US close: Stocks sharply lower as traders digest key data
By Iain Gilbert
Date: Friday 17 Feb 2023
(Sharecast News) - Wall Street stocks closed sharply lower on Thursday as market participants digested a number of data points that seemed to stoke a fear of rate hikes.
At the close, the Dow Jones Industrial Average was down 1.26% at 33,696.85, while the S&P 500 slipped 1.38% to 4,090.41 and the Nasdaq Composite saw out the session 1.78% weaker at 11,855.83.
The Dow closed 431.20 points lower on Thursday, easily reversing gains recorded in the previous session following a stronger-than-expected January retail sales report.
Market participants were focussed on a number of key macro points on Thursday, with most hoping to gain further insight into the state of the US economy.
First up, Americans unexpectedly filed unemployment claims at a decelerated rate in the week ended 11 February and remained near a nine-month low. Initial jobless claims dropped to 194,000, according to the Department of Labor, down from the previous week's downwardly revised level of 195,000 and below market expectations for a print of 200,000.
On another note, wholesale prices in the US rose more quickly than expected at the start of 2023. According to the Department of Labor, so-called final demand prices increased at a month-on-month pace of 0.7% - faster than the consensus forecast for a rise of 0.4%.
Still on data, manufacturing sector activity in the US mid-Atlantic region worsened in February, with the Federal Reserve Bank of Philadelphia's factory sector index falling from a reading of -8.9 in January to -24.3 for February.
Finally, homebuilding activity in the States slowed in January. According to the Department of Commerce, in seasonally adjusted terms, housing starts dropped at a month-on-month pace of 4.5% to reach an annual rate of 1.3m, while on annual basis, housing starts were off by 21.4%.
In the corporate space, Hyatt Hotels reported a fourth-quarter net income of $294.0m after reporting a loss at the same time a year earlier, Crocs posted earnings that came in $0.40 ahead of estimates, and WeWork fell $0.16 short of EPS estimates despite seeing revenue top expectations.
Dropbox posted quarterly earnings that matched expectations and revenues that topped estimates, while DoorDash reported a 40% year-on-year surge in revenues, and Hasbro missed earnings estimates but kept its expectations for the current year low even though it said it saw a turnaround coming.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Cisco Systems Inc. (CSCO) $50.99 5.24%
Home Depot Inc. (HD) $321.24 0.17%
Dowdupont Inc. (DWDP) $0.00 0.00%
McDonald's Corp. (MCD) $265.80 -0.27%
Walgreens Boots Alliance, Inc. (WBA) $36.32 -0.55%
Coca-Cola Co. (KO) $59.22 -0.62%
Johnson & Johnson (JNJ) $158.24 -0.71%
Unitedhealth Group Inc. (UNH) $487.28 -0.79%
Caterpillar Inc. (CAT) $246.56 -0.88%
International Business Machines Corporation (CDI) (IBM) $135.00 -1.03%
Dow Jones - Fallers
Walt Disney Co. (DIS) $105.83 -3.12%
Microsoft Corp. (MSFT) $262.15 -2.66%
Amgen Inc. (AMGN) $234.22 -2.43%
Nike Inc. (NKE) $124.38 -2.43%
3M Co. (MMM) $112.00 -2.43%
Boeing Co. (BA) $212.21 -2.41%
Intel Corp. (INTC) $28.20 -2.25%
Dow Chemical Co. (DOW) $58.68 -1.81%
Salesforce.Com Inc. (CRM) $168.11 -1.75%
Walmart Inc. (WMT) $144.27 -1.57%
S&P 500 - Risers
Cisco Systems Inc. (CSCO) $50.99 5.24%
Albemarle Corp. (ALB) $285.54 4.70%
Republic Services Inc. (RSG) $129.98 3.32%
Laboratory Corporation of America Holdings (LH) $256.09 3.16%
Welltower Inc (WELL) $78.06 3.08%
Marathon Oil Corp. (MRO) $26.78 2.72%
Fidelity National Information Services Inc. (FIS) $69.18 2.54%
Borg Warner Inc. (BWA) $50.32 1.90%
Ipg Photonics Corp. (IPGP) $133.51 1.84%
Halliburton Co. (HAL) $38.58 1.66%
S&P 500 - Fallers
TripAdvisor Inc. (TRIP) $22.57 -10.44%
Henry Schein Inc. (HSIC) $82.82 -6.57%
Advanced Micro Devices Inc. (AMD) $80.08 -5.99%
Synopsys Inc. (SNPS) $359.71 -5.21%
Vulcan Materials Co. (VMC) $185.47 -5.16%
NRG Energy Inc. (NRG) $34.08 -4.88%
Carnival Corp. (CCL) $11.61 -4.84%
Svb Financial Group (SIVB) $301.93 -4.68%
Nektar Therapeutics (NKTR) $2.98 -4.18%
Under Armour Inc. Class A (UAA) $10.39 -3.89%
Nasdaq 100 - Risers
Cisco Systems Inc. (CSCO) $50.99 5.24%
JD.com, Inc. (JD) $54.10 3.58%
NetEase Inc. Ads (NTES) $87.81 1.67%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $531.56 0.95%
Comcast Corp. (CMCSA) $39.72 0.76%
Trip.com Group Limited (TCOM) $38.05 0.58%
Hasbro Inc (HAS) $58.46 0.14%
O'Reilly Automotive Inc. (ORLY) $862.00 0.09%
Wynn Resorts Ltd. (WYNN) $108.47 0.01%
Cerner Corp. (CERN) $0.00 0.00%
Nasdaq 100 - Fallers
Henry Schein Inc. (HSIC) $82.82 -6.57%
Tesla Inc (TSLA) $202.04 -5.69%
Synopsys Inc. (SNPS) $359.71 -5.21%
Expedia Group Inc. (EXPE) $111.53 -3.82%
Cadence Design Systems Inc. (CDNS) $194.62 -3.78%
Lam Research Corp. (LRCX) $501.33 -3.64%
Align Technology Inc. (ALGN) $326.17 -3.61%
Mercadolibre Inc. (MELI) $1,119.64 -3.45%
Applied Materials Inc. (AMAT) $115.39 -3.41%
Nvidia Corp. (NVDA) $220.02 -3.35%
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