Stock Market Rallies as Salesforce, DXCM, and Tesla Make Moves

The Dow Jones Industrial Average and other indexes rose throughout Thursday and Friday, ending at session highs. Salesforce (CRM) and DXCM stock were the top performers, while Tesla (TSLA) was the day’s worst.[0] The Dow Jones Industrials rose 1.05%, the S&P 500 rallied 0.8%, the Nasdaq advanced 0.7%, and the small-cap Russell 2000 climbed 0.2%.

The 10-year Treasury yield dropped 6 basis points to 4.02%, having briefly dropped to 4%. Treasury yields backed off from highs touched over the last two sessions, with the 10-year Treasury yield (US10Y) down 11 basis points to 3.96%, while the 2-year yield (US2Y) was down 4 basis points to 4.86%. Data indicating the U.S. services sector is expected to experience growth for the first time in eight months has caused a retreat in yields, indicating the economy is strong enough to handle more rate increases.[1]

It is predicted that the Federal Reserve will raise rates a minimum of two more times, ultimately reaching a level of 5%. It is conceivable that additional hikes may occur.[2] The markets are firmly anticipating a minimum of three additional quarter-point increases in the Federal Reserve’s rate, however there is a realistic prospect of a 50-basis-point adjustment in March or May.[0]

The S&P Global U.S. Services Purchasing Managers Index (PMI) moved back into expansion territory in February, rising to 50.6 from January’s 46.8.[3] The Institute for Supply Management’s services PMI ticked lower in February, to 55.1 from 55.2, but still came in above the consensus estimate.[3]

After the close, (AI) gapped up over 28% in heavy volume after reporting better-than-expected fiscal Q3 sales and a smaller loss, vs. the same quarter a year ago, and positive Q4 revenue guidance.[4] The stock created tailwinds for other AI stocks, including Nvidia (NVDA) and Snowflake (SNOW), which both rose over 2%.[3]

Shares in Tesla experienced a 4% increase following a 13% increase in sales in China from January to February, as well as a 32% increase from the same period last[1] Meanwhile, Salesforce (CRM) surged on strong earnings, revenue guidance, and an increased buyback, while Workday (WDAY) reported Q4 EPS up 27% with revenue rising 20% to $1.[5]

0. “Futures Rise Ahead Of Key Econ Data; AI Stock Soars Into Buy Zone” Investor’s Business Daily, 3 Mar. 2023,

1. “S&P 500 in search of first weekly win in four weeks as rates retreat to boost tech By”, 3 Mar. 2023,

2. “Stock market news today: Fears of high interest rates hit investors” Markets Insider, 1 Mar. 2023,

3. “Stock Market Today: S&P 500 Snaps Weekly Losing Streak” Kiplinger’s Personal Finance, 3 Mar. 2023,

4. “Stock Market Builds On An Up Day; AI Stocks Led the Charge” Investor’s Business Daily, 3 Mar. 2023,

5. “Stocks Mixed Before The Open As Bond Yields Tick Higher On Fed Concerns, ECB Minutes In Focus” Barchart, 2 Mar. 2023,