Stock Market Update
Last Updated: 15-Feb-24 11:00 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 | 38597.83 | +173.56 | (0.45%) | | Nasdaq | 15822.50 | -36.65 | (-0.23%) | | SP 500 | 5007.66 | +7.04 | (0.14%) | | 10-yr Note | +24/32 | 4.233 | | | | NYSE | Adv 2085 | Dec 615 | Vol 195 mln | | Nasdaq | Adv 2575 | Dec 1463 | Vol 2.2 bln |
Industry Watch
| Strong: Real Estate, Materials, Utilities, Energy, Financials, Consumer Staples | | | Weak: Communication Services, Information Technology |
Moving the Market
-- Ongoing rebound action, buying on weakness after post-CPI slide on Tuesday
-- A drop in Treasury yields
-- Digesting a slate of economic releases
-- Losses in some heavily-weighted S&P 500 components weighing down index
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Natural gas prices slide again; EQT outperforms
15-Feb-24 11:00 ET
Dow +173.56 at 38597.83, Nasdaq -36.65 at 15822.50, S&P +7.04 at 5007.66
[BRIEFING.COM] The three major indices have moved mostly sideways, confined to relatively narrow ranges. The S&P 500 is up 0.2% and the Dow Jones Industrial Average is up 0.5%.
A short time ago, the weekly EIA Natural Gas Inventories showed a draw of 49 versus a draw of 75 bcf last week. Natural gas futures tried moving higher in response, but now trade down 0.3% to $1.60/mmbtu.
On a related note, the S&P 500 energy sector is outperforming the broader market, trading up 1.5%. EQT Corp. (EQT 34.18, +1.24, +3.8%), which is the largest producer of natural gas in the US, is among the top gainers in the energy sector despite the ongoing decline in natural gas prices.
Small caps continue recent outperformance
15-Feb-24 10:30 ET
Dow +162.52 at 38586.79, Nasdaq -32.08 at 15827.07, S&P +6.58 at 5007.20
[BRIEFING.COM] Small cap stocks continue to outperform the broader market after leading the downside charge on Tuesday. The Russell 2000 is trading up 1.3%.
Ongoing rebound action in regional bank stocks is helping boost the Russell 2000, along with relative strength in energy shares. Small cap stocks are also responding to the drop in Treasury yields, which has eased some worries about growth in a higher interest rate environment.
On a related note, the SPDR S&P Regional Banking ETF (KRE) is up 2.5% and the SPDR S&P Bank ETF (KBE) is up 2.0%. The KRE is still down 7% this year and the KBE is down 3.3%.
Many stocks continue to run
15-Feb-24 10:05 ET
Dow +165.33 at 38589.60, Nasdaq -50.03 at 15809.12, S&P +6.57 at 5007.19
[BRIEFING.COM] The stock market opened to ongoing rebound action in many stocks, but the Nasdaq Composite is trading down 0.1% and the S&P 500 (+0.2%) sports a slim gain due to weakness in mega cap components.
Apple (AAPL 183.63, -0.52, -0.3%), Microsoft (MSFT 406.61, -2.77, -0.7%), Amazon.com (AMZN 170.06, -0.91, -0.5%), and NVIDIA (NVDA 729.59, -10.41, -1.4%), which are the four heaviest stocks in the S&P 500, all trade down due in part to profit-taking activity.
Many other stocks are moving higher, though, as evidenced by a 0.9% gain in the Invesco S&P 500 Equal Weight ETF (RSP). Also, the A-D line favors advancers by a 4-to-1 margin at the NYSE and by a better than 2-to-1 margin at the Nasdaq.
Total industrial production decreased 0.1% month-over-month in January (Briefing.com consensus 0.4%) after a revised unchanged reading (from 0.1%) in December. The capacity utilization rate was 78.5% (Briefing.com consensus 78.9%), versus an upwardly revised 78.7% (from 78.6%) for December. Total industrial production was flat yr/yr while the capacity utilization rate was 1.1 percentage points below its long-run average.
The key takeaway from the report is that the drop in industrial production in January was unduly influenced by weather-related issues, so the decline isn't necessarily as bad as the headline suggests.
Business inventories increased 0.4% in December (Briefing.com consensus 0.4%) following a revised 0.1% decline in November.
The NAHB Housing Market Index jumped to 48 in February (Briefing.com consensus 46) from 44 in January.
Treasuries continue to climb after the sharp selling in response to CPI. The 2-yr note yield is down four basis points to 4.54% and the 10-yr note yield is down six basis points to 4.21%.
Econ data update
15-Feb-24 09:20 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +12.00.The S&P 500 futures are up two points and are trading fractionally above fair value, the Nasdaq 100 futures are up 12 points and are trading 0.2% above fair value, and the Dow Jones Industrial Average futures are up 56 points and are trading 0.4% above fair value.
Retail sales declined 0.8% month-over-month in January (Briefing.com consensus -0.2%) following a downwardly revised 0.4% increase (from 0.6%) in December. Excluding autos, retail sales declined 0.6% month-over-month (Briefing.com consensus 0.1%) following an unrevised 0.4% increase in December.
The key takeaway from the report is that it reflects a slowdown in spending on goods in January. Some brutally cold weather during the month will get some blame for the slowdown, but that excuse falls short as the primary driver knowing that sales at nonstore retailers (the bulk of which are online retailers) declined 0.8% month-over-month.
Initial jobless claims for the week ending February 10 decreased 8,000 to 212,000 (Briefing.com consensus 221,000). Continuing jobless claims for the week ending February 3 increased 30,000 to 1.895 million.
The key takeaway from the report is that the low level of initial claims support an economy operating in growth mode; however, the rising level of continuing jobless claims underscores a rising level of challenge in finding a new job after a layoff.
January import prices increased 0.8% month-over-month. Excluding fuel, import prices were up 0.7%. Export prices also increased 0.8% month-over-month. Excluding agricultural products, export prices were up 0.9%.
The key takeaway from the report was the deflation seen in year-over-year readings. Import prices were down 1.3% (and down 0.3% excluding fuel) while export prices were down 2.4% (and down 1.6% excluding agricultural products).
The February New York Empire State Manufacturing Index checked in at -2.4 (Briefing.com consensus -9.0) following a -43.7 reading for January. The dividing line between expansion and contraction for this series is 0.0, so the February reading connotes an ongoing contraction, albeit at a much slower pace than what was seen in January.
The February Philadelphia Fed Index checked in at 5.2 (Briefing.com consensus -9.0) versus -10.6 in January. The dividing line between expansion and contraction for this series is 0.0, so the February reading reflects an expansion in manufacturing activity in February.
Just in, industrial production dropped 0.1% in January (Briefing.com consensus 0.4%) following a flat reading in December (revised from 0.1%). Capacity utilization declined to 78.5% in January (Briefing.com consensus 78.9%) from a revised 78.7% in December (from 78.6%).
Retail sales, Jobless claims, other econ data
15-Feb-24 08:37 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +10.00. Nasdaq futures vs fair value: +41.00.The S&P 500 futures are up ten points and are trading 0.2% above fair value, the Nasdaq 100 futures are up 41 points and are trading 0.2% above fair value, and the Dow Jones Industrial Average futures are up 95 points and are trading 0.4% above fair value.
Retail sales fell 0.8% in January (Briefing.com consensus -0.2%) following a 0.4% increase in December (revised from 0.6%). Retail sales, excluding autos, fell 0.6% in January (Briefing.com consensus 0.1%) following a 0.4% increase in December.
Weekly initial jobless claims totaled 212,000 (Briefing.com consensus 221,000) following last week's revised total of 220,000 (from 218,000). Continuing claims came in at 1.895 million following last week's revised count of 1.865 million (from 1.871 million).
Import prices rose 0.8% in January following a revised 0.7% decline in December (from 0.0%). Import prices, excluding oil, rose 0.7% in January after being unchanged month-over-month in December.
Export prices rose 0.8% in January after declining 0.7% in December (revised from -0.9%). Export prices, excluding agriculture, rose 0.9% following a 0.9% decline in December (revised from -0.8%).
The NY Empire State Manufacturing Index rose to -2.4 in February (Briefing.com consensus -9.0) from -43.7 in January.
The Philadelphia Fed Index rose to 5.2 in February (Briefing.com consensus -9.0%) from -10.6 in January. |
