised rate
of 651,000 in December.
With the increase, new home sales continued to regain ground
after hitting their lowest level in a year in November. Economists
had expected new home sales to jump by 2.4 percent to a rate of
680,000 in January from the 664,000 originally reported for the
previous month.
Palo Alto Networks (NASDAQ:PANW) shares climbed more than 7
percent. Dominos Pizza (NYSE:DPZ) surged nearly 6 percent after
reporting stronger than expected quarterly earnings.
Micron Technology, Tesla, Applied Materials, Illumina,
Salesforce.com and Arista Networks gained 2 to 4 percent.
Walmart, Marathon Petroleum, Marathon Oil, Qualcomm and Costco
also posted strong gains.
Berkshire Hathaway lost nearly 2 percent, despite the group
posted an annual profit of $97 billion, its second straight record
annual profit.
Alphabet, Walgreens Boots Alliance, Whirlpool, Moderna, Verizon
and Pfizer also ended sharply lower.
Other Markets
In overseas trading, stock markets across the Asia-Pacific
region turned in a mixed performance during trading on Monday.
Japan’s Nikkei 225 Index rose by 0.4 percent, while China’s
Shanghai Composite Index slumped by 0.9 percent.
The major European markets closed weak. The pan European Stoxx
600 ended down 0.37 percent. The U.K.’s FTSE 100 drifted down 0.29
percent, and France’s CAC 40 settled lower by 0.46 percent.
Germany’s DAX edged up 0.02 percent.
In the bond market, treasuries gave back ground after moving
notably higher last Friday. As a result, the yield on the benchmark
ten-year note, which moves opposite of its price, climbed to 4.277
percent.
Source: RTTNEWS
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