Mixed Market Action as Stocks React to Fed, Bitcoin Hits 6-Month High

U.S. stocks ended mixed on Friday as investors weighed comments from Federal Reserve officials, who suggested more aggressive rate hikes in order to contain inflation.[0] The S&P 500 (^GSPC) dropped 0.3%, while the Dow Jones Industrial Average (^DJI) added 0.4%, recovering from early-session losses.[1] The Nasdaq Composite (^IXIC), which is heavily focused on technology, decreased by 0.6[2]

In single stock moves, shares of DraftKings (DKNG) jumped 15.3% after the sports betting platform said fourth-quarter revenue was up 81% year-over-year to $855 million, more than analysts were expecting.[3] The firm reported a lower-than-expected per-share loss of 53 cents and raised its outlook for the whole year.[4] DoorDash (DASH) was another big post-earnings mover, though its shares fell 7.6% after the food delivery company reported a wider-than-expected Q4 loss.[5]

Deere & Co. (DE) shares rose 7.5% Friday — the most in two years — after the world’s biggest tractor maker raised its earnings guidance above estimates thanks to sustained high crop prices that kept farmers spending.[6] The yield on the benchmark 10-year U.S. Treasury note ticked down to 3.815%, while the dollar index traded near the flatline at $103.88.[7] US benchmark WTI crude oil was trading at around $76.35 a barrel, which was 2.7% lower than previous.[8]

Roku (ROKU) stock jumped 11.2% after the streaming company reported a slimmer-than-expected fourth-quarter loss of $1.70 per share on higher-than-anticipated revenue of $867 million.[9] The corporation further declared that active customers and streaming hours had increased in comparison to the 3rd quarter.[10]

ADI experienced a 7.5% increase in share price with high trading volume after announcing financial results that exceeded expectations for their first fiscal quarter.[9] The semiconductor company’s stock price rose above 5% of the 180.05 purchase point of a cup base.[11]

The price of Bitcoin (BTC-USD) surged to a six-month peak amidst ongoing jitters in the cryptocurrency industry due to tighter regulations.[2]

0. “Nasdaq, S&P, Dow on track to end mixed, but well off their session lows” Seeking Alpha, 17 Feb. 2023, https://seekingalpha.com/news/3937764-nasdaq-sp500-dow-jones-stock-market-fed-rate-hikes-earnings

1. “Stocks End Week Slightly Lower on Tough Fedspeak: Markets Wrap” Yahoo Finance, 17 Feb. 2023, https://finance.yahoo.com/news/stocks-asia-set-drop-wall-222737989.html

2. “Stock market news today: Stocks sell off after hot inflation report, hawkish Fedspeak” Yahoo Money, 16 Feb. 2023, https://money.yahoo.com/stock-market-news-live-updates-february-16-2023-122740853.html

3. “U.S. stocks end mixed, Dow books longest weekly losing streak since September as traders bet on more Fed rate hikes” MarketWatch, 17 Feb. 2023, https://www.marketwatch.com/story/u-s-stock-futures-point-to-further-losses-on-fed-rate-hike-jitters-bfd51efc

4. “Stock Market Today: Stocks Close Mostly Lower Amid Rate-Hike Worries” Kiplinger’s Personal Finance, 17 Feb. 2023, https://www.kiplinger.com/investing/stocks/stock-market-today-021723-stocks-close-lower-amid-rate-hike-worries

5. “S&P 500 off lows but remains under pressure as rate-hike fears dent tech By Investing.com” Investing.com, 17 Feb. 2023, https://www.investing.com/news/stock-market-news/sp-500-off-lows-but-remains-under-pressure-as-ratehike-fears-dent-tech-3007413

6. “Central Bank Comments on Tighter Monetary Policy Weighs on Stocks” Barchart, 17 Feb. 2023, https://www.barchart.com/story/news/14311438/central-bank-comments-on-tighter-monetary-policy-weighs-on-stocks

7. “Dow Jones Dives Amid Inflation Data Surprise; Elon Musk Offers This Defense Amid Big Tesla Recall” Investor’s Business Daily, 16 Feb. 2023, https://www.investors.com/market-trend/stock-market-today/dow-jones-falls-amid-inflation-data-surprise-elon-musk-lashes-out-amid-big-tesla-recall-tesla-stock-tsla-stock-microsoft-stock-ai-chatgpt/

8. “U.S. stocks are mixed after Fed officials stoke rate fears By Investing.com” Investing.com, 17 Feb. 2023, https://www.investing.com/news/stock-market-news/us-stocks-are-falling-after-fed-officials-stoke-rate-fears-3007153

9. “S&P Futures Tick Lower Ahead of Key U.S. PPI Data” Barchart, 16 Feb. 2023, https://www.barchart.com/story/news/14260125/s-p-futures-tick-lower-ahead-of-key-u-s-ppi-data

10. “Stock Market Today: Hot Inflation Data Sends Stocks Lower” Kiplinger’s Personal Finance, 16 Feb. 2023, https://www.kiplinger.com/investing/stocks/stock-market-today-021623-hot-inflation-data-sends-stocks-lower

11. “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/