Stock Market Update
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Last Updated: 13-Feb-24 16:25 ET | Archive
Get frequent stock market updates that focus on broad U.S. and international markets approximately every half-hour starting at 6 a.m. ET with foreign market and U.S. futures summaries and market briefs. Get up to speed on premarket activity such as stock specific news headlines, ratings changes, earnings, economic events, and futures as well as overnight developments from Asian and European equity and foreign exchange market activity. After the open, not only will our market briefing keep you updated on market action, data, and events, but we’ll also keep you abreast of sector and industry performance as well as market sentiment and flow. Shortly after the close, our final stock market update provides a concise review of the day’s market action and events and highlights key items that may have an impact on the stock market on the following trading day.
Market Snapshot
| Dow | 38272.75 | -524.63 | (-1.35%) | | Nasdaq | 15655.60 | -286.95 | (-1.80%) | | SP 500 | 4953.17 | -68.67 | (-1.37%) | | 10-yr Note | -33/32 | 4.320 | | | | NYSE | Adv 237 | Dec 2353 | Vol 993 mln | | Nasdaq | Adv 772 | Dec 3522 | Vol 5.6 bln |
Industry Watch
| Strong: -- | | | Weak: Real Estate, Information Technology, Consumer Discretionary, Communication Services, Utilities, Materials, Industrials, Financials |
Moving the Market
-- Broad based selling activity in response to a sharp increase in interest rates
-- Selling activity in Treasuries in response to the hot CPI data that does not bode well for the market's hopeful rate-cut view
-- Growing sense that the market is overbought on a short-term basis and due for some consolidation
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Closing Summary
13-Feb-24 16:25 ET
Dow -524.63 at 38272.75, Nasdaq -286.95 at 15655.60, S&P -68.67 at 4953.17
[BRIEFING.COM] The stock market experienced a broad retreat today as participants reacted to the latest inflation data. A hotter than expected CPI (actual 0.3%; Briefing.com consensus 0.2%) and core CPI (actual 0.4%; Briefing.com consensus 0.3%) for January fueled selling interest in both the stock and bond markets.
The S&P 500 and Nasdaq Composite saw some mid-day improvement, climbing off early session lows in a move that coincided with NVIDIA (NVDA 721.28, -1.20, -0.2%) trading up as much as 1.7%. The major indices then spent most of the afternoon trade in a steady drift before a sharp move higher with 30 minutes left in the session drove the S&P 500 from 4920.31 to close at 4953.17.
Ultimately, the S&P 500 fell 1.4% and the Nasdaq Composite registered a 1.8% loss while the Dow Jones Industrial Average sank 500 points.
The Russell 2000 lagged relative to other major indices, dropping 4.0%, due to weakness in regional bank shares that fell under renewed selling pressure today after recent rebound action. This weakness also left the SPDR S&P Regional Banking ETF (KRE) with a 4.2% loss.
Small cap underperformance was also related to worries about growth in a high interest rate environment. The 10-yr note yield, which sat at 4.14% just before the CPI data, settled 14 basis points higher than yesterday at 4.32%. The 2-yr note yield, at 4.44% just before 8:30 ET, jumped 20 basis points today to 4.67%.
Today's robust selling activity left ten of the 11 S&P 500 sectors down at least 1.0%. The rate-sensitive real estate (-1.8%) and utilities (-1.7%) sectors saw some of the largest declines, along with the consumer discretionary sector (-2.0%), which fell under sizable declines in Amazon.com (AMZN 168.64, -3.70, -2.2%) and Tesla (TSLA 184.02, -4.11, -2.2%).
The jump in rates and the hot inflation data created an excuse for profit-taking activity in a market that some participants believe is due for a period of consolidation after a big run that had the S&P 500 and Dow Jones Industrial Average set fresh all-time highs.
- Nasdaq Composite: +4.3% YTD
- S&P 500: +3.8% YTD
- Dow Jones Industrial Average: +1.6% YTD
- S&P Midcap 400: -0.6% YTD
- Russell 2000: -3.1% YTD
Reviewing today's economic data:
- January NFIB Small Business Optimism 89.9; Prior 91.9
- January CPI 0.3% (Briefing.com consensus 0.2%); Prior 0.2%; January Core CPI 0.4% (Briefing.com consensus 0.3%); Prior 0.3%
- The key takeaway from the report is that it gives Fed officials an argument to maintain their hawkish rhetoric and delay the discussion about the initial rate cut.
Wednesday's economic calendar features:
- 7:00 ET: Weekly MBA Mortgage Index (prior 3.7%)
- 10:30 ET: Weekly crude oil inventories (prior +5.52 mln)
Stocks sit at session lows ahead of close
13-Feb-24 15:30 ET
Dow -710.56 at 38086.82, Nasdaq -369.05 at 15573.50, S&P -92.65 at 4929.19
[BRIEFING.COM] The major indices are trading at or near session lows heading into the close.
WTI crude oil futures climbed 1.3% today to $77.83/bbl. On a related note, the S&P 500 energy sector is trading down 1.7%.
Wednesday's economic calendar features:
- 7:00 ET: Weekly MBA Mortgage Index (prior 3.7%)
- 10:30 ET: Weekly crude oil inventories (prior +5.52 mln)
Yields continue to rise, stocks continue to slide
13-Feb-24 15:05 ET
Dow -744.13 at 38053.25, Nasdaq -356.65 at 15585.90, S&P -98.73 at 4923.11
[BRIEFING.COM] The market continues to decline as Treasury yields continue to climb. The 10-yr note yield is up 15 basis points to 4.31% and the 2-yr note yield is up 17 basis points to 4.66%.
The market-cap weighted S&P 500 is down 2.0% while the equal-weighted S&P 500 is down 2.4%.
All 11 S&P 500 sectors are trading down at least 1.4%. The health care (-1.4%) and consumer staples (-1.6%) sectors show the slimmest declines while the real estate (-3.0%) and consumer discretionary (-2.5%) sectors sport the largest losses.
Moody's, Zoetis fall after earnings; Ecolab tops S&P 500 after beat and higher guide
13-Feb-24 14:30 ET
Dow -709.73 at 38087.65, Nasdaq -331.87 at 15610.68, S&P -89.30 at 4932.54
[BRIEFING.COM] Losses have continued to grow over the prior half hour, the S&P 500 (-1.78%) performing the "best", down only 89 points.
Elsewhere, S&P 500 constituents Moody's (MCO 368.70, -32.39, -8.08%), Invesco (IVZ 15.08, -1.29, -7.88%), and Zoetis (ZTS 183.75, -12.94, -6.58%) dot the bottom of the standings. MCO and ZTS fall following earnings, while IVZ dips following new of January AUMs though we're also cognizant that losses in quite a few stocks are exacerbated after this morning's hotter than expected CPI data.
Meanwhile, Ecolab (ECL 220.73, +17.75, +8.74%) is outperforming following this morning's Q4 beat and upside guidance.
Gold taps lowest levels since mid-December following CPI report
13-Feb-24 14:00 ET
Dow -599.20 at 38198.18, Nasdaq -283.28 at 15659.27, S&P -74.18 at 4947.66
[BRIEFING.COM] With about two hours to go on Tuesday the tech-heavy Nasdaq Composite (-1.78%) holds the worst losses among the major averages, now near afternoon lows.
Gold futures settled $25.80 lower (-1.3%) to $2,007.20/oz, probing levels from mid-December, tripped up after this morning's hotter than expected CPI report.
Meanwhile, the U.S. Dollar Index is up +0.7% to $104.86. |
