Tech-Heavy Nasdaq Snaps Win Streak as Profit-Taking Continues

Fresh economic data pointed towards muted inflation levels

Digital Content Manager
Feb 10, 2021 at 4:31 PM
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A handful of stocks regained traction on Wednesday to finish a volatile trading session mixed, after a U.S. consumer price index reading of 0.3% for January, combined with a stable core consumer price index, suggested muted inflation levels. Meanwhile, Federal Reserve Chairman Jerome Powell said the labor market still faces challenges, and that monetary policy should remain "patiently accommodative." In response, the Dow rose 62 points for the day, while the S&P 500 and Nasdaq dropped just below breakeven in the last few minutes of trading. The latter snapped a four-day win streak, as traders continued to take profits from Big Tech. However, earlier today all three indexes managed to hit intraday highs.

Continue reading for more on today's market, including:

  • Bull notes galore for LYFT after it predicted a speedier recovery.
  • Mattel stock plummeted despite beating analysts' estimates.
  • Plus, a soda stock to crack into post-earnings; revenue decline casts shadow on tech giant; and how SON reminisces this Warren Buffet target.

The Dow Jones Industrial Average (DJI - 31,437.80) rose 62 points, or 0.2% on the day. Walgreens Boots Alliance (WBA) led the Dow components with a 3.2% rise, while Cisco Systems (CSCO) paced the laggards, falling 2.6%.

Meanwhile, the S&P 500 Index (SPX - 3,909.88) fell 1.4 points, or 0.03% for the day. The Nasdaq Composite (IXIC - 13,972.53) dropped 35.2 points, or 0.3% for the day.

Lastly, the Cboe Volatility Index (VIX - 21.99) added 0.4 point, or 1.7% for the day.

Closing Indexes Summary Feb 10

NYSE and Nasdaq Stats Feb 10

  1. Tech giants as well as companies in the retail, airline, restaurant and meatpacking industries are lobbying state officials to secure vaccines for their workers.(CNBC)
  2. The U.S. federal budget deficit jumped to $163 billion in January, as Washington funneled more financial aid to Americans during the pandemic. (MarketWatch)
  3. Coca-Cola stock moves higher after reporting better-than-expected earnings.
  4. A fifth-straight revenue decline overshadowed this tech giant's quarterly win.
  5. How Sonoco Products stock reminisces this low-risk Warren Buffet target.   

Corporate Earnings Feb 10

Unusual Options Activity Feb 10

Oil Prices Nab Eight Straight as U.S. Supplies Drop

Oil prices showed no signs of slowing down on Wednesday, as they extended gains for an eighth consecutive session. Boosting the commodity this time was a 6.6 million drop in U.S. crude supplies, combined with hopes that more government spending may send prices even higher. In response, March-dated crude added 32 cents, or 0.6%, to settle at $58.68 per barrel.

Gold prices also extended their win streak to four days, after counterpart platinum surged to a six-year high. A weaker U.S. dollar, the possibility of further stimulus, and hopes of an economic recovery that would fuel the use of gold in the industrial markets, worked together to help the yellow metal shine brighter. In turn, April-dated gold added $5.20, or 0.3%, to settle at $1,842.70 an ounce.

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