The U.S. stock market ended higher on Thursday, with the Dow Jones Industrial Average up 0.4%, and the S&P 500 and Nasdaq both gaining 0.1% and 0.7%, respectively. Roblox (RBLX) surged 25% after the video game platform revealed better-than-expected bookings data for Q4, while Devon Energy (DVN) fell 10% after its fourth-quarter results missed expectations.[0] The yield on the benchmark 10-year U.S. Treasury note ticked down to 3.78%, while retail sales surged 3% in January, reversing two consecutive monthly declines.[1]
Oil and natural gas producer Devon Energy (DVN) gapped down 10.5% in heavy volume after reporting worse-than-expected fourth-quarter adjusted EPS and sales numbers.[2] Meanwhile, Roku (ROKU) stock rose Thursday morning after the company’s net revenue of $867.1 million topped expectations of $804.5 million.[3] ABNB shares rose 13.4% on Wednesday after the firm announced its Q4 sales and earnings had surpassed expectations and it had achieved its first annual profit on Tuesday.[2]
Bond yields rose slightly after observing bond trading.[0] The 10-year US Treasury yield (US10Y) increased by 5 basis points to 3.81%, and the 2-year Treasury yield (US2Y) rose 1 basis point to 4.63%.[4] On Tuesday, the monthly Consumer Price Index (CPI) was as predicted, with a 0.5% rise on a month-to-month basis, and the core CPI also went up as predicted by 0.4%.[5] In comparison to December, the 12-month inflation rate decreased from 6.5% to 6.4%.[5] Core inflation increased by 5.6% on a yearly basis, the least amount since December 2021.[5]
Four economic data points will be released at 8:30 a.m.[6] EST on Thursday, with the Labor Department due to release the weekly jobless claims data and producer price inflation data, while the Commerce Department is due to release its housing starts report for January.[7] The Philadelphia Federal Reserve is set to announce the outcomes of its survey of business conditions.[6]
0. “Dow, Nasdaq, S&P 500 overcome lingering Fed fears to end choppy session higher” Seeking Alpha, 15 Feb. 2023, https://seekingalpha.com/news/3936612-dow-nasdaq-sp-500-end-higher-despite-choppy-trading-as-fed-fears-linger
1. “Stock market news today: Stock futures waver, bitcoin rallies” Yahoo News, 16 Feb. 2023, https://news.yahoo.com/stock-market-news-live-updates-february-16-2023-122740853.html
2. “Stock Market Indexes Pull Ahead In Final Hour; Etsy Posts Over 6% Gain” Investor’s Business Daily, 15 Feb. 2023, https://www.investors.com/market-trend/stock-market-today/the-stock-market-climbs-out-of-morning-hole-stock-soars/
3. “Late Trading Higher on Big Quarterly Reports: CSCO, SHOP & More” Zacks Investment Research, 15 Feb. 2023, https://www.zacks.com/stock/news/2054930/late-trading-higher-on-big-quarterly-reports-csco-shop-more
4. “Dow Jumps Over 300 Points, Dollar Surges in Midday Trading” msnNOW, 13 Feb. 2023, https://www.msn.com/en-us/money/markets/dow-jumps-over-300-points-dollar-surges-in-midday-trading/ar-AA17radT
5. “Before the Bell: Tesla Drives Nasdaq, Soros Drives Tesla and Buffett Dumps TSMC” 24/7 Wall St., 15 Feb. 2023, https://247wallst.com/investing/2023/02/15/before-the-bell-tesla-drives-nasdaq-soros-drives-tesla-and-buffett-dumps-tsmc
6. “US Stocks’ Resilience Faces Test As Traders Await Flurry Of Economic Data: Fed May ‘Surprise To The Upsid” Benzinga, 16 Feb. 2023, https://www.benzinga.com/news/earnings/23/02/30938492/us-stocks-resilience-faces-test-as-traders-await-flurry-of-economic-data-fed-may-surprise-to-the-up
7. “U.S. stock futures show Wall Street holding recent gains” MarketWatch, 16 Feb. 2023, https://www.marketwatch.com/story/u-s-stock-futures-show-wall-street-holding-recent-gains-8d0a72e6