Investors were met with a mixed market on Wednesday, as futures on the Nasdaq 100 (NDX), S&P 500 (SP…
Investors were met with a mixed market on Wednesday, as futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and Dow Jones Industrial Average (DJIA) opened down 0.14%, 0.22%, and 0.17%, respectively, at 4.30 a.m. EST. By 9:39 a.m. EST, the Nasdaq 100 (NDX), S&P 500 (SPX), and Dow Jones Industrial Average (DJIA) had dropped 0.4%, 0.32%, and 0.1%, respectively. Meanwhile, futures on the Dow Jones, S&P 500, and Nasdaq 100 were trading in a range of 0.1%.
PayPal Holdings (PYPL) was particularly affected by the market, dropping more than -3% after Raymond James downgraded the stock to market perform from outperform. Newmont (NEM) shares dropped by 4.8% after announcing its intention to purchase Newcrest Mining (NCMGY) through an all-stock deal. The stock of Newcrest increased by more than 12% following the
After its quarterly report was released, Tyson Foods (TSN) saw a decrease in its stock price. A sharp decline in profits was recorded compared to last year and it was significantly lower than what analysts had predicted. Notable companies reporting earnings this week include Disney (DIS), BP (BP), PepsiCo (PEP), Uber (UBER), Chipotle Mexican Grill (CMG), and AbbVie (ABBV).
Meanwhile, the 10-year Treasury yield jumped 10 basis points to 3.63%. The cost of oil increased, with West Texas Intermediate (WTI) crude rising by 0.7% to $73.93 per barrel. Bed Bath & Beyond Inc (BBBY) shares fell 43% on Tuesday after the struggling home goods retailer announced plans to sell $1 billion in stock to raise cash.
Three other major economic events that will shape this week’s investor sentiment include the United States Consumer Credit report on February 7, U.S. Initial Jobless Claims on February 9, and the University of Michigan Preliminary Consumer Sentiment Index on February 10. European stock markets showed gains at midday today as traders reacted to Powell's remarks on disinflation. The Nikkei 225 in Japan finished the day with a 0.29% decrease, while the Topix index closed nearly
0. “Stock Market News Today: Futures Slide as Markets Reassess Powell’s Words” TipRanks, 8 Feb. 2023, https://www.tipranks.com/news/stock-market-news-today-futures-slide-as-markets-reassess-powells-words
1. “Stock Market News Today: Futures Slide as Markets Reassess Powell's Words” msnNOW, 8 Feb. 2023, https://www.msn.com/en-us/money/markets/stock-market-news-today-futures-slide-as-markets-reassess-powells-words/ar-AA17f2U1
2. “Dow futures little changed, Chegg tanks 21.5% after earnings By Investing.com” Investing.com, 6 Feb. 2023, https://www.investing.com/news/stock-market-news/dow-futures-little-changed-chegg-tanks-215-after-earnings-2996544
3. “Stocks Lower On The Outlook For Hawkish Fed” Barchart, 6 Feb. 2023, https://www.barchart.com/story/news/13944294/stocks-lower-on-the-outlook-for-hawkish-fed
4. “Stock Market On The Defensive Ahead Of Powell's Comments; C3.ai Up 150% | Investor's Business Daily” Investor's Business Daily, 6 Feb. 2023, https://www.investors.com/market-trend/stock-market-today/stock-market-catches-it-breath-after-recent-gains-onsemi-shows-strength/
5. “Markets Today: Stocks Fall on a Hawkish Fed Outlook” Barchart, 6 Feb. 2023, https://www.barchart.com/story/news/13940556/markets-today-stocks-fall-on-a-hawkish-fed-outlook
6. “Dow, S&P 500, Nasdaq continue post-jobs report slide as Fed worries persist” Seeking Alpha, 6 Feb. 2023, https://seekingalpha.com/news/3932518-dow-sp-500-nasdaq-continue-post-jobs-report-slide-as-fed-worries-persist
7. “Stock market news today: Yields jump ahead of speech from Fed's Powell” Markets Insider, 6 Feb. 2023, https://markets.businessinsider.com/news/stocks/stock-market-news-today-dow-sp500-bond-yields-jerome-powell-2023-2
8. “Stock market news live updates: Stocks start week lower as investors ponder Fed's rate path” Yahoo News, 6 Feb. 2023, https://news.yahoo.com/stock-market-news-live-updates-february-6-2023-111713832.html
9. “U.S. stocks are falling as investors await comments from Fed's Powell By Investing.com” Investing.com, 7 Feb. 2023, https://www.investing.com/news/stock-market-news/us-stocks-wobble-as-investors-await-comments-from-feds-powell-2997221
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