Wall Street Today | Market Rebounds, All Eyes on CPI
RECAP
Markets climbed back after a chilly two-day downturn, but sectors like semiconductors stayed lower.
Shortly after close on preliminay figures, the $S&P 500 Index(.SPX.US$ climbed 0.33% Wednesday. The $Dow Jones Industrial Average(.DJI.US$ grew by 0.73%, and the $Nasdaq Composite Index(.IXIC.US$ traded -0.01%.
MACRO
The market eagerly awaits the CPI and PCE reports to show how consumer and producer prices felt the forces of inflation in February. With the FOMC holding firm, committee members have said it will take a clear sign that inflation is on the way down before rates follow. Fed's Waller speaks today at 6 PM.
SECTORS
Semiconductors Led Declines.
The entire group was down about 1.7% as tracked by moomoo, with favorite names like $Marvell Technology , and $Intel in the green while $Astera Labs pulled back 4% after a public listing climb.
According to moomoo, the 'Solar' sector of the stock market was one of the top performing Wednesday. $SunPower(SPWR.US$ climbed 14%, on little news. $Sunrun(RUN.US$ climbed 15% while the stock was set to move from the S&P Midcap to the S&P Smallcap index.
$Sunnova Energy International(NOVA.US$ climbed 9%, after an 8% climb Tuesday when the company annouced a partnership with Home Depot.
COMPANIES
Trump's Wealth Surges as DJT Stock Rises Again
$Trump Media & Technology(DJT.US$ shares surged 14% to $66.19 in Wednesday afternoon trading. The company's stock market debut under the DJT ticker followed its merger with special-purpose acquisition company Digital World Acquisition Corp.
Coibase Lost Out To SEC, Securities Decision to See Jury Trial
$Coinbase(COIN.US$ Global lost the first round of a battle with the Securities and Exchange Commission that could determine not just the crypto trading platform's future but that of the industry generally.
GameStop DIssapoints on Holiday Earnings
$GameStop(GME.US$ on Tuesday reported fiscal Q4 adjusted EPS of $0.22 per diluted share, up from $0.16 a year earlier. Two analysts surveyed by Capital IQ expected $0.30.
Carnival Posts Record Expectations for '24 Cruise Demand
Shares of $Carnival(CCL.US$ dropped Wednesday after the cruise operator reported a narrower-than-expected fiscal first-quarter loss but also provided an estimate for what the collapse of the Francis Scott Key Bridge in Baltimore would cost it this year. The price action changed direction midday.
Reddit Finally Pulls Back
$Reddit(RDDT.US$ fell more than 9% after doubling in share price from the initial listing of $31/share when the firm traded publically last week. Prices Peaked at $71/share before falling back 10% Wednesday to $58.
Mooers: What do you think, how do you feel about the Market? What's the word from the Herd?
Source: Bloomberg, Dow Jones, CNBC, Reuters
Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See this link for more information.
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