Stocks ended the day higher on Monday, helping Wall Street temporarily recover from its worst week of the year. After a positive start to the year in January, all three indices concluded February in the negative.
Retail inventories, excluding autos, increased by 0.3% on Tuesday, exceeding the 0.1% forecast by experts surveyed by Bloomberg. While this was happening, wholesale inventories fell by 0.4%, missing consensus expectations of 0.1%.
According to the Confidence Board, American consumers’ opinions of the economy deteriorated in February. The Consumer Confidence Index for the board dropped to 102.9 from 106.0, falling short of consensus expectations of 108.5, The February Chicago PMI, meanwhile, fell short of consensus estimates, from 44.3 to 43.6.
“In expectation of significantly reduced activity during the rest of the year, consumers and businesses are looking for methods to cut costs. In a statement, Ben Ayers, senior economist at Nationwide, said that the decline in consumer confidence in February “aligns with worse business confidence readings as the Fed’s sudden hike in interest rates starts to bite.
According to statistics from the S&P Corelogic Case-Shiller Index, house prices decreased 0.5% in December. Home prices increased by 4.6% annually, less than economists had predicted they would increase by 4.8%.
Federal Reserve Governor Philip Jefferson said he is under “no illusion” that it will be simple to bring the inflation rate back down on Monday, dismissing calls for lifting the central bank’s 2% inflation target as long as it stays sticky.
Bespoke Investment Group data revealed that 420 stocks have reported earnings during the past week, and the percentage of companies cutting their profit outlook is more than twice as high as the percentage raising it, indicating “lots of trouble for these smaller-cap companies that report late in the season.”
Zoom (ZM) shares increased after the business reported fourth quarter earnings that were better than anticipated, with earnings per share of $1.22 exceeding projections of 80 cents. The total revenue was $1.12 billion.
Tuesday saw a decline in the price of Occidental Petroleum (OXY) shares after the oil and gas company reported fourth-quarter results that fell short of Wall Street forecasts in terms of sales and earnings per share.
The human resources software business Workday (WDAY) beat predictions with revenue of $1.65 billion, up 20% year over year, compared to estimates of $1.63 billion, and saw an increase in shares.
A Delaware court announced on Tuesday that it would have a hearing on April 27, which is expected to push back the date when convertible units APE will be converted to common stock, causing AMC Entertainment Holdings, Inc. (AMC) to plunge.
As soon as the Mexican president announced that Tesla (TSLA) would construct a new facility in Monterrey, Mexico, the company’s shares dropped by almost 1%. More information would be disclosed during Tesla’s investor day, according to the Mexican president, who also predicted that the facility will be “very big.”
As concerns about crypto regulation start to subside, shares of Coinbase (COIN) rose sharply. According to the business, the Securities and Exchange Commission served a subpoena on it on Monday as part of its ongoing investigation into cryptocurrency listings, its custody of digital assets, platform operations, and other matters.
Shares of Norwegian Cruise Line (NCLH) dropped after the firm revealed a larger-than-anticipated loss and provided depressing 2023 projection as the cruise operator feels the pressure of rising fuel and labour expenses.