Amidst the financial hustle and bustle, Wall Street took a momentary pause today, breathing a collective sigh of relief as fears over an unexpected rise in the Consumer Price Index (CPI) subsided. The Federal Reserve’s preferred gauge of inflation cooled as expected in January, easing concerns that the uptick might spill over into the Personal Consumption Expenditure (PCE) price index.
At noon in New York, the Nasdaq 100 exhibited resilience with a 0.4% climb, striving to erase the losses from the previous day. On the other hand, the S&P 500 Index and the Dow Jones Industrial Average displayed more tempered responses, showing gains of 0.1% and a slight decline of 0.2%, respectively. Meanwhile, the Russell 2000 managed to edge 0.3% higher.
In the world of technology, Advanced Micro Devices Inc. (AMD) soared magnificently, surpassing expectations with a remarkable 6% surge to reach a new pinnacle in its stock price history within the semiconductor sector.
Conversely, Apple Inc. (AAPL) struggled to maintain its footing, experiencing a 1% decline to $178. This marked its tenth negative day out of the last thirteen, positioning the tech giant to conclude the trading day at its lowest levels since early November 2023. Reports suggest that Apple’s iPhone 15 series is facing steep discounts from resellers in China, indicating a sustained downturn in demand.
On the other side of the financial spectrum, Treasury yields dipped as investors adjusted their positions in anticipation of a potential rate cut in June. Notably, the iShares 20+ Year Treasury Bond ETF (TLT) saw a 0.6% uptick.
Within the volatile realm of cryptocurrencies, Bitcoin experienced a slight setback, sliding over 2% to $61,000 after hitting an intraday high of $63,675.
Insights into Major Indices and ETFs Performance on Thursday
| Major Indices | Price | 1-day % Change |
| Nasdaq 100 | 17,949.36 | 0.4% |
| Russell 2000 | 203.07 | 0.4% |
| S&P 500 | 5,077.32 | 0.1% |
| Dow Jones | 38,881.01 | -0.2% |
The SPDR S&P 500 ETF Trust (SPY) inched up by 0.1% to $506.76, while the SPDR Dow Jones Industrial Average (DIA) dipped by 0.1% to $389.15. In contrast, the Invesco QQQ Trust (QQQ), known for its tech-heavy portfolio, rose by 0.4% to $437.06, based on insights from Benzinga Pro data.
Among sector-specific ETFs, the Real Estate Select Sector SPDR Fund (XLU) continued its streak as a top performer for the second consecutive session, surging by 0.8%. In contrast, the Health Care Select Sector SPDR Fund (XLE) lagged behind, enduring a 0.6% decline.
Stock Movements on Thursday
- Crypto-related stocks faced a setback as Bitcoin prices receded. Marathon Digital Holdings Inc. (MARA) tumbled over 17%, despite reporting significantly higher-than-anticipated profits last quarter. Peers such as Riot Platforms Inc. (RIOT), Bit Digital Inc. (BTBT), and Coinbase Global Inc. (COIN) also experienced declines of 12%, 6.5%, and 2.5%, respectively.
- Snowflake Inc. (SNOW) witnessed a substantial drop of nearly 20% after announcing CEO Frank Slootman’s decision to retire from his position. The AI-focused company exceeded revenue and earnings forecasts set by Wall Street analysts last quarter.
- Hormel Foods Corp. (HRL) emerged as a standout performer, surging over 13% and delivering the highest daily performance among S&P 500 stocks following better-than-expected results in the preceding quarter.
- Other notable companies responding to earnings reports included Monster Beverage Corp. (MNST) with a 5.7% increase, Celsius Holdings Inc. (CELH) and Okta Inc. (OKTA) both rising by 19%, Hayward Holdings Inc. (HAYW) climbing by 15%, Natera Inc. (NTRA) jumping by 12%, and The Chemours Company (CC) encountering a substantial 31% decline.
- After-hours earnings reports awaited investors from companies such as Autodesk, Inc. (ADSK), Cooper Companies, Inc. (COO), Fisker, Inc. (FSR), Zscaler, Inc. (ZS), Hewlett Packard Enterprises Company (HPE), NetApp, Inc. (NTAP), and SoundHound AI, Inc. (SOUND).
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Image: Midjourney