Today's economic calendar is light, with only US building permits and housing starts scheduled for release.
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In a remarkable turn of events, the Nasdaq Composite surged to a record close for the first time since 2021, leading the charge as major stock averages ended February with their fourth successive monthly advance.
Monday saw a retreat in the S&P 500 as investors shifted focus to key inflation data, with the index stepping back from its recent record highs. The Dow Jones Industrial Average edged lower by 0.1%, while the S&P 500 experienced a 0.3% decline, and the Nasdaq Composite slipped 0.1%. Notably, Amazon made its debut in the 30-stock Dow, replacing Walgreens Boots Alliance, a move expected to reshape the index’s composition and amplify its exposure to the tech and consumer retail sectors.
Markets exhibited a complex range of highs and lows, navigating through a mix of record-setting achievements and underlying economic uncertainties. The S&P 500 and Dow Jones Industrial Average both notched fresh records, underscoring the robust appetite for risk among investors, lifted by a combination of corporate earnings beats and positive economic indicators.
The recent upswing in global financial markets, fuelled by Nvidia’s remarkable quarterly earnings, underscored the significant impact of artificial intelligence (AI) technology on the financial landscape.
With US markets closed for Presidents Day, global financial markets showed mixed results on Monday. European stocks edged higher, building on the positive momentum from last week, despite the lack of US trading activity.
As the global economic landscape contends with rising uncertainties, recent economic downturns in the UK and Japan raise fears of recession, shaking the stability of worldwide markets. The UK has entered a technical recession after its economy shrank in the last quarter of 2023, showing how fragile its recovery is. Japan also fell into a recession and was surpassed by Germany as the world’s third-largest economy, marking a difficult start to the year and revealing weaknesses in its economy.
In a healthy rebound from the previous day’s losses, Wall Street saw a notable recovery on Wednesday, driven by a mix of better-than-expected earnings reports and a steadying of economic indicators. The Dow Jones Industrial Average climbed by 151.52 points, while the S&P 500 and Nasdaq Composite advanced by 0.96% and 1.3% respectively.
On Tuesday, markets were hit by worry and uncertainty as inflation for January went higher than what experts had predicted. This surprise increase in the consumer price index caused a big drop on Wall Street, leading to the Dow Jones Industrial Average’s biggest fall since March 2023.
In a day marked by fluctuating fortunes, the stock market narrative took a divergent turn as corporate earnings cast a long shadow over the Dow Jones Industrial Average, leading to a notable retraction from its recent historic surge. Contrasting this pullback, both the S&P 500 and Nasdaq Composite continued their ascent.
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