The Week In Review


The major averages pulled back to end the week following another hot inflation data report that may push off rate cuts from the Federal Reserve. The Dow Jones Industrial Average fell 145 points preet much right where it started the day. The S&P 500 fell 24 points while the Nasdaq Composite declined 140 points or 0.81%.

The producer price index for January, a measure of wholesale inflation, increased 0.3%. Economists polled by Dow Jones had anticipated a gain of 0.1%. Excluding food and energy, core PPI rose 0.5%, higher than the expectations for a 0.1% advance.

Treasury yields are backing up. The 10 year ended the day up 4.29% or 6 basis points. The 2-year Treasury yield closed at 4.66%, the highest since December.

Earnings reports also contributed to the volatility this week. Applied Materials rose 6% on earnings and better than expected guidance. Other stocks that traded higher on earnings were Coinbase, Toast, The Trade Desk, and Ingersoll Rand.

Companies trading down today on earnings were DoorDash, DraftKings, Roku and Dropbox.

Two high flyers this year received upgrades. Nvidia and Eli Lilly were both upgraded with new price targets. Eli Lilly rose 3% today and is up over 30% for the year while Nvidia closed modestly lower on the day, but is up over 40% for the year.

The volatility the last five days caused the three major indexes to snap their five-week winning streaks. The S&P 500 ended the week lower by 0.42%, while the Dow slipped 0.11%. The Nasdaq tumbled 1.34%.

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