Market Recap: Dow Rises 0.1%, Roblox Surges 25%, Bitcoin Hits 6-Month High
By On Thursday, the Dow Jones Industrial Average rose 0.1%, the S&P 500 gained 0.3%, and the Nasdaq Composite increased 0.9%.[0] The small-cap Russell 2000 was up 1%.[1] Roblox (RBLX) surged 25% after the video game platform revealed better-than-expected bookings data for Q4, while Devon Energy (DVN) fell 10% after its fourth-quarter results missed expectations.[2]
The yield on the benchmark 10-year Treasury note slid 3 basis points to 3.71%, while the yield on the 2-year Treasury rose 1 basis point to 4.63%.[2] Initial jobless claims dropped by 1,000 to 194,000, while continuing jobless claims came in at 1.696 million.[3]
Last month, retail sales rose 3%, surpassing economists' expectations of a 1.8% increase.[4] The retail sales control group, which is filtered into U.S. GDP, climbed 1.7 %, well above forecasts for a 0.8% rise.[5] The Congressional Budget Office warned on Wednesday that the Treasury Department’s ability to continue paying its government bills would be exhausted by the summer unless lawmakers strike a deal to raise the debt ceiling.[6]
Roku (ROKU) stock rose after the company’s net revenue of $867.1 million topped expectations of $804.5 million, while Airbnb (ABNB) jumped 13.4% after the company reported better-than-expected Q4 sales and earnings and its first annual profit.[7]
The chance of a half-point Fed rate hike on March 22 inched higher to 18%, up from 12% a day ago.[8] On Tuesday, the Consumer Price Index (CPI) rose by 0.5% as was predicted, and the core CPI also increased by the expected 0.4%.[9] In comparison to December's 12-month inflation rate of 6.5%, inflation dropped to 6.4% on a 12-month basis.[9] Core inflation saw an annualized increase of 5.6%, the least since December of 2021.[9]
Bitcoin (BTC-USD) has rallied, hitting a new-six month high amid regulatory crackdowns driving some continued uneasiness.[4] In pre-market trading on Thursday morning, the token is around $24,586.[4]
0. “Stock Market Closed Mixed; Nasdaq Broke Its Winning Streak” Investor's Business Daily, 10 Feb. 2023, https://www.investors.com/market-trend/stock-market-today/stock-market-on-track-for-a-down-week-medical-device-stock-shines
1. “Stock Market Indexes Pull Ahead In Final Hour; Etsy Posts Over 6% Gain” Investor's Business Daily, 15 Feb. 2023, https://www.investors.com/market-trend/stock-market-today/the-stock-market-climbs-out-of-morning-hole-stock-soars/
2. “Dow, Nasdaq, S&P 500 overcome lingering Fed fears to end choppy session higher” Seeking Alpha, 15 Feb. 2023, https://seekingalpha.com/news/3936612-dow-nasdaq-sp-500-end-higher-despite-choppy-trading-as-fed-fears-linger
3. “Stock Market News Today: Stocks Nosedive on Lackluster Macro Data” TipRanks, 16 Feb. 2023, https://www.tipranks.com/news/stock-market-news-today-futures-up-on-high-retail-sales-data
4. “Stock market news today: Stock futures waver, bitcoin rallies” Yahoo News, 16 Feb. 2023, https://news.yahoo.com/stock-market-news-live-updates-february-16-2023-122740853.html
5. “S&P 500 cuts losses as easing Treasury yields lift tech By Investing.com” Investing.com, 15 Feb. 2023, https://www.investing.com/news/stock-market-news/sp-500-cuts-losses-as-easing-treasury-yields-lift-tech-3004549
6. “US Stocks' Resilience Faces Test As Traders Await Flurry Of Economic Data: Fed May ‘Surprise To The Upsid” Benzinga, 16 Feb. 2023, https://www.benzinga.com/news/earnings/23/02/30938492/us-stocks-resilience-faces-test-as-traders-await-flurry-of-economic-data-fed-may-surprise-to-the-up
7. “Late Trading Higher on Big Quarterly Reports: CSCO, SHOP & More” Zacks Investment Research, 15 Feb. 2023, https://www.zacks.com/stock/news/2054930/late-trading-higher-on-big-quarterly-reports-csco-shop-more
8. “2- and 10-year Treasury yields advance after strong January wholesale-prices report” MarketWatch, 16 Feb. 2023, https://www.marketwatch.com/story/treasury-yields-nudge-lower-but-sit-just-shy-of-2023-highs-d0e27b84
9. “Before the Bell: Tesla Drives Nasdaq, Soros Drives Tesla and Buffett Dumps TSMC” 24/7 Wall St., 15 Feb. 2023, https://247wallst.com/investing/2023/02/15/before-the-bell-tesla-drives-nasdaq-soros-drives-tesla-and-buffett-dumps-tsmc
