Wall Street Today: Market Mostly Sideways After Senate Testimony

Kevin Travers wrote a column · Feb 12 05:18

Wall Street Today: Market Mostly Sideways After Senate Testimony

The stock market showed caution with a slightly declining S&P 500, following Fed Chair Powell's testimony to the Senate, where he indicated that interest rates likely won't need significant adjustments due to a strong economy. Powell even mentioned that the "natural rate" of interest, a theoretical optimal level, might be higher than previously thought, suggesting potential for further rate stability.

To round out the day, Elon Musk spoke from behind the Resolute Desk in the White House next to Trump, speaking about removing the power of unelected officials. Musk did not mention he is an unelected official.

Just past 4 pm ET the $S&P 500 Index (.SPX.US)$ traded up +0.03% the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.28%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.36%.

MACRO

In macro news, Powell told the Senate that the economy is doing so well and that rate cuts may not be coming soon. Because the economy is doing well, he said, the Fed can take its time to decide when and whether to lower interest rates.

The FOMC was in no hurry to adjust rates, especially after cutting a full 1% in the final months of 2024.

SECTORS

Elsewhere in the economy, $Crude Oil Futures(MAY5) (CLmain.US)$ climbed to $73/barrel, reflecting reactions to steel and other tariffs that may effect oil prices, after three straight weeks of decline. MT Newswires said it was the third straight session of gain for the commodity.

Gold hit all-time highs before falling back, and treasuries climbed. $Bitcoin (BTC.CC)$ was at $96,000.

MOOVERS

Super Micro Computer options made Tuesday's top trending list in the entire U.S. market for the second time this week. The stock fell more than 7% in the lead-up to what the firm began to call a "financial update" rather than the firm's long-awaited 2nd quarter earnings report. --Check in later for more news.

$Fidelity National Information Services (FIS.US)$ shares fell more than 17% after reporting low guidance for the coming second quarter. It was the lowest percentage decliner on the S&P 500.

$Intel (INTC.US)$ climbed 10% after a Monday TechCrunch report that $Lyft Inc (LYFT.US)$ was launching self-driving car prototypes in 2026 through its recently purchased subsidiary, Mobileye. Vice President JD Vance also spoke in support of U.S. chip manufacturing on Tuesday.

$Super Micro Computer (SMCI.US)$ shares fell as the firm is set to update investors with its second quarter "business update" Tuesday after the closing bell.

$Coca-Cola (KO.US)$ shares climbed 3% after posting earnings $Marriott International (MAR.US)$ fell 5% after reporting the firm reported a decline in profit in the fourth quarter.

$Shopify (SHOP.US)$ turned in quarterly revenue and gross merchandise volume above estimates, but it wasn't enough to lift shares.

$Apple (AAPL.US)$ climbed 2% after news it and $Alibaba (BABA.US)$ shares are trading higher following a report from The Information indicating the companies partnered to develop AI features for iPhone users in China.

$BYD Company ADR (BYDDY.US)$ shares fell after hitting all time highs on news its self driving product, called God's Eye. The Chinese electric-vehicle maker is looking to undercut rivals such as Tesla by adding more self-driving features to a wider range of its cars.

On Monday, $BYD Company ADR (BYDDY.US)$ introduced its smart driving system The God's Eye, or Eye of God, will be available in most of its models for free.

$DuPont (DD.US)$ climbed 6% Tuesday after the company reported better-than-expected fourth-quarter earnings.

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