News

Stock Market News Today: Stocks Fall As Volatile Month Comes To Close

×

Stock Market News Today: Stocks Fall As Volatile Month Comes To Close

Share this article
Stock Market News Today: Stocks Fall As Volatile Month Comes To Close

U.S. stocks were mixed midday Tuesday, capping a volatile February for Wall Street.

The S&P 500 (^GSPC) was flat, while the Dow Jones Industrial Average (^DJI) fell 0.5%. The Nasdaq Composite (^IXIC) added 0.2% in midday trading.

The benchmark 10-year US Treasury yield hit 3.94% on Tuesday afternoon. The benchmark US crude oil price WTI rose to $77.32 a barrel. The dollar index remained stable.

Stocks closed higher on Monday, fueling a temporary rebound after Wall Street's worst week of the year. The three indices will end February in the red after an optimistic start to the year.

Tuesday's economic data showed non-auto retailer inventories rose 0.3%, beating the 0.1% expected by economists polled by Bloomberg. Meanwhile, wholesale inventories fell 0.4%, below the consensus estimate of 0.1%.

US consumer sentiment deteriorated as the economy fell to 102.9 from 106.0 in February, below the consensus estimate of 108.5, the Trust Council said. The Chicago PMI fell to 43.6 from 44.3 in February, below the consensus of 45.0.

Other data showed house prices fell 0.5% in December, according to data from the S&P Corelogic Case-Shiller Index. Home prices rose 4.6% year-on-year, missing analysts' expectations of 4.8%.

As inflation holds steady, Federal Reserve Chairman Philip Jefferson on Monday dismissed arguments for raising the central bank's inflation target to 2%, saying he would not had "no illusions that going back will be easy".

Investors will continue to focus on the retail sector this week. Target (TGT) earnings beat analysts' expectations on Tuesday as consumer spending moved away from the discretionary segment. Same-store retail sales rose 0.7%, beating estimates of a 1.74% decline. Shares rose more than 2% in early trading.

See also  How Technology is Revolutionising the Umrah Experience?

People shop at a Target store during the Black Friday sales in Chicago, Illinois, U.S., November 25, 2022. Reuters/Jim Wandruska © Yahoo Finance People shop at a Target store during the Black Friday sale on November 25, 2022 in Chicago, Illinois, USA. Reuters/Jim Wandruska

Data from Bespoke Investment Group showed that 420 stocks posted gains last week, with a percentage of companies slashing their forecasts more than twice on the upside, indicating that "these small-cap companies are more in difficulty than they reported at the end of the year."

In other separate stock moves, Zoom (ZM) shares rose, missing estimates by 80 cents, after the company reported fourth-quarter earnings of $1.22 per share as expected. Profit was $1.12 billion.

Shares of Occidental Petroleum (OXY) rose on Tuesday after the oil and gas producer reported fourth-quarter results that fell short of Wall Street expectations for revenue and earnings per share.

Shares of Workday (WDAY) fell after the HR software company beat expectations for revenue of $1.65 billion, up 20% year-over-year from estimated at $1.63 billion.

Shares of AMC Entertainment Holdings, Inc (AMC) rallied on Tuesday after a Delaware court announced a hearing on April 27 that would likely delay the date for converting APE's convertible units into common stock.

Shares of Tesla (TSLA) rose after the Mexican president confirmed that the electric car maker would build a new factory in Monterrey, Mexico. More details will be revealed at Tesla's Investor Day, the Mexican president said, adding that the factory is expected to be "very big".

Dani Romero is a reporter for Yahoo Finance. Follow him on Twitter @daniromerotv

Click here for the latest stock market news and in-depth analysis, including the events moving stocks.

See also  Sen. Tim Scott Speaks To NBC News After Launching 2024 Presidential Exploratory Committee

Read the latest financial and business news from Yahoo Finance

Download the Yahoo Finance app for Apple or Android

Follow Yahoo Finance on Twitter , Facebook , Instagram , Flipboard , LinkedIn and YouTube

Bond Market Recovery Bloomberg Observer 02/27/2023

Leave a Reply

Your email address will not be published. Required fields are marked *

treaseo treaseo treaseo treaseo treaseo treaseo treaseo treaseo treaseo treaseo treaseo treaseo treaseo