Volatile Trading Session: US Stocks Close Mixed, Lyft (LYFT) Plunges 33%, Bitcoin (BTC) Down 4.2%
By On Friday, US stocks closed mixed after a volatile trading session following a week of losses for the major indexes.[0] The Dow Jones Industrial Average ended the day down 0.73%, while the S&P 500 closed 0.88% lower.[1] The tech-heavy Nasdaq Composite was down 1.02% to 11,789.58 points.[2] The Russell 2000, a small-cap index, experienced[3]
Lyft (LYFT) had a particularly rough day, with shares plunging over 33% in premarket trading on its fourth-quarter earnings miss and weak guidance.[2] The ride-sharing company posted record revenue for a second consecutive quarter, but its forecast was far below analysts’ estimates, resulting in significant head count reductions.
West Texas Intermediate crude oil fell 1.01% to $77.60 per barrel, while the yield on the 10-year Treasury rose six basis points to 3.67%.[4]
The University of Michigan released its preliminary measure of February consumer sentiment, which came in at 66.4 versus the the forecasted 65 figure.[2]
Shares of Tesla (TSLA) rose over 3% today on news that the recent reductions in prices for their electric vehicles seem to be boosting demand, as 66,051 of their cars were delivered in China in January, an increase of 18.4% from the previous month.[5]
Bitcoin fell 4.2% to $21,989.8, while ether dropped 2.72% to $1,579.[6] So far 63% of S&P 500 companies have reported fourth-quarter earnings results, of which 68% have beaten profit estimates by a median of 6%, while 63% have beaten revenue estimates by a median of 4%, according to Fundstrat.[7]
At 12:30 p.m., Federal Reserve Governor Christopher Waller is anticipated to give a speech.[8] [9] Earlier this week, he said at an Agribusiness conference in Arkansas that the central bank’s efforts are paying off and that it has more work to do.[9] Philadelphia Fed President Patrick Harker will follow at 4 pm.[8] Stocks have endured some pressure this week following hawkish remarks from Fed officials.[8]
0. “US stocks end mixed after volatile session as indexes notch weekly losses” msnNOW, 10 Feb. 2023, https://www.msn.com/en-us/money/markets/us-stocks-end-mixed-after-volatile-session-as-indexes-notch-weekly-losses/ar-AA17lFoi
1. “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
2. “Nasdaq, S&P, Dow look for direction, set to end lower for the week on Fed concerns” Seeking Alpha, 10 Feb. 2023, https://seekingalpha.com/news/3934862-nasdaq-sp500-dow-jones-stock-market-fed-earnings
3. “Dow Jones Futures: Market Rally Pullback Continues; What To Do As Inflation, Tesla Data Loom | Investor's Business …” Investor's Business Daily, 12 Feb. 2023, https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-market-rally-pullback-continues-inflation-report-tesla-data-loom
4. “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/
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. “Stock Buyers’ Fatigue Kicks In as Bond Yields Jump: Markets Wrap” Yahoo! Voices, 9 Feb. 2023, https://www.yahoo.com/now/asia-stocks-face-declines-wall-230048868.html
7. “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
8. “Stocks end mostly higher, but S&P 500, Nasdaq book worst weekly losses since December” MarketWatch, 10 Feb. 2023, https://www.marketwatch.com/story/u-s-stock-futures-point-to-another-down-day-on-wall-street-amid-earnings-disappointment-e26059bc
9. “US Stocks Look Set To Steepen Losses For Week As Nasdaq, S&P Futures Plunge – Invesco QQQ Trust, Series 1” Benzinga, 10 Feb. 2023, https://www.benzinga.com/news/earnings/23/02/30851938/us-stocks-look-set-to-steepen-losses-for-week-as-nasdaq-s-p-futures-plunge-focus-on-inflation-data-
