S&P 500 Snaps Five-Day Losing Streak Following Fed Testimony

Fed Chair Jerome Powell described inflation as "soft"

Digital Content Manager
Feb 23, 2021 at 4:29 PM
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Stocks were mixed on Tuesday, as Wall Street managed to shake off rising inflation fears following Fed Chair Jerome Powell's testimony before Congress, which described inflation as "soft." The Dow erased steep early morning losses to add roughly 15 points, while the S&P 500 also clawed its way back into the black, snapping its five-day losing streak. Meanwhile, the Nasdaq fell for a second consecutive session, after earlier breaching the significant 50-day moving average, as tech stocks continued to plummet amid growing bond yields

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

  • Macy's stock dragged despite upbeat outlook.
  • Billion-dollar public share offering sinks cruise giant.
  • Plus, PANW gets the cold water bucket; television stock brushes off earnings beat; and why you shouldn't sweat the ETSY pullback.

The Dow Jones Industrial Average (DJI - 31,537.35) added 15.7 points, or 0.05% for the day. Walt Disney (DIS) led the Dow components with a 2.8% rise, while Home Depot (HD) paced the laggards, falling 3.1%.

Meanwhile, the S&P 500 Index (SPX - 3,881.37) rose 4.9 points, or 0.1% for the day. The Nasdaq Composite (IXIC - 13,465.20) dropped 67.9 points, or 0.5% for the day.

Lastly, the Cboe Volatility Index (VIX - 23.11) lost 0.3 point, or 1.5% for the day.

 closing indexes feb 23

nyse and nasdaq feb 23 

  1. AT&T (T) is nearing a deal to sell a minority stake in DirecTV, U-verse and AT&T TV to private-equity firm TPG, for a transaction valued at around $15 billion(CNBC)
  2. U.S. President Joe Biden and Canadian Prime Minister Justin Trudeau will meet to discuss how the two countries will cooperate on fighting Covid-19 and climate change. (MarketWatch)
  3. Weak quarterly outlook pours cold water on Palo Alto Networks stock.
  4. This television stock brushed off an upbeat earnings report.
  5. Flashing bull signal says not to sweat the Etsy stock pullback.

earnings feb 23

UVOL feb 23

Oil Prices Fall Despite Reaching Intraday Highs

Oil prices were lower on Tuesday, despite touching a 13-month intraday high of $63. The drop came as investors monitored Texas' recovery following a storm that left many refineries closed or working at reduced capacity. Traders were also getting increasingly worried about a decision regarding oil production that will come next week. In response, April-dated crude fell three cents, or almost 0.1%, to settle at $61.67 per barrel.

Gold prices were lower as well, as investors digested Powell's testimony before the Senate Banking Committee, which signaled that the economy is slowly recovering. In response, the U.S. dollar climbed higher, making the yellow metal less appealing. April-dated gold fell $2.50, or 0.1%, to settle at $1,805.90 an ounce. 

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