Major Benchmarks Sink as Disappointing Jobs Data Weighs

Majority Speaker Nancy Pelosi said the House could vote on stimulus soon

Digital Content Manager
Feb 18, 2021 at 4:29 PM
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Stocks extended their losses as the afternoon progressed, with disappointing jobs data and a weak earnings report from Walmart (WMT) casting a shadow on Wall Street. The Dow lost roughly 119 points. Meanwhile, both the S&P 500 and Nasdaq also registered significant drops, with the latter dragged down by the likes of Apple (AAPL) and Tesla (TSLA).

Inflation expectations and rising bond yields are still on investors' minds, too, though some seem to think further Covid-19 stimulus could help the markets, despite being already priced in. Earlier today, Majority Speaker Nancy Pelosi said the House is now planning to vote on the next relief bill before March 14, when some jobless benefit programs expire.

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

  • quarterly revenue miss dimmed this solar energy stock.
  • Dismal forecast dampened Fastly stock despite earnings beat.
  • Plus, diving into WMT's weak 2022 outlook; a red-hot agricultural machinery stock; and the reason behind MAR's pullback.

The Dow Jones Industrial Average (DJI - 31,493.34) shed 119.7 points, or 0.4% on the day. 3M (MMM) led the Dow components with a 1.5% rise, while Walmart paced the laggards, falling 6.5%.

Meanwhile, the S&P 500 Index (SPX - 3,913.97) fell 17.4 points, or 0.4% for the day. The Nasdaq Composite (IXIC - 13,865.36) dropped 100.1 points, or 0.7% for the day.

Lastly, the Cboe Volatility Index (VIX - 22.49) added 1 point, or 4.6% for the day.

closing indexes feb 18

nyse and nasdaq february 18

  1. American Airlines (AAL) and JetBlue (JBLU) started jointly selling tickets under a new partnership that was first announced in July, and is still under investigation. (CNBC)
  2. Texas Senator Ted Cruz is receiving backlash after being seen traveling to Mexico with his family on Wednesday, while millions of constituents remained without heat, electricity, or water after a winter storm. (MarketWatch)
  3. Missed revenue and a weak 2022 outlook sunk Walmart stock.
  4. The agricultural machinery name that is looking red-hot ahead of earnings.
  5. Marriot stock took a breather despite beating Wall Street's quarterly estimates.

earnings Feb 18

uvol feb 18

Gold Lands First Gain in 5 Sessions, Oil Drops Off

Oil prices fell on Thursday, despite a fourth consecutive drop in U.S. crude inventories as Texas struggled with the impacts of severe winter storms, and refineries remained closed or working at limited capacity. What hurt the commodity instead were circulating rumors that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) may decide to boost crude production. In turn, March-dated crude fell 62 cents, or 1%, to settle at $60.52 per barrel.

Meanwhile, gold prices clawed back to finish higher after four straight losses. Dismal jobless data seemed to contribute to the yellow metal's rise, as it solidified fears that Americans are still losing their jobs almost a year into the Covid-19 pandemic. As a result, April-dated gold added $2.20, or 0.1%, to settle at $1,775 an ounce.

 

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