March 1, 2024

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Stock Market News Today- Morning 2/9

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Stock Market News Today- Friday Morning-

The S&P 500 is on track to reclaim the 5,000 milestone once again, gearing up for its fifth consecutive week of gains, propelled by promising news on the inflation front. Futures for major stock indices surged on Friday following the government’s revision of December’s inflation data, which revealed a lower-than-initially-reported rise in consumer prices.

Market sentiment remains upbeat as the S&P 500 inches closer to breaking through the 5,000 level, after briefly touching this historic mark during Thursday’s trading session. Dow Jones Industrial Average futures gained 30 points, while S&P 500 futures advanced by 0.2%, and Nasdaq 100 futures nudged up 0.3%. Throughout the week, the S&P 500 has seen a rise of 0.8%, while the Dow and Nasdaq Composite have recorded gains of 0.2% and 1.1%, respectively.

The government’s downward revision of December’s consumer price index, showing a mere 0.2% increase compared to the initially reported 0.3%, has provided a boost to investor confidence. Treasury yields dipped following the release of the revised figures, with all eyes now turning to next week’s release of January’s CPI data.

Leading the charge towards the S&P 500’s milestone are technology giants such as Nvidia, Alphabet, and Microsoft, all showing positive premarket performance. This follows a robust earnings season, coupled with encouraging inflation data and signs of economic resilience, which have fueled the market’s upward trajectory into 2024, with the S&P up nearly 5% year-to-date.

The optimism surrounding a strong economy’s ability to sustain growth has propelled the benchmark index to new heights, with Thursday’s trading session seeing the S&P 500 reach a peak of 5,000.40 before closing just shy of the significant threshold. Chief market strategist at Carson Group, Ryan Detrick, notes the psychological significance of such milestones for investors, emphasizing the historical trend of long-term rewards for those who stay the course during market fluctuations.

As earnings season progresses, notable performances include PepsiCo, which saw a 2% decline on mixed results, and Take-Two Interactive, which slumped 8% due to a disappointing outlook. Pinterest shares also took a hit, dropping 9% pre-market after the company issued a weaker-than-expected forecast and missed revenue estimates.

Despite occasional setbacks, the earnings season overall has been impressive, with a significant majority of S&P companies surpassing analyst expectations. According to LSEG, 80.6% of the 319 S&P companies reporting quarterly earnings have exceeded forecasts, highlighting the continued strength and resilience of the market amidst economic uncertainties.

Read more on CNBC- https://www.cnbc.com/2024/02/08/stock-market-today-live-updates.html