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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Sam who wrote (91727)	2/15/2024 11:32:20 AM
From: Sam	5 Recommendations Recommended By Julius Wong kckip Return to Sender Sr K The Ox Read Replies (1) \| Respond to of 95383

Stock Market Update 14-Feb-24 16:30 ET Closing Summary Dow +151.52 at 38424.27, Nasdaq +203.55 at 15859.15, S&P +47.45 at 5000.62 [BRIEFING.COM] The stock market had a solid showing following yesterday's post-CPI retreat. The Russell 2000 outperformed its peers, ultimately closing with a 2.4% gain following yesterday's 4.0% slide. A late afternoon surge in buying left the S&P 500 at 5,000 with a 1.0% gain. At its session low, the S&P 500 was testing yesterday's closing level, but the index failed to slip below its flat line, inviting increased buying activity. In addition to the market's ongoing resilience to selling efforts, a noticeable pullback in interest rates and ongoing optimism about rate cuts stoked buying in the stock market. The 2-yr note yield fell nine basis points to 4.58% and the 10-yr note yield declined five basis points to 4.27%. There was no US economic data of note today, but Treasuries reacted to a downward revision in the December PPI to -0.2% from -0.1% that was part of an annual revision to seasonally adjusted indexes. Comments from Chicago Fed President Goolsbee (not an FOMC voter) also provided a boost to the Treasury market and added to the market's rate cut optimism. Mr. Goolsbee said that the Fed should not wait for inflation to get to 2.0% over a one-year period before cutting rates, adding that the CPI data is at odds with market data. Today's broad and orderly advance left nine of the 11 S&P 500 sectors higher. The industrial sector was at the top of the leaderboard with a 1.7% gain, propelled by a big move higher in Uber (UBER 79.15, +10.16, +14.7%), which announced a $7 billion share buyback program. Shares of Uber also traded up in sympathy with rideshare peer Lyft (LYFT 16.39, +4.26, +35.1%), which is not an S&P 500 component, but reported pleasing earnings and an expectation for its FY24 adjusted EBITDA margin to increase approximately 50 basis points. Lyft mistakenly noted in the earnings press release, which it subsequently corrected, an expectation for an approximately 500 basis points increase. The only S&P 500 sectors that traded down are consumer staples (-0.2%), which was clipped by an earnings-related decline in Kraft Heinz (KHC 34.16, -1.97, -5.5%), and energy (-0.2%), which had been trading up as much as 1.0% earlier, but rolled over with WTI crude oil futures, which settled 1.6% lower at $76.64/bbl. WTI crude oil futures reached $78.77/bbl earlier, but rolled over after the weekly EIA Crude Oil Inventories showed a build of 12.02 million barrels following last week's build of 5.52 million barrels. Nasdaq Composite: +5.7% YTD S&P 500: +4.8% YTD Dow Jones Industrial Average: +2.0% YTD S&P Midcap 400: +0.8% YTD Russell 2000: -0.7% YTD Thursday's economic calendar features some closely-watched releases, including the weekly jobless claims report and January Retail Sales report at 8:30 ET. The January Industrial Production and Capacity Utilization report will be released at 9:15 ET.