{"id":89964,"date":"2024-02-27T21:43:00","date_gmt":"2024-02-28T02:43:00","guid":{"rendered":"https:\/\/ifintechworld.com\/?p=89964"},"modified":"2024-02-27T21:43:04","modified_gmt":"2024-02-28T02:43:04","slug":"stocks-end-lower-as-dow-sp-500-and-nasdaq-snap-five-straight-weeks-of-gains","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=89964","title":{"rendered":"Stocks end lower as Dow, S&#038;P 500 and Nasdaq snap five straight weeks of gains"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0003009133\" role=\"document\">\n<p>U.S. stocks ended down on Friday, with all three major indexes logging weekly losses, as investors assessed inflation readings and company earnings.<\/p>\n<h2>How stocks traded<\/h2>\n<ul class=\"articleList\">\n<li>\n      The Dow Jones Industrial Average<br \/>\n        DJIA<br \/>\n       fell 145.13 points, 0.4%, to close at 38,627.99.<\/p>\n<\/li>\n<li>\n      The S&amp;P 500<br \/>\n        SPX<br \/>\n       dropped 24.16 points, or 0.5%, to finish at 5,005.57<\/p>\n<\/li>\n<li>\n      The Nasdaq Composite<br \/>\n        COMP<br \/>\n       shed 130.52 points, 0.8%, to end at 15,775.65.<\/p>\n<\/li>\n<\/ul>\n<p>For the week, the Dow fell 0.1%, the S&amp;P 500 shed 0.4% and the technology-heavy Nasdaq Composite dropped 1.3%. <\/p>\n<div class=\"paywall\">\n<h2>What drove markets<\/h2>\n<p>U.S. stocks closed lower Friday, with the S&amp;P 500, Dow Jones Industrial Average and Nasdaq Composite all snapping five straight weeks of gains.<\/p>\n<p>The market\u2019s stability despite this week\u2019s \u201cnerve-racking inflation data\u201d and \u201chawkish\u201d commentary from Federal Reserve officials\u00a0 is \u201cremarkable,\u201d said Mark Hackett, Nationwide\u2019s chief of investment research, by phone Friday. \u201cAt some point, we\u2019re going to get a reminder that it\u2019s not this easy.\u201d<\/p>\n<p>The S&amp;P 500 remains up 4.9% so far this year despite slipping Friday.<\/p>\n<p>The stock market appears resilient in the face of hotter-than-anticipated inflation readings this week because of \u201ccontinued strong earnings\u201d as companies roll out their fourth-quarter results, said David Waddell, chief executive and chief investment strategist at Waddell &amp; Associates, in a phone interview Friday. Fourth-quarter earnings have come in \u201ca lot better than expected,\u201d he said.<\/p>\n<p>And although U.S.  inflation in January, as measured by the consumer-price index and producer-price index, was stronger than Wall Street expected, Waddell noted that \u201cthe trend is lower.\u201d<\/p>\n<p>Data from the producer-price index showed wholesale prices rose 0.3% last month, according to a report Friday from the Bureau of Labor Statistics. That was the biggest increase in five months and surpassed economists\u2019 expectations for a 0.1% uptick.<\/p>\n<p>Core wholesale prices, which exclude food, energy and trade margins, saw an even bigger rise in January, climbing 0.6% for the largest monthly jump in a year.<\/p>\n<p>Stocks stumbled Friday as Treasury yields rose on the PPI inflation report.  The rate on the 10-year Treasury note<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       increased more than 5 basis points to 4.294%, according to Dow Jones Market Data.<\/p>\n<p><strong>Read:<\/strong> Fed\u2019s Daly says patience is needed to finish the job on inflation<\/p>\n<p>In other economic news, investors digested fresh data on housing starts, which showed the construction of new homes fell 14.8% in January as home builders scaled back new projects. <\/p>\n<p>Also, a gauge of preliminary consumer sentiment from the University of Michigan for February ticked higher to 79.6 from 79 last month. <\/p>\n<p>Strong earnings reports helped boost certain stocks on Friday, with shares of Applied Materials Inc.<br \/>\n        AMAT,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209393259\/composite\" class=\"negative\">-0.34%<\/bg-quote><br \/>\n       jumping more than 6%  after the chip-equipment company delivered upbeat results and guidance after Thursday\u2019s close.  <\/p>\n<p> Chip maker Nvidia Corp.<br \/>\n        NVDA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200467500\/composite\" class=\"negative\">-0.49%<\/bg-quote><span>,<\/span><br \/>\n       which is in the \u201cMagnificent Seven\u201d group of megacap stocks, will report its quarterly earnings next week on Feb. 21. The company\u2019s shares ended 0.1% lower Friday as the S&amp;P 500\u2019s tech sector broadly fell.<\/p>\n<p>With 79% of companies in the S&amp;P 500 having released fourth-quarter earnings so far, 75% of them have reported a \u201cpositive\u201d surprise in their earnings per share, according to a note Friday from FactSet\u2019s senior earnings analyst John Butters. That\u2019s \u201cbelow the 5-year average of 77% but above the 10-year average of 74%.\u201d<\/p>\n<p><strong>See:<\/strong> Is the stock market open on Presidents Day? Will the post office deliver mail?<\/p>\n<h2>Companies in focus<\/h2>\n<ul class=\"articleList\">\n<li>\n      Shares of <strong>Super Micro Computer Inc.<\/strong><br \/>\n        SMCI,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/202888508\/lastsale\" class=\"negative\">-2.88%<\/bg-quote><br \/>\n       tumbled 20%, as the largest component of the small-cap Russell 2000 helped drag the index lower. The stock remains up more than 182% year to date.<\/p>\n<\/li>\n<li>\n      <strong>Nike Inc. <\/strong><br \/>\n        NKE,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203439053\/composite\" class=\"positive\">+0.58%<\/bg-quote><br \/>\n       shares declined  2.4% after the company announced 1,700 job cuts as part of a plan to cut costs.<\/p>\n<\/li>\n<li>\n      <strong>DraftKings Inc.<\/strong><br \/>\n        DKNG,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/213120645\/composite\" class=\"positive\">+2.80%<\/bg-quote><br \/>\n       shares rose around 0.3% after the company surprised Wall Street with a quarterly loss and revenue that was merely in line with expectations.<\/p>\n<\/li>\n<\/ul>\n<p><em>Barbara Kollmeyer contributed to this article.<\/em><\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/s-p-500-seen-grinding-to-new-high-with-producer-prices-sentiment-data-ahead-08c44188?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stocks ended down on Friday, with all three major indexes logging weekly losses, as investors assessed inflation readings and company earnings. How stocks traded The Dow Jones Industrial Average DJIA fell 145.13 points, 0.4%, to close at 38,627.99. The S&amp;P 500 SPX dropped 24.16 points, or 0.5%, to finish at 5,005.57 The Nasdaq Composite [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":89965,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-89964","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Stocks end lower as Dow, S&amp;P 500 and Nasdaq snap five straight weeks of gains | iFintechWorld<\/title>\n<meta name=\"description\" content=\"U.S. stocks ended down on Friday, with all three major indexes logging weekly losses, as investors assessed inflation readings and company earnings.How\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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