Market Recap: Palantir rallied 15% after Cathie Wood upped her bets
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Good evening. Here is the latest Market Recap for you.
Investors wait for more drivers of the upper trend.
Markets struggled to find new reasons to move higher amid weakness in the labor-market and the potential for higher borrowing costs.
How did major indexes fare?
The $Dow Jones Industrial Average(.DJI.US$ was nearly flat, rising about 1 point to 31,494.32.
The $S&P 500 Index(.SPX.US$ fell 7.26 points, or 0.2%, to 3,906.71, while the $Nasdaq Composite Index(.IXIC.US$ rose 9.11 points, or 0.1%, to 13,874.46.
The $S&P 500 Index(.SPX.US$ fell 7.26 points, or 0.2%, to 3,906.71, while the $Nasdaq Composite Index(.IXIC.US$ rose 9.11 points, or 0.1%, to 13,874.46.
The S&P 500 and Nasdaq fell 0.7% and 1.6% for the week, respectively, while the Dow industrials closed the week 0.1% higher.
What drove the market?
U.S. equity benchmarks ended mixed Friday, leaving the Dow with weekly gains but the S&P 500 index and Nasdaq Composite with losses, as markets struggled to find new reasons to move higher amid weakness in the labor-market and the potential for higher borrowing costs.
Weakness in the labor market and worries about rising bond yields have put pressure on the broader equities market, especially after a surprise increase in the number of Americans seeking jobless benefits in the latest week weighed on the outlook.
Still, market participants have been expecting further government spending to help avert the possibility of a relapse of weakness from the COVID pandemic, with ongoing negotiations in Congress on the Biden administration's $1.9 trillion aid package.
On Friday, a flash reading of purchasing managers index for services and manufacturing from IHS Markit rose to 58.8 in February from 58.7 in the prior month, marking the strongest reading in almost six years and suggesting that parts of the economic recovery are starting to pick up speed as COVID-19 cases retreat.
However, with economies back to normal and central bank support removed, bonds usually fall in price which sends yields higher. This can also spill over into stock markets as higher interest rates mean more debt servicing for firms, causing traders to reassess the investing environment.
Which stocks were in focus?
$UBER TECHNOLOGIES INC(UBER.US)$ shares were down1% after a U.K. court ruled that former Uber drivers were entitled to receive a minimum wage and other benefits.
$Applied Materials Inc(AMAT.US)$ shares rose 5.3% after the semiconductor equipment maker posted earnings per share of $1.39 on Thursday, beating estimates of $1.28. Revenue was $5.1 billion, better than the expected $4.9 billion.
$Deere & Co(DE.US)$ shares rose 9.9% after the company posted earnings per share of $3.87, better than the expected $2.14, on revenue of $9.1 billion, beating expectations of $7.2 billion.
Source: Dow Jones, CNBC
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