Market Snapshot
briefing.com
| Dow | 38949.02 | -23.39 | (-0.06%) | | Nasdaq | 15947.74 | -87.56 | (-0.55%) | | SP 500 | 5069.76 | -8.42 | (-0.17%) | | 10-yr Note | +3/32 | 4.27 |
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| | NYSE | Adv 1253 | Dec 1519 | Vol 895 mln | | Nasdaq | Adv 1585 | Dec 2697 | Vol 5.6 bln |
Industry Watch
| Strong: Real Estate, Financials, Materials, Industrials, Consumer Discretionary, Utilities |
| | Weak: Communication Services, Health Care, Information Technology |
Moving the Market
-- Expectations for consolidation after a big run; Nasdaq Composite nearing all-time high close at yesterday's close
-- Weakness in mega cap stocks
-- Digesting latest earnings and economic news
-- Wait-and-see in front of the PCE Price Indexes tomorrow
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Closing Summary
28-Feb-24 16:25 ET
Dow -23.39 at 38949.02, Nasdaq -87.56 at 15947.74, S&P -8.42 at 5069.76
[BRIEFING.COM] The market continues to exhibit lackluster price action. Like recent sessions, the major indices made fairly modest moves today. The S&P 500 moved only 21 points between its intraday high and low, ultimately settling with a 0.2% decline.
The muted action is due to a catalyst-void in the market that has participants biding time until the next market-moving event. This may come in the form of earnings news from influential names this afternoon, or the closely-watched Personal Income and Spending report tomorrow at 8:30 ET, which features the Fed's preferred gauge on inflation (the core-PCE Price Index).
There's also a growing feeling among some participants that stocks are due for a pullback after a big run that has many names trading near all-time highs, which contributed to the lackluster action today.
Market breadth favored decliners at the close, but modestly so. Decliners led advancers by a 4-to-3 margin at the NYSE and by a 5-to-3 margin at the Nasdaq.
The movement in the S&P 500 sectors was also limited today, except for the real estate sector, which gained 1.2%, and the communication services sector, which fell 0.9%.
Semiconductor stocks were also an exception in today's lackluster session, underperforming the broader market. The PHLX Semiconductor Index (SOX) slipped 1.1%. NVIDIA (NVDA 776.6, -10.38, -1.3%) and Broadcom (AVGO 1289.42, -6.81, -0.5%) were among the influential laggards from the SOX, along with Applied Materials (AMAT 197.54, -8.32, -2.6%), which traded down after disclosing it received multiple subpoenas from government authorities requesting information relating to certain China customer shipments.
Treasury yields settled lower today, but that didn't translate into support for stocks due to the wait-and-see mentality in front of the Personal Income and Spending report. The 2-yr note yield fell four basis points to 4.67% and the 10-yr note yield fell four basis points to 4.27%.
- S&P 500: +6.3% YTD
- Nasdaq Composite: +6.2% YTD
- Dow Jones Industrial Average: +3.3% YTD
- S&P Midcap 400: +3.1% YTD
- Russell 2000: +0.7% YTD
Reviewing today's economic data:
- The weekly MBA Mortgage Applications Index sank 5.6% following last week's 10.6% drop
- The second estimate for Q4 GDP showed a slight downward revision to 3.2% (Briefing.com consensus 3.2%) from the advance estimate of 3.3%, primarily due to a downward revision to private inventory investment. The GDP Deflator, meanwhile, was revised slightly higher to 1.6% (Briefing.com consensus 1.5%) from the advance estimate of 1.5%.
- The key takeaway from the report is that there was an upward revision to personal spending growth (3.0% versus 2.8% in the advance estimate) that was driven by an upward revision to services spending (to 2.8% from 2.4%), underscoring the resilience of the U.S. consumer, who has been fortified by a solid labor market.
- The weekly MBA Mortgage Applications Index sank 5.6% following last week's 10.6% drop
- The trade deficit increased to $90.2 billion in the advance report for January from $88.5 billion in December.
- Retail inventories rose 0.5% in the advance report for January following a revised 0.6% increase in December (from 0.8%).
- Wholesale inventories declined 0.1% in the advance report for January following a 0.4% increase in December.
Thursday's economic calendar features:
- 8:30 ET: Weekly Initial Claims (Briefing.com consensus 206,000; prior 201,000), Continuing Claims (prior 1.826 mln), January Personal Income (Briefing.com consensus 0.5%; prior 0.3%), Personal Spending (Briefing.com consensus 0.2%; prior 0.7%), PCE Prices (Briefing.com consensus 0.4%; prior 0.2%), and Core PCE Prices (Briefing.com consensus 0.4%; prior 0.2%)
- 9:45 ET: February Chicago PMI (Briefing.com consensus 47.6; prior 46.0)
- 10:00 ET: January Pending Home Sales (Briefing.com consensus 1.0%; prior 8.3%)
- 10:30 ET: Weekly natural gas inventories (prior -60 bcf)
Stocks chop sideways ahead of close; Earnings after the close
28-Feb-24 15:35 ET
Dow -45.93 at 38926.48, Nasdaq -77.01 at 15958.29, S&P -8.20 at 5069.98
[BRIEFING.COM] The market continues to move up and down in tightly contested ranges.
Salesforce (CRM), HP Inc. (HPQ), Paramount Global (PARA), Monster Beverage (MNST), Pure Storage (PSTG), Snowflake (SNOW), Okta (OKTA), C3.ai (AI), and others report earnings after today's close.
As a reminder, market participants will receive the January Personal Income and Spending report, which features the much-anticipated PCE Price Indexes, at 8:30 ET tomorrow. Other data tomorrow include:
- 8:30 ET: Weekly Initial Claims (Briefing.com consensus 206,000; prior 201,000), Continuing Claims (prior 1.826 mln)
- 9:45 ET: February Chicago PMI (Briefing.com consensus 47.6; prior 46.0)
- 10:00 ET: January Pending Home Sales (Briefing.com consensus 1.0%; prior 8.3%)
- 10:30 ET: Weekly natural gas inventories (prior -60 bcf)
Market takes quick dip
28-Feb-24 15:00 ET
Dow -75.93 at 38896.49, Nasdaq -78.56 at 15956.74, S&P -8.94 at 5069.24
[BRIEFING.COM] The major indices were trending toward session lows over the last half hour, but recent action has stocks trying to bounce a little.
The Invesco S&P 500 Equal Weight ETF (RSP) is still fractionally positive now versus a 0.2% decline in the market-cap weighted S&P 500.
Elsewhere, Treasury yields are trending lower. The 10-yr note yield is sitting at 4.27% now.
Viatris dips after earnings, Axon outperforms amongst S&P 500 constituents after beat, guide
28-Feb-24 14:30 ET
Dow -104.35 at 38868.06, Nasdaq -79.83 at 15955.47, S&P -9.45 at 5068.73
[BRIEFING.COM] The S&P 500 (-0.19%) is today's "best" performing major average, down only 9 points, with more pronounced losses elsewhere.
Elsewhere, S&P 500 constituents Viatris (VTRS 12.36, -0.87, -6.58%), ResMed (RMD 173.73, -7.26, -4.01%), and Align Tech (ALGN 303.28, -9.78, -3.12%) pepper the bottom of the standings. VTRS falls following earnings, while RMD and ALGN are lower on general weakness in the healthcare sector.
Meanwhile, Axon (AXON 309.45, +37.63, +13.84%) is today's top performer following last night's beat and upside guidance.
Gold modestly lower ahead of tomorrow's PCE data
28-Feb-24 14:00 ET
Dow -55.74 at 38916.67, Nasdaq -61.26 at 15974.04, S&P -4.06 at 5074.12
[BRIEFING.COM] The tech-heavy Nasdaq Composite (-0.38%) holds today's worst losses among the major averages with about two hours in the trading day to go.
Gold futures settled $1.40 lower (-0.1%) to $2,042.70/oz, as the dollar holds modest gains with investors positioning ahead of tomorrow's PCE data.
Meanwhile, the U.S. Dollar Index is up about +0.1% to $103.93.
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