S&P 500 Pares Losses, Closes Flat After Fed Update

Retail sales data saw a better-than-expected 3.8% jump in January

Digital Content Manager
Feb 16, 2022 at 4:29 PM
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Stocks were all over the place on Wednesday, after the Federal Reserve's long-awaited January meeting minutes revealed the central bank plans to hike rates "soon,"  though seemingly not any faster than Wall Street anticipated. In turn, the Dow and Nasdaq logged modest losses, while the S&P 500 settled just above breakeven.

Also boosting investor sentiment today was better-than-expected retail sales data, which saw a 3.8% jump for January. Traders are still monitoring developments between Russia and Ukraine, though, after President Joe Biden said the U.S. would "rally the world" if Russia proceeds with an invasion.

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

  • Top-and bottom-line wins made Barrick Gold stock shine.
  • This flashing ORCL bull signal has never been wrong.
  • Plus, ViacomCBS stock's rebrand raises eyebrows; gaming stock sinks on earnings miss; and what boosted Upstart stock.

The Dow Jones Average (DJI - 34,934.27) fell 54.6 points, or 0.2% for the day. Walt Disney (DIS) led the gainers with a 1.1% pop, while Salesforce.com (CRM) paced the laggards with a 1.2% drop.

The S&P 500 Index (SPX - 4,475.01) rose 3.9 points, or 0.09% for the day. Meanwhile, the Nasdaq Composite (IXIC - 14,124.09) shed 15.7 points, or 0.1% for today's session.

Lastly, the Cboe Volatility Index (VIX - 24.29) fell 1.4 points, or 5.5% for the day.

closing summary Feb16

nyse nasdaq Feb16

5 Things To Know Today

  1. Alphabet-owned (GOOGL) Google is set to adopt new privacy restrictions that will cut tracking across apps on Android devices, and could hurt Meta Platform's (FB) Facebook. (CNBC)
  2. Alaska Air Group (ALK) launched a flight subscription service that offers six, 12 or 24 round-trip flights for a fixed price, starting at $49 per month. (MarketWatch)
  3. ViacomCBS stock drew a hefty bear note after announcing a rebrand.
  4. Wider-than-expected quarterly losses pushed this gaming name lower.
  5. Upstart stock skyrocketed after posting earnings win and strong outlook.

Earnings Feb16

UVOL Feb16

Gold Prices Hit 8-Month High Amid Lingering Russia-Ukraine Tensions

Oil prices rose on Wednesday, as investors kept an eye on tensions between Russia and Ukraine. Boosting the commodity were comments from Secretary of State Antony Blinken, who said there were no signs Russia is in fact backing off. In turn, March-dated crude added $1.59, or 1.7%, to settle at $93.66 per barrel.

Gold prices were higher as well, settling at their highest level since June. The aforementioned geopolitical uncertainties once again sparked interest in the safe-haven commodity, with investors looking for ways to manage risk. April-dated gold rose $15.30, or 0.8%, to finish at $1,871.50 per ounce. 

 

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