On Wednesday, the Dow Jones Industrial Average edged up 0.1%, and the S&P 500 rose 0.3%, while the Nasdaq Composite pulled ahead 0.9%, and the small-cap Russell 2000 gained 1%. The yield on the 10-year Treasury note (US10Y) increased by 5 basis points to 3.81%, while the yield on the 2-year note (US2Y) rose by 1 basis point to 4. Roblox (RBLX) saw a sharp rise in activity amongst stocks after the gaming platform disclosed figures for Q4 which were better than anticipated for bookings. Roblox (RBLX) surged 26.4% after unveiling quarterly sales figures that exceeded expectations.
Retail sales increased by 3% last month, surpassing economists' expectations of a 1.8% rise. The retail sales control group, which is included in U.S. GDP, increased by 1.7%, significantly greater than the predicted 0.8% growth. After the data was released, US Treasury yields increased as traders increased their wagers that the Federal Reserve will raise rates even further.
The price of Bitcoin futures rose 8% to $24, The Innovator IBD 50 ETF (FFTY) experienced an increase of In the last 24 hours, Bitcoin has seen an 8.5% rise, with its current value at US$24,0 Devon Energy (DVN), an oil and natural gas producer, experienced a 10.5% decrease in price in the form of Q4 adjusted earnings per share and sales numbers were lower than anticipated by the company. The S&P 500 saw its biggest decline in stock today.
US investor sentiment showed a slight improvement, according to the CNN Money Fear and Greed Index. The 11 sectors that make up the S&P saw nine of them rise, with Communication Services and Consumer Discretionary coming out on top with increases of more than 1%. A 1.8% decrease in Energy was seen, while Health Care experienced a slight dip. Big tech stocks saw mostly positive gains, with increases of 1-2%, excluding Microsoft and Meta Platforms, which dropped by 1% and 1.3%, respectively.
In January, the consumer price index (CPI) was 6.4% higher than expected on an annual basis, while the monthly increase of 0.5% met estimations. Excluding food and energy, the core index increased by 0.
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6. “Strong retail sales buoy Wall Street with tech leading gains. Crypto pops” CMC Markets, 15 Feb. 2023, https://www.cmcmarkets.com/en/news-and-analysis/strong-retail-sales-buoy-wall-street-with-tech-leading-gains-crypto-pops
7. “U.S. Stocks Moving Back To The Upside Following Last Week's Pullback” RTTNews, 13 Feb. 2023, https://www.rttnews.com/3343733/u-s-stocks-moving-back-to-the-upside-following-last-week-s-pullback.aspx
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