Here is what I got for Feb 9--
briefing.com
Market Snapshot
| Dow | 38671.69 | -54.64 | (-0.14%) | | Nasdaq | 15990.66 | +196.95 | (1.25%) | | SP 500 | 5026.61 | +28.70 | (0.57%) | | 10-yr Note | -3/32 | 4.19 |
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| | NYSE | Adv 1833 | Dec 911 | Vol 897 mln | | Nasdaq | Adv 2934 | Dec 1318 | Vol 5.8 bln |
Industry Watch
| Strong: Information Technology, Communication Services, Consumer Discretionary, Utilities, Financials, Real Estate |
| | Weak: Energy, Consumer Staples, Health Care |
Moving the Market
-- Gains in mega cap stocks supporting broader market
-- Mixed responses to earnings news since yesterday's close
-- S&P 500 passing the 5,000 level
-- Digesting the relatively friendly annual CPI revisions
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Closing Summary
09-Feb-24 16:25 ET
Dow -54.64 at 38671.69, Nasdaq +196.95 at 15990.66, S&P +28.70 at 5026.61
[BRIEFING.COM] The S&P 500 closed above 5,000 for the first time in a fairly broad advance. The Nasdaq Composite climbed 1.3% and the Russell 2000 logged a 1.5% gain. The Dow Jones Industrial Average, though, settled slightly lower than yesterday.
There still has not been any concerted selling interest despite reports that the market is overbought in the short-term, which has acted as its own upside catalyst. The market also drew support from gains in the semiconductor and mega cap spaces. The Vanguard Mega Cap Growth ETF (MGK) registered a 1.2% gain and the PHLX Semiconductor Index jumped 2.0%.
Many stocks participated in upside moves by the close, though. The A-D line favored advancers by a roughly 2-to-1 margin at both the NYSE and the Nasdaq. Also, the equal-weighted S&P 500 eked out a 0.1% gain.
Eight of the 11 S&P 500 sectors closed higher, led by the information technology (+1.5%), consumer discretionary (+1.0%), and communication services (+0.7%) sectors, which benefitted from gains in their largest components.
Meanwhile, the energy sector (-1.6%) saw the largest decline by a decent margin, likely due to some geopolitical worries after The Wall Street Journal reported that Venezuela deployed its military to Guyana's border a day after indicating that a "forceful" response would be warranted if Exxon Mobil (XOM 101.77, -2.20, -2.1%) proceeds with plans to drill in a disputed region offshore Guyana. It is worth noting, too, that natural gas prices ($1.85, -0.07, -3.7%) had another tough outing, leaving prices down 11% for the week.
The consumer staples sector was another laggard, dropping 0.9%. This was due in part to shares of PepsiCo (PEP 167.67, -6.18, -3.6%) falling 3.6% after reporting earnings.
There was no U.S. economic data of note today, but the annual CPI revisions were released at 8:30 ET, garnering added attention due to potential implications for the Fed's rate cut path. The revisions were relatively friendly since they did not alter the market's view on inflation much. Reactions from both the bond and equity markets were muted.
The 2-yr note yield, which is most sensitive to changes in the fed funds rate, was at 4.48% just before 8:30 ET and settled at 4.50%. The 10-yr note yield, at 4.17% before the revisions, settled at 4.19%, which is two basis points higher than yesterday's settlement.
Also, rate cut expectations were little changed by the revisions. The probability of a 25 basis points rate cut to 5.00-5.25% at the May FOMC meeting is 63.1% now, up from 59.9% yesterday, but down from 73.2% one week ago, according to the CME FedWatch Tool.
Looking ahead, Monday's economic calendar is limited to the January Treasury Budget (prior -$129.0 bln) at 2:00 ET.
- Nasdaq Composite: +6.5% YTD
- S&P 500: +5.4% YTD
- Dow Jones Industrial Average: +2.6% YTD
- S&P Midcap 400: +1.0% YTD
- Russell 2000: -0.8% YTD
Treasuries settle losing week with sharp declines
09-Feb-24 15:35 ET
Dow -79.18 at 38647.15, Nasdaq +189.49 at 15983.20, S&P +25.47 at 5023.38
[BRIEFING.COM] The market pulled back from session highs with no specific catalyst.
Treasuries settled a down week with losses. The 2-yr note yield rose five basis points today, and 12 basis points this week, to 4.50%. The 10-yr note yield rose two basis points today, and 16 basis points this week, to 4.19%.
Looking ahead to next week, some influential blue chip companies report earnings, including Coca-Cola (KO), Kraft Heinz (KHC), and Deere (DE). Other notable names reporting earnings include: Avis Budget (CAR), Cadence Design (CDNS), AutoNation (AN), Marriott (MAR), MGM Resorts (MGM), Lyft (LYFT), Cisco (CSCO), Occidental Petro (OXY), Applied Materials (AMAT), and DoorDash (DASH).
Small caps continue to outperform
09-Feb-24 15:05 ET
Dow -56.32 at 38670.01, Nasdaq +186.11 at 15979.82, S&P +24.05 at 5021.96
[BRIEFING.COM] The Russell 2000 continues to outperform other major indices, trading up 1.6%. The S&P 500 (+0.6%) and Nasdaq Composite (+1.3%) have moved mostly sideways over the last half hour.
Only three S&P 500 sectors trade down now -- energy (-1.5%), consumer staples (-0.9%), and real estate (-0.1%) -- while the information technology (+1.5%), consumer discretionary (+1.1%), and communication services (+0.9%) sectors sit at the top of the leaderboard.
Looking ahead to Monday, the January Treasury Budget will be released at 2:00 ET.
AMAT higher alongside chip peers; Moderna falls in S&P 500
09-Feb-24 14:25 ET
Dow -54.37 at 38671.96, Nasdaq +193.46 at 15987.17, S&P +26.06 at 5023.97
[BRIEFING.COM] The S&P 500 (+0.52%) is standing near HoDs in recent trading, up about 26 points.
Elsewhere, S&P 500 constituents Applied Materials (AMAT 184.95, +11.06, +6.36%), First Solar (FSLR 152.06, +8.89, +6.21%), and Etsy (ETSY 78.37, +3.88, +5.21%) pepper the top of today's standings. AMAT and semi cap peers outperform today, FSLR gets some relief from recent losses, while ETSY is trading up to resistance in its 200-day MA (78.55).
Meanwhile, Moderna (MRNA 87.92, -5.74, -6.13%) is near the bottom of the index; of note, MRNA-backed Metagenomi (MGX 10.89, -4.11, -27.40%) debuted on public markets today to a tough open. |
