Demand Imbalance Arbitrage

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February Markets Recap: NCLH and Zoom Move, U.S. Durable Goods Orders Fall, Home Prices Dip


U.S. stocks ended the month of February on a low note, with the Dow Jones Industrial Average (DJIA) closing down 181 points, or 0.6%, near 32,709, while the S&P 500 index (SPX) was off 0.1% and the Nasdaq Composite Index (COMP) was 0.3% higher, according to FactSet data.

[0] Shares of Zoom (ZM) increased in value following the announcement of fourth quarter earnings that exceeded expectations, with earnings per share of $1.22, compared to the estimated 80 cents.[1] The total revenue was $1.12 billion.[2] Meanwhile, Occidental Petroleum (OXY) shares moved down on Tuesday after the oil and gas producer posted fourth-quarter results that came in below Wall Street expectations on revenue and earnings per share.[3]

On the economic front, durable goods orders dropped by a larger-than-expected 4.5% in January, while core durable goods jumped 0.7%, outpacing the 0.1% increase that economists had predicted.[4] The University of Michigan’s consumer sentiment index in the U.S. for February was adjusted upwards by 0.6 points to a record high of 67.0 for the past 13 months.[5] In January, the Federal Reserve’s favored measure of inflation in the economy, the Personal Consumption Expenditures (PCE) price index, rose by 0.6%, with an increase of 5.4% from the same period in the previous year.[6] Excluding food and energy components that are subject to frequent fluctuations, prices increased 0.6% from the previous month and 4.7% year-over-year.[6]

Data from the S&P Corelogic Case-Shiller Index revealed that home prices dropped by 0.5% in December.[7] Yearly, home prices increased by 4.6%, which was lower than what analysts predicted (4.8%).[2]

In the fixed income markets, yields moved in different directions.[8] The US10Y 10-year Treasury yield rose 1 basis point to 3.93%, while the US2Y 2-year yield stayed at 4.79%. Examining the bond market, interest rates moved downwards.[9]

0. “US Markets End Down for the Day and Month” Investopedia, 28 Feb. 2023,

1. “Dow futures rise 70 pts; Target earnings, Goldman investor day in focus By”, 28 Feb. 2023,

2. “Stock market news today: Stocks fall as volatile month comes to close” Yahoo News, 28 Feb. 2023,

3. “Dow closes more than 200 points lower Tuesday, major averages end February with losses: Live updates” CNBC, 28 Feb. 2023,

4. “Stock Market News Today: Bulls Finish Today‚Äôs Session in Control” TipRanks, 27 Feb. 2023,

5. “Stocks Tumble as Strong Economic Reports Bolster the Case for Tighter Fed Policy” Barchart, 24 Feb. 2023,

6. “Stock market news today: Stocks slide after hotter-than-expected key inflation print” AOL, 24 Feb. 2023,

7. “Stock Market Today: Stocks Wobble as February Draws to a Close” Kiplinger’s Personal Finance, 28 Feb. 2023,

8. “Nasdaq, Dow, S&P seesaw as stocks look for momentum on last day of February (SP500)” Seeking Alpha, 28 Feb. 2023,

9. “Dow, Nasdaq, S&P 500 bounce back after last week’s drop (SP500)” Seeking Alpha, 27 Feb. 2023,

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