The stock market rally is still going strong, with the Dow Jones Industrial Average falling 0.7% to 33,699, while the S&P 500 dropped 0.9% to 4,081 and the tech-heavy Nasdaq Composite lost 1.0% to finish at 11,789. Visteon (VC), Etsy (ETSY) and Wingstop (WING), as well as Dow Jones stocks Caterpillar (CAT) and JPMorgan Chase (JPM) are among the top stocks to buy and watch. The Dow Jones Industrial Average edged down 0.2% in last week's stock market trading and the S&P 500 index fell 1.1%. The Nasdaq composite lost 2.4% and the small-cap Russell 2000 shed 3.4%.
West Texas Intermediate crude oil fell 1.1% to $77.63 a barrel and Brent crude dropped 1.18% to $84.09. On Thursday morning, oil prices decreased slightly following a sequence of four consecutive increases the day before. The 10-year Treasury's yield increased by 6.4 basis points, reaching 3.747%.
The U.S. weekly initial unemployment claims rose +13,000 to 196,000, showing a weaker labor market than expectations of 190,000, and weekly continuing claims rose +38,000 to 1.688 million, showing a weaker labor market than expectations of 1.660 million. Lyft (LYFT) plunged after its quarterly earnings report included a weak forecast, while Tesla (TSLA) climbed more than +3% on signs that recent price cuts are spurring demand for the company’s electric vehicles after it delivered 66,051 China-made cars in January, up +18.4% m/m.
To this point, 63% of the companies included in the S&P 500 have declared their fourth-quarter earnings. According to FactSet data, 69.5% of companies have exceeded analyst expectations. Gold futures fell 1% to $1,872 an ounce and Bitcoin fell 4.2% to $21,989.8. Investors can stay up to date on the latest market news and trends by subscribing to newsletters, and following their favorite stocks.
0. “Dow Jones Rallies 250 Points After Jobless Claims; Tesla Stock Doubles From Lows” Investor's Business Daily, 9 Feb. 2023, https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-rise-ahead-of-jobless-claims-disney-surges-on-earnings/
1. “Futures Rise As Rally Faces Inflation Report; What To Do” Investor's Business Daily, 13 Feb. 2023, https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-market-rally-pullback-continues-inflation-report-tesla-data-loom
2. “Stock Market Today: Stocks Slump On Interest Rate Worries” Kiplinger's Personal Finance, 9 Feb. 2023, https://www.kiplinger.com/investing/stocks/stock-market-today-stocks-slump-on-interest-rate-worries
3. “Stock market news today: Rising interest rates help spoil early gains” Markets Insider, 9 Feb. 2023, https://markets.businessinsider.com/news/stocks/stock-market-news-today-rising-interest-rates-highest-level-november-2023-2
4. “Markets Today: Stocks Climb on Positive Earnings Results and Lower Bond Yields” Barchart, 9 Feb. 2023, https://www.barchart.com/story/news/14057174/markets-today-stocks-climb-on-positive-earnings-results-and-lower-bond-yields
5. “Stocks Relinquish Early Gains and Close Lower as Bond Yields Climb” Barchart, 9 Feb. 2023, https://www.barchart.com/story/news/14072296/stocks-relinquish-early-gains-and-close-lower-as-bond-yields-climb
6. “Dow closes nearly 250 points lower, Nasdaq sheds 1% as Alphabet shares slide: Live updates” CNBC, 9 Feb. 2023, https://www.cnbc.com/2023/02/08/stock-market-futures-open-to-close-news.html