The stock market rally continues to be strong, with stocks such as Visteon (VC), Etsy (ETSY) and Wingstop (WING) making the list of top stocks to buy and watch.[0] The Dow Jones Industrial Average dropped 0.6%, the S&P 500 declined 1.1%, and the Nasdaq Composite sold off 1.7%.[0] Meanwhile, West Texas Intermediate crude oil fell 1.01% to $77.60 per barrel and Brent crude dropped 1.18% to $84.09.[0]
Weekly jobless claims in the U.S. hit 196,000 for the week ending Feb. 4, an increase of 13,000 from the prior week.[1] Though it’s still one of the lowest numbers historically, the number is more than what analysts expected and runs contrary to January’s jobs data, which reported record low unemployment.[1]
Lyft (LYFT) saw a massive stock decline after its quarterly earnings report included a weak forecast, while Tesla (TSLA) climbed more than +3% on signs that recent price cuts are spurring demand for its electric vehicles.[2] The yield on the 10-year Treasury rose six basis points to 3.67%.[3]
So far, 63% of S&P 500 companies have reported fourth-quarter earnings and 69.5% have beaten analyst expectations, according to FactSet data.[4] Gold dropped 0.97% to $1,872.30 per ounce and Bitcoin fell 4.2% to $21,989.8.[5]
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0. “Dow Jones Rallies 250 Points After Jobless Claims; Tesla Stock Doubles From Lows” Investor’s Business Daily, 9 Feb. 2023, https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-rise-ahead-of-jobless-claims-disney-surges-on-earnings/
1. “CNBC Daily Open: The U.S. economy gives conflicting signals” CNBC, 9 Feb. 2023, https://www.cnbc.com/2023/02/10/stock-markets-the-us-economy-gives-conflicting-signals.html
2. “Stocks Relinquish Early Gains and Close Lower as Bond Yields Climb” Barchart, 9 Feb. 2023, https://www.barchart.com/story/news/14072296/stocks-relinquish-early-gains-and-close-lower-as-bond-yields-climb
3. “Stock Buyers’ Fatigue Kicks In as Bond Yields Jump: Markets Wrap” Yahoo! Voices, 9 Feb. 2023, https://www.yahoo.com/now/asia-stocks-face-declines-wall-230048868.html
4. “Dow closes nearly 250 points lower, Nasdaq sheds 1% as Alphabet shares slide: Live updates” CNBC, 9 Feb. 2023, https://www.cnbc.com/2023/02/08/stock-market-futures-open-to-close-news.html
5. “Stock market news today: Rising interest rates help spoil early gains” Markets Insider, 9 Feb. 2023, https://markets.businessinsider.com/news/stocks/stock-market-news-today-rising-interest-rates-highest-level-november-2023-2