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News Junction > Blog > World News > Stock market today: Live updates
Stock market today: Live updates
World News

Stock market today: Live updates

Published February 10, 2024
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Stocks rose on Friday after December’s revised inflation reading came in lower than first reported, and the S&P 500 broke above the historic 5,000 level as strong earnings and economic news chugged on.

The Dow Jones Industrial Average slipped 16 points, or less than 0.1%, while the S&P 500 rose 0.6%. The Nasdaq Composite added 1.3%. For the week, the S&P is up 1.4%, while the Nasdaq‘s gained 2.4%. The Dow is flat week to date.

“At the end of the day, we’re still seeing whopping good news on an economic front, and the market is reacting to that,” said Dana D’Auria, co-chief investment officer at Envestnet. “The longer that story plays out, the more likely it seems to the market that we actually are sticking a landing here.”

A solid earnings season, easing inflation data and a resilient economy have charged 2024’s market rally, setting the S&P 500 up for a fifth consecutive week of gains. It’s also propelled the S&P above the 5,000 level after touching the milestone during Thursday’s session. The S&P 500 first crossed 4,000 in April 2021.

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S&P 500

“A close above this closely watched level will undoubtedly create headlines and further feed fear of missing out (FOMO) emotions,” said Adam Turnquist, chief technical strategist at LPL Financial. “Outside of a potential sentiment boost, round numbers such as 5,000 often provide a psychological area of support or resistance for the market.”

A revision lower in December’s consumer price index also helped sentiment. The government adjusted the figure to a 0.2% increase, down from a 0.3% increase initially reported. Core inflation figures, excluding food and energy, were the same. Treasury yields briefly traded lower following the release of the revised figures. January’s CPI figures are due next week.

Megacap technology stocks gained again on Friday, contributing to the S&P’s march above 5,000. Nvidia and Alphabet added more than 1% each. Cloudflare skyrocketed 21% on strong earnings, boosting the broader cloud sector in tandem.

Elsewhere, PepsiCo fell 3% on mixed results, while Take-Two Interactive slumped 7% on a disappointing outlook. Pinterest dropped 12% after issuing a weaker-than-expected forecast and missing revenue estimates.

A total of 332 S&P companies have reported quarterly earnings so far, with about 81% of them reporting above analyst expectations, according to LSEG. That compares to a 67% beat rate in a typical quarter since 1994.

#Stock #market #today #Live #updates

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