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Wall Street Today | S&P 500, Dow Hit Fresh All-Time High as Nasdaq Slips

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Moomoo Recap US wrote a column · Feb 23 16:25
Wall Street Today | S&P 500, Dow Hit Fresh All-Time High as Nasdaq Slips
RECAP
The S&P 500 index touched a new all-time high before paring gains as investors reexamine how far the rally has gone and whether the momentum that was fueled by $NVIDIA(NVDA.US)$'s blockbuster earnings could be sustained.
Seven of 11 sectors gained led by utilities, materials and healthcare. Tech stocks wavered as Nvidia and $Amazon(AMZN.US)$ were the only members of the Magnificent Seven that managed to hold on to gains.
The tech-heavy $Nasdaq Composite Index(.IXIC.US)$ slipped 0.3% to 15,996.82, while the $S&P 500 Index(.SPX.US)$ barely ended in the green, settling little changed at 5,088.8. The $Dow Jones Industrial Average(.DJI.US)$ gained 0.2% , to 39,131.53 a record closed.
MACRO
Tampering Rate Expectations
Investors are increasingly betting that the US Federal Reserve will interest rates unchanged during their meeting in May as monetary officials reinforce their view that they're in no rush to start cutting. Yesterday, Philadelphia Fed President Patrick Harker cautioned the market against expecting a rate cut "right now and right away."
Fed Governor Christopher Waller also said he needs to see more evidence that inflation is moving closer to the 2% target before he could support a move to start lowering borrowing costs, CNBC reported.
SECTORS
Drill, Baby Drill
Oil prices declined after data showed the number of active rigs drilling for oil rose, adding to an already record record-high production, MarketWatch reported. $Baker Hughes(BKR.US)$ reported Friday that the number of U.S. oil rigs expanded by six this week to 503, following a decline of two oil rigs the week before, the report showed.
Wall Street Today | S&P 500, Dow Hit Fresh All-Time High as Nasdaq Slips
Meanwhile, gold prices gained as the dollar weakened, boosting the appeal of the precious metal for holders of other currencies.
COMPANIES
Rivian Disappoints
$Rivian Automotive(RIVN.US)$ shares slumped as analysts from UBS and JPMorgan downgraded the stock after the company reported disappointing financial results. Yesterday, billionaire Elon Musk even predicted that the company could go bankrupt in the next six quarters, unless the downward trajectory of its cash pile reverses.
Landing on the Moon
$Intuitive Machines (LUNR.US)$ shot up 23% Friday after the company's Odysyus lander touched down safely on the South Pole of the moon, NASA Chairman Bill Nelson announced on X. That marks the first successful mission by a private company to land on the lunar surface.
Bookings Impress
$Booking Holdings(BKNG.US)$ pulled back as much as 10% intraday Friday from a record finish a day earlier after the travel-booking firm’s Q4 earnings failed to impress Wall Street and analysts cut the stock’s ratings or price targets.
LegalZoom Skyrockets
$LegalZoom(LZ.US)$ shares climbed almost 15% after the technology provider of legal, tax and compliance products for small businesses reported fourth quarter adjusted earnings and revenue that beat analysts' average estimate. Adjusted earnings for the three months ended Dec. 31 rose to 13 cents a share from 10 cents a year earlier, the company said in a press release Thursday. That's higher than the 10 cents expected by analysts surveyed by Capital IQ, according to MT Newswires.
Source: Bloomberg, Dow Jones, CNBC, Reuters
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