Dow Ends Day Lower Amid Federal Budget Deficit Concerns

The Nasdaq and S&P 500 were marginally higher, however

Digital Content Manager
Feb 11, 2021 at 4:33 PM
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Stocks continued to cool off on Thursday from a strong start to February, as worse-than-expected weekly jobless claims and a lackluster energy sector weighed heavy. Plus, new federal budget deficit projections came in at $2.3 trillion for 2021, which are lower than the year prior, but still higher than pre-pandemic levels, according to the Congressional Budget Office. As a result, the Dow inched just below breakeven, despite earlier notching a fourth-straight intraday high. Meanwhile, the S&P 500 and tech-heavy Nasdaq both finished with marginal gains.

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

  • Behind PepsiCo stock's post-earnings slipup.
  • Bull signal says cybersecurity name could see more records highs.
  • Plus, upbeat forecast sends Zynga stock higher; Microsoft sets eyes on social media giant; and unpacking UAL's billion-dollar purchase.

The Dow Jones Industrial Average (DJI - 31,430.70) fell 7.1 points, or 0.02% on the day. Intel (INTC) led the Dow components with a 3.1% rise, while Walgreens Boots Alliance (WBA) paced the laggards, falling 2.9%.

Meanwhile, the S&P 500 Index (SPX - 3,916.38) added 6.5 points, or 0.2% for the day. The Nasdaq Composite (IXIC - 14,025.77) rose 53.2 points, or 0.4% for the day.

Lastly, the Cboe Volatility Index (VIX - 21.25) lost 0.7 point, or 3.4% for the day.

closing index summary feb 11

nyse and nasdaq feb 11

  1. House Speaker Nancy Pelosi said a $15 federal minimum wage will be included in the Covid-19 relief package the House is planning to send to the Senate. (CNBC)
  2. U.S. President Joe Biden called for improvements to roads and bridges during an Oval Office meeting, noting China could "eat our lunch" on infrastructure. (MarketWatch)
  3. 2021 forecast puts Zynga stock on track for nine-year highs.
  4. Social media stock surges on Microsoft buyout rumors. 
  5. What to expect from United Airlines stock after its billion-dollar purchase.

corporate earnings feb 11

uvol feb 11

Oil Snaps Longest Win Streak in 2 Years

Oil prices snapped an eight-day win streak on Thursday, which was its longest in two years, after the Organization of the Petroleum Exporting Countries (OPEC) shared a lower-than-expected demand outlook for crude in 2021. In turn, March-dated crude fell 44 cents, or 0.8%, to settle at $58.24 per barrel.

Gold prices also fell from grace, slipping for the first time after four consecutive wins. The culprit was a rise in the U.S. Treasury note yield, which made traders lose interest in the yellow metal. As a result, April-dated gold fell  $15.90, or 0.9%, to settle at $1,826.80 an ounce.

 

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