Fed Fears Permeate Data-Filled Week on Wall Street

Inflation and retail sales data were in the spotlight

Deputy Editor
Feb 17, 2023 at 3:18 PM
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Wall Street grew increasingly wary of the Fed's hawkish stance throughout the week. Monday started off on a high note, before the consumer price index (CPI) and retail sales data for January injected interest rate fears into the market, though all three major benchmarks inched their way into positive territory by Wednesday's close. Sentiment soured again after a hotter-than-expected producer price index (PPI) and jobless data pointed to potential rate hikes, with the Dow Jones Industrial Average (DJI) seeing its worst daily drop in nearly a month. At the time of this writing, the Nasdaq Composite Index (IXIC) was the only index not eyeing a weekly loss

Analyst Calls This Week

We honed in on several analyst notes this week. For one, Evercore ISI upgraded Zillow (ZG), with the analyst in coverage betting on a rapid recovery for the housing market. XPO (XPO) saw several bear notes after its earnings report, while cybersecurity name Palo Alto Networks (PANW) and Occidental Petroleum (OXY) both moved higher following analyst praise. Roku (ROKU) received a double upgrade on Friday, but there's still plenty of pessimism surrounding the equity. 

Stocks Making Headlines

Coca-Cola (KO) took the spotlight this week with its fourth-quarter earnings report, while Upstart Holdings (UPST) and Shopify (SHOP) swung in opposite directions after their own reports. Meanwhile, G1 Therapeutics (GTHX) hit a record low after discontinuing a study, Silvergate Capital (SI) jumped after Citadel Securities revealed a passive stake of about 1.7 million shares, and Virgin Galactic (SPCE) completed its first test flight in over 15 months. Lastly, Ford Motor (F) attracted options traders amid company updates. 

President's Day Week Ahead

There is a handful of economic indicators and earnings due out over the holiday-shortened week, including quarterly results from Walmart (WMT). Schaeffer's Senior Quantitative Analyst Rocky White took a look at how stocks typically perform during President's Day Week, and complied a list of outperforming stocks, including electricity name Pinnacle West Capital (PNW). Plus, here's a silver lining to last week's pullback.

 

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