Wall Street Slumps as Inflation Gauge Looms

The Dow is mired in a three-day slump, while the Nasdaq shed triple digits today

Jake Scott

Deputy Editor

Feb 28, 2024 at 4:26 PM

Wall Street has fallen victim to profit taking since nabbing record highs all around on Friday. Despite a mostly upbeat GDP report, the Dow logged a third-straight loss, while the tech-heavy Nasdaq logged its fourth loss in the last five trading days. Now, all eyes turn to the personal consumption expenditure reading for January -- the Federal Reserve's favorite inflation gauge -- due out tomorrow.

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

What Quadrennial Leap day means for stocks.
Why these 2 retail stocks made big moves today.
Plus, large and small caps; NVAX's fall; and BYND's short squeeze potential.

NYSE and Nasdaq Stats Feb 28

5 Things to Know Today

Mitch McConnell will step down as Senate leader in November (MarketWatch)
Bitcoin (BTC) surpassed the $63,000 mark for the first time since November 2021. (CNBC)
What large caps outperforming small caps could mean.
Pharma stock fell after big earnings miss.
Is Beyond Meat stock a massive short squeeze candidate?

Unusual Options Activity Feb 28

Oil, Gold Futures Fall

Oil futures fell after government data showed domestic commercial-crude inventories rose for a fifth-straight week. For the session, April-dated West Texas Intermediate (WTI) lost 33 cents, or 0.4%, to finish at $78.54 per barrel.

Gold futures were slightly lower as well, with April-dated gold shed $1.40, or 0.07%, to settle at $2,042.70 per ounce.

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