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Wall Street Today | Super Bowl Hangover Session Sees Low Volume Dow Record

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Moomoo Recap US wrote a column · Feb 12 15:18
Wall Street Today | Super Bowl Hangover Session Sees Low Volume Dow Record
RECAP
U.S. stocks mostly held their ground heading into the close on a low volume, post-Super Bowl Monday, with the $Dow Jones Industrial Average(.DJI.US)$ closed up 125 points 38,799, the twelfth record close this year.
The $S&P 500 Index(.SPX.US)$ eased 3.79 points (0.09%) from last Friday'a record close to reach 5,021. The $Nasdaq Composite Index(.IXIC.US)$ fell 40.46 points (0.33%) to 15,950.2.
Among movers, $monday.com(MNDY.US)$ fell some 10% on earnings, while $CleanSpark(CLSK.US)$ climbed after reporting earnings last week. Separately, green stocks like $ChargePoint(CHPT.US)$ and $SunPower(SPWR.US)$ rose in tandem with CLSK.
The market is seeing “a little bit of profit taking” on Monday, according to James Ragan, director of wealth research at D.A. Davidson, told MarketWatch. The speed and scope of the stock market rally, with the S&P 500 rallying more than 7% over five weeks, makes some traders nervous.
“Most people will be fixated on this week’s inflation numbers, but there’s also a potential tug-of-war between how extended the current market rally may be versus the buzz surrounding the S&P 500 topping 5,000,” said Chris Larkin, managing director for trading and investing at E-Trade from Morgan Stanley.
“While it’s true the S&P has often pushed higher after crossing ’round-number’ thresholds like this one, it hasn’t always done it after the type of rally that has unfolded since late October,” he said in emailed comments.
Larkin noted that since 1968, whenever the S&P rallied at least 20% over a 70-trading-day period, as it did between Oct. 27 and last Thursday, “more often than not it was lower two weeks later.”
MACRO
Should the Fed Be Patient on Rate Cuts - MarketWatch
The Federal Reserve under Chair Jerome Powell might never live down its misguided insistence on "transitory" inflation and its delayed decision to raise interest rates to slay the beast. Some Fed watchers think the central bank is making another policy mistake by waiting too long to start cutting rates, thereby risking a hard landing for the U.S. economy.
High-interest rates tighten financial conditions and exacerbate the housing market's affordability crisis. They also stifle clean-energy investments and stress household balance sheets, says Rakeen Mabud, chief economist at the Groundwork Collaborative, a progressive economic advocacy group. "It's pretty clear to me that the Fed needs to cut rates immediately," Mabud says, and he isn't alone.
Consumers' Inflation Outlook Eases at Medium-Term, Steady at Short-Term, NY Fed Says
US consumers' short-term inflation expectations were unchanged in January even as price-change outlooks for various items declined to multi-year lows and overall medium-term inflation projections eased, the Federal Reserve Bank of New York said Monday.
Median inflation expectations last month held steady at 3% at the one-year ahead horizon, according to the regional Fed's Survey of Consumer Expectations. The projected short-term price changes fell for all goods tracked in the survey, with the gas component dropping to the lowest since December 2022, while those for food and rent hit the lowest since March 2020 and December 2020, respectively.
Overall, the three-year inflation outlook in January dropped to 2.4% from 2.6%, while the five-year estimate was unchanged at 2.5%. Median home price growth expectations were 3%, unchanged for the fourth straight month, the New York Fed said.
SECTORS
Bitcoin Broke $50,000 for the First Time Since 2021
Bitcoin traded above $50,000 after 1 pm EST on Monday for the first time since December 2021, as demand for recently launched spot bitcoin ETFs remains robust.
The largest cryptocurrency has risen 13% over the past seven days, according to CoinDesk data. It has climbed 11% this year, building on a more than 150% gain in 2023. However, bitcoin is still down roughly 28% from its all-time high of $68,990 in November 2021.
The latest rally appears to be driven by spot-market demand, which has driven a significant spike in bitcoin's trading volume, according to Sean Farrell, head of digital-asset strategy at Fundstrat. "A substantial portion of this volume is likely entering the market via spot ETFs chasing the positive weekend price action," Farrell wrote in a Monday note.
U.S. Oil Prices Stretch Gains Into a Sixth Straight Session
U.S. oil futures stretched their gains into a sixth consecutive session on Monday, with prices settling at their highest for the month, while global benchmark Brent crude finished with a modest loss. The mixed trading for oil prices came as traders weighed global demand expectations and prospects for supply disruptions against rising tensions in the Middle East.
Source: Moomoo
Source: Moomoo
West Texas Intermediate $Crude Oil Futures(JUN4)(CLmain.US)$ edged up by 8 cents, or 0.1%, to settle at $76.92 a barrel on the New York Mercantile Exchange. According to Dow Jones Market Data, WTI crude was up a sixth session in a row and marked the highest front-month settlement since Jan. 30.
COMPANIES
Nvidia Passes Amazon Market Cap, Beamr Shares +700% on Partnership
Shares of $Beamr Imaging(BMR.US)$ and $NVIDIA(NVDA.US)$ each touched all-time highs after the companies partnered to accelerate the adoption of a new video standard, AV1. $NVIDIA(NVDA.US)$ surpassed $Amazon(AMZN.US)$ in market value as the market opened Monday, as investors prepare for the computing companies' earnings next week.
Arm Stock Jumps Another 30%+, Extending Rally
Shares of $Arm Holdings(ARM.US)$ jumped as much as 40% intraday Monday before cutting back to a smooth 30% gain shortly before the close, extending a rally that began last week after the company issued an upbeat outlook and said the rise of artificial intelligence is boosting demand.
Tesla Reduces Prices on Two Model Y Cars by $1,000 Until Feb. 29
$Tesla(TSLA.US)$ said Monday it is reducing the costs of two of its Model Y cars by $1,000 until the end of the month.
Rivian Can't Avoid the 'EV Winter,' Barclays Warns in Downgrade of Its Stock
$Rivian Automotive(RIVN.US)$ faced a downgrade from a Barclays analyst Monday. The firm has "leading technology," according to Barclays analyst Dan Levy - but that may not be enough to help it withstand a challenging market.
AN2 Therapeutics Shares Drop 73% After Pausing Trial
$AN2 Therapeutics(ANTX.US)$ shares were down 73% at $5.41 after the company said it has decided to voluntarily pause its recent study before entering phase 3. The trial clinical trial focuses on the treatment of lung disease, and jut passed phase 2.
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 into. 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 having regard to 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 as to its adequacy, completeness, accuracy or timeliness for any particular purpose of the above content. See this link for more information.
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