Here are today’s market moves:
S&P 500 down 0.032% to 3,931.33
Dow Jones up 0.29% to 31,613.02
Nasdaq down 0.58% to 13,965.50
Gold: $1,779
Bitcoin: $52,305
US10Y: 1.262%
What Happened?
The Nasdaq fell on Wednesday as investors moved away from technology stocks that have boosted markets this year. The S&P 500 was down 0.032% and the Dow Jones was up slightly at 0.29%
The latest rally in the U.S. stock market has showed signs of slowing this week, even as investors point to reasons for enthusiasm ahead. Coronavirus cases are rapidly falling and more economic stimulus is expected to be passed soon.
Rising inflation expectations have recently weighed on investors, as some begin to price in the consequences of President Biden’s $1.9 trillion stimulus plan.
Retail sales numbers jumped 5.3 percent in January, higher than expected. Stimulus checks and a decrease in covid cases helped bring customers back into stores.
Most analysts remain optimistic that stocks will continue to do well this year, amid expectations that monetary policy will continue to support markets.
Bitcoin jumped past $52,000 for the first time.
What Else?
This Week
Monday: Presidents Day – Markets closed.
Tuesday: Earnings expected from CVS, Groupon, and Palantir.
Wednesday: Earnings expected from Shopify and Twilio; U.S. retail sales figures released; FOMC minutes from the January meeting are due.
Thursday: Earnings expected from Dropbox, Nestle, Roku, and Walmart; Weekly jobless claims.
Friday: Earnings expected from John Deere.