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\n (Tuesday market close) Major U.S. equity indexes finished mixed Tuesday as the market extended a modest pullback from last week's climb to record highs and investors looked ahead to a handful of major company results remaining this earnings season and a key inflation update that promises to shape interest rate expectations.
Retailers were in the spotlight as Macy's (M) jumped 3.4% after the company, in its quarterly results, said it'll close about 150 department stores and open new locations for stronger-performing brands. Lowe\u2019s (LOW) added\u00a01.8% after the home improvement chain reported stronger-than-expected earnings. Dow member Salesforce (CRM) and Snowflake (SNOW) are both expected to report Wednesday.
Investors also are waiting for Wednesday's update to fourth-quarter gross domestic product (GDP) and Thursday's Personal Consumption Expenditures Price Index (PCE), the Federal Reserve's preferred inflation measure.
According to Nathan Peterson, director of derivatives analysis at the Schwab Center for Financial Research, investors are navigating a figurative \"air pocket\" between last week's Nvidia (NVDA) earnings and key events next month, including the February\u00a0Nonfarm Payrolls\u00a0Report March 8 and the Federal Reserve's next policy gathering in three weeks.
\"Stocks appear to be in consolidation mode as the tech rally takes a breather, along with a lack of major earnings or economic catalysts until we get the PCE numbers Thursday,\" Peterson said.
\"But money is always looking for a place to grow, and so far this week, we\u2019ve been seeing money flow into some previously lagging areas of the market, such as small caps and Chinese shares.\u00a0Money is also finding its way into the biotech sector, which is trading at a two-year high today,\" he added.
Here's where the major benchmarks ended:
- The S&P 500\u00ae index (SPX)\u00a0rose 8.65 points (0.2%) to\u00a05,078.18; the Dow Jones Industrial Average\u00ae (DJI)\u00a0fell 96.82 points (0.3%) to\u00a038,972.41; the Nasdaq Composite\u00ae (COMP)\u00a0gained 59.05 points (0.4%) to\u00a016,035.30.
- The 10-year Treasury note yield (TNX)\u00a0rose about 1 basis point to\u00a04.309%.
- The CboeVolatility Index\u00ae (VIX)\u00a0dropped 0.31 to\u00a013.43.
Retailer strength helped lift the S&P Retail Select Industry Index (SPSIRE) 2.4% to its highest level in 22 months. Utility shares were also strong as the sector rebounded from the previous day's slump. The small-cap Russell 2000\u00ae (RUT) jumped\u00a01.3% to extend a nearly week-long rally and posted its second-highest close of the year.
In other markets, WTI crude oil (/CL)\u00a0futures surged\u00a01.4% and settled just under $79 per barrel, the market's highest close since early November. Strength in oil reflects concern over conflict in the Middle East and expectations OPEC may extend production cuts beyond the first few months of 2024.
Stock market benchmarks remain in a steady uptrend, according to Peterson, with the S&P 500 still well-above widely followed indicators, such as the 50-day moving average (currently about 4,864) and the Russell 2000 \"threatening to break out to two-year highs.\" If the S&P 500 continues to pull back from last week's all-time high above 5,100, the first near-term area support appears to be around 4,950 followed by 4,800, Peterson added.
\nRead all our market commentary on our\u00a0Insights & Education\u00a0page, and you can follow us at\u00a0@SchwabResearch.
\n\t\t\t\tRead all our market commentary on our\u00a0Insights & Education\u00a0page, and you can follow us at\u00a0@SchwabResearch.
\n\t\t\t\tRead all our market commentary on our\u00a0Insights & Education\u00a0page, and you can follow us at\u00a0@SchwabResearch.
\"\n id=\"body_disclosure--media_disclosure--110471\"\n >\n \n\n\n\n\nRead all our market commentary on our\u00a0Insights & Education\u00a0page, and you can follow us at\u00a0@SchwabResearch.
\n \n \n\n Stocks on the move\n
\n \n \n \nThe following companies had stock price moves driven by analyst ratings, quarterly results, or other news:
- AutoZone\u00a0(AZO) jumped\u00a06.7% after the auto-parts retailer's quarterly earnings and revenue surpassed expectations.\u00a0
- Cava (CAVA) gained\u00a012% after the Mediterranean restaurant chain posted earnings and revenue that exceeded forecasts.
- Coinbase Global\u00a0(COIN) rose\u00a02.7%, joining a rally across the cryptocurrency industry after bitcoin soared above $57,000 to its highest level since late 2021.
- Norwegian Cruise Line (NCLH) rallied\u00a020% after the cruise-ship operator topped earnings expectations and released strong guidance for 2024.
- Roku (ROKU) fell\u00a00.8% after\u00a0Wells Fargo (WFC) downgraded the streaming platform to \"underweight\" from \"equal weight\" and cut its price target to $51 from $77, saying Walmart's \u00a0(WMT) acquisition of Vizio\u00a0(VZIO) creates \"substantial risk\" for Roku.
- Unity Software (U) sank\u00a06.1% after the video-game developer released disappointing earnings guidance.\u00a0
- Viking Therapeutics (VKTX) soared\u00a0121% after the biotechnology company announced favorable trial results from a Phase 2 study for its VK2735 weight loss treatment.
- Workday (WDAY) dropped\u00a04% despite posting earnings that topped expectations. The maker of human resources and finance software also reiterated previous guidance for the full year.
- Zoom Video Communications (ZM) climbed\u00a08% after the video-software vendor's quarterly results surpassed Wall Street expectations.
The two big tech companies on Wednesday's earnings calendar, Salesforce\u00a0and Snowflake,\u00a0may not be considered part of the so-called Magnificent Seven mega-caps, but their results are sure to be closely scrutinized and could add fuel to another leg up in the tech sector, or they could throw a bucket of cold water on the market. Both companies are expected to report results after the close.\u00a0
As Nvidia's results last week illustrated, big tech earnings surprises, to the upside or downside, have often triggered outsized moves for both the company's shares and the sector. After Salesforce\u00a0previously reported results in November, shares of the cloud-software vendor surged as much as 17% over the next three days.
Salesforce shares have gained\u00a014% so far this year, making it one of the Dow's top 10 performers and outpacing the\u00a03.4% increase for the blue-chip average. Shares of cloud-data storage provider Snowflake have also performed well, up\u00a0almost 18% this year.
\n\n Consumer confidence dips\n
\n \n \n \nEconomic news reported Wednesday came out weaker than expected but did not appear to significantly alter the market's longer-term outlook for the economy or interest rates.\u00a0
The Conference Board's Consumer Confidence Index\u00ae (CCI) for February unexpectedly dropped to 106.7 from a downwardly revised 110.9 in January, breaking a three-month string of gains. Analysts expected the index to rise to around 114.6, according to Briefing.com.
The decline reflected \"persistent uncertainty about the U.S. economy,\" according to Dana Peterson, chief economist at The Conference Board.
Survey results indicated \"that while overall inflation remained the main preoccupation of consumers, they are now a bit less concerned about food and gas prices, which have eased in recent months,\" Peterson said in a statement. \"But they are more concerned about the labor market's situation and the U.S. political environment.\"
Also Tuesday, January Durable Orders fell 6.1%, a larger decline than analysts expected and down from a revised \u20130.3% in December. Excluding transportation, orders dropped 0.3%. Analysts had expected new orders to drop 4.4% in January from December. Excluding transportation, orders were seen rising 0.3% in January compared with a revised 0.1% increase in December.
\"The report indicates sluggish spending on durables,\" said Kathy Jones, chief fixed income strategist at Schwab. \"Boeing (BA) orders fell sharply, and non-defensive ex-aircraft (core) was up only 0.1%.\" Motor vehicles and parts demand also looked lackluster.
Wednesday's updated GDP estimate from the government is the second of three and typically has less market significance than the first and third. Consensus is an annualized 3.2%, below the first estimate of 3.3%, according to Briefing.com.
Schwab's Peterson noted that while Consumer Confidence and Durable Goods both reported lower-than-expected estimates, \"there really isn\u2019t enough to formulate a bearish thesis\" for the overall economy. Several other readings in recent months, he noted, largely conveyed an economy on solid footing.
\"Earlier this month, we saw retail sales come in below estimates, along with downward revisions to the prior month, as well as hotter-than-expected inflation,\" Peterson said. \"But we need more data points to see whether the consumer is weakening or inflation is ticking back up.\"
Investors continued to see little chance of the Fed lowering benchmark interest rates any time soon.\u00a0
Late Tuesday, traders priced nearly 98% odds the fed funds target will remain unchanged at 5.25% to 5.5% following the March 19 \u2013 20 FOMC meeting, according to the CME FedWatch Tool. The tool shows an 82% chance the funds rate will be unchanged after the FOMC's May meeting. For June, odds of a quarter-point cut are priced around 50-50.
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\n \n \n \n \n \n \n Both return an answer for 1/1/18, but not for market holidays prior to 1/1/17. I'll change the date of my example to avoid confusion. Also, when it does work it returns the closing price of the next day of trading, and to calculate returns up to that date I need the previous day.\n \n \n– twalbaum\n \n Mar 6, 2018 at 8:50\n \n \n \n \n \n \n - \n
\n \n 1\n \n \n \n \n \n It's a pity GoogleFinance doesn't offer a "CloseLast" attribute, so we wouldn't have to go through awkward contortions to get something rather obviously required!\n \n \n– maxhugen\n \n Jun 20, 2021 at 17:57\n \n \n \n - \n
\n \n \n \n \n \n \n Sheets does provide closelast in the realtime data, simply the attribute "price". =googlefinance("GME"). But... that is not the same as the historical data requested in the question.\n \n \n– Douglas Held\n \n Nov 6, 2022 at 13:29\n \n \n \n\n
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