U.S. Stocks Take a Hit, Norwegian Cruise Line and Moderna Stocks Slip
stocks dropped on Tuesday, capping off a volatile month on Wall Street. The S&P 500 and the Dow Jones Industrials fell 2.6% and 4% respectively, while the Nasdaq Composite Index dropped 1.1%. The 10-year Treasury yield declined 3 basis points to 3.92%, while the 2-year yield slipped 2 basis points to 4.78%.
Data showed that home prices fell 0.5% in December, according to the S&P Corelogic Case-Shiller Index. Year-over-year, home prices increased 4.6%, lower than what analysts predicted of 4.8%. The FHFA house price index for December dipped 0.1%.
The University of Michigan's consumer sentiment index rose 3% from January to February to 67, confirming a previously released preliminary report. 
The latest batch of data stoked inflation concerns, with analysts at Goldman and Bank of America adding another rate hike to their forecasts, bringing the top level of the federal funds rate to 5.5%. This level would be the highest in more than 20 years.
Shares of Norwegian Cruise Line (NCLH) dropped after they declared a greater-than-anticipated deficit and predicted a discouraging outlook for 2023 as the cruise line is facing relentless fuel and labor costs. Zoom Video Communications (ZM) stock traded over 6% higher premarket after the company beat expectations on both the top and bottom lines, helped by winning new enterprise customers. On Tuesday, shares of Occidental Petroleum (OXY) dropped following their fourth-quarter results announcement, which did not meet Wall Street's expectations for revenue and earnings per share.
Boeing (BA) dropped over 4% and topped the list of Dow Jones Industrials' decliners after announcing that it was halting the delivery of its 787 Dreamliner due to a paperwork issue. Moderna (MRNA) tumbled after a 68% EPS decline came in well short of Q4 views and the company issued a light outlook for 2023.
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