Mixed Stock Market Performance on Thursday; Snowflake, Okta Report Earnings
By The U.S. stock market was mixed on Thursday, March 2nd, 2023.[0] Dow Jones Industrial Average (DJIA) inched higher, while the S&P 500 (SPX) and the Nasdaq 100 (NDX) both declined. The 10-year Treasury yield rose to 4.08%.[1]
The Nasdaq Composite dropped 0.66% to 11,379.48, while the S&P 500 Index fell 0.47% to 3,951.39.[2] The Dow Jones Industrial Average was up 0.3%, boosted by strong earnings from Salesforce (NYSE:CRM) and Okta (NASDAQ:OKTA).[3]
Salesforce stock jumped 15% after the cloud-based business-software giant reported better-than-expected fourth quarter results and gave a strong Q1 and FY24 sales forecast.[4] Meanwhile, Okta soared 14% after the identity software company reported better than expected quarterly results and upbeat guidance, as security-related applications see demand.
After Tesla's (NASDAQ: TSLA) investor day event, the company's stock dropped 8.15%. CEO Elon Musk failed to provide a timeline for when the public could expect the unveiling of Tesla's highly anticipated affordable electric vehicle.[5]
Novavax (NVAX) plunged 25.9% after the vaccine maker said that although it has enough cash for the next 12 months or so, “substantial doubt exists regarding our ability to continue as a going concern through one year.”[6] The firm posted a greater-than-anticipated loss in its fourth quarter, as well as a shortfall in its top-line revenue.[7]
Figures revealed on Wednesday indicated that the February ISM Manufacturing PMI had increased to 47.7 from 47.4 in January, however, it stayed in shrinking area for a fourth consecutive month.[8] The ISM Manufacturing Prices Paid index stood at 51.3 in February compared to 44.5 in January and was above expectations of 45.1, pointing to signs that “the disinflation in goods has run out of steam.”[8]
In the pre-market, Snowflake Inc (SNOW) slid over 6% after the company reported better-than-expected Q4 results but posted a weak Q1 outlook.[8] Okta Inc (OKTA) rose over 13% in pre-market trading after the company delivered upbeat Q4 results and issued strong Q1 guidance.
0. “Stock market news today: Stocks rally as Salesforce lifts Dow, Treasury slide continues” Yahoo News, 2 Mar. 2023, https://news.yahoo.com/stock-market-news-today-march-2-2023-135533324.html
1. “Nasdaq, S&P slide on wage inflation worries, Dow bucks trend (SP500)” Seeking Alpha, 2 Mar. 2023, https://seekingalpha.com/news/3943100-nasdaq-sp500-dow-jones-stock-market-interest-rates
2. “Stock Market Lower As Nasdaq Teeters At Key Level; It's A Big Day For Tesla, EV Stocks” Investor's Business Daily, 1 Mar. 2023, https://www.investors.com/market-trend/stock-market-today/stock-market-extends-slump-why-its-a-big-day-for-ev-stocks/
3. “Stock Market News Today: Stocks Turn Green Heading into the Close” msnNOW, 2 Mar. 2023, https://www.msn.com/en-us/money/markets/stock-market-news-today-stocks-turn-green-heading-into-the-close/ar-AA187ZD7
4. “Dow futures up 70 pts; jobless claims, retail earnings in focus By Investing.com” Investing.com, 2 Mar. 2023, https://www.investing.com/news/stock-market-news/dow-futures-up-70-pts-jobless-claims-retail-earnings-in-focus-3020141
5. “Macy's, Salesforce and Okta rise premarket; Silvergate, Tesla fall By Investing.com” Investing.com, 2 Mar. 2023, https://www.investing.com/news/stock-market-news/macys-salesforce-and-okta-rise-premarket-silvergate-tesla-fall-3020301
6. “Stock market news today: Fears of high interest rates hit investors” Markets Insider, 1 Mar. 2023, https://markets.businessinsider.com/news/stocks/stock-market-news-today-investors-fear-high-interest-rates-fed-2023-3
7. “Stock Market Today: Stocks Struggle to Start March” Kiplinger's Personal Finance, 1 Mar. 2023, https://www.kiplinger.com/investing/stocks/stock-market-today-030123-stocks-struggle-to-start-march
8. “Stocks Mixed Before The Open As Bond Yields Tick Higher On Fed Concerns, ECB Minutes In Focus” Barchart, 2 Mar. 2023, https://www.barchart.com/story/news/14699726/stocks-mixed-before-the-open-as-bond-yields-tick-higher-on-fed-concerns-ecb-minutes-in-focus
