US Markets End Down for the Day and Month
Key Takeaways
- U.S. equities indexes moved downward on Feb. 28, ending a month that noticed inventory markets stumble after an upbeat begin to the 12 months.
- The Dow posted a lack of 0.7% in Tuesday’s session, whereas the S&P 500 fell 0.3% and the Nasdaq dipped 0.1%.
- For the complete month of February, the Dow noticed the biggest declines at 4.2%, whereas the S&P 500 and the Nasdaq fell 2.6% and 1.1%, respectively.
A selloff within the final hour of buying and selling despatched U.S. equities into the pink, closing out a month that was additionally in detrimental territory. In Tuesday’s session, the Dow misplaced 0.7%, whereas the S&P 500 and Nasdaq had smaller declines. For the month, the Dow plunged 4.2%, the S&P 500 dipped 2.6%, and the Nasdaq fell 1.1%.
Goldman Sachs (GS) was the most important drag on the Dow, with shares off 3.8%, as CEO David Solomon instructed an investor convention that the financial institution was contemplating strategic alternate options for its shopper enterprise. Shares of Merck (MRK) dropped virtually 3% because the drug maker ended a late-stage trial on the effectiveness of its Keytruda therapy for prostate most cancers when the drugs failed to satisfy its major aim. Shares of Amgen (AMGN), Chevron (CVX), Johnson & Johnson (JNJ), Procter & Gamble (PG), and UnitedHealth Group (UNH) all misplaced greater than 1%.
Norwegian Cruise Line Holdings (NCLH) shares sank on the cruise operator’s quarterly loss and outlook. Shares of rivals Carnival Company (CCL) and Royal Caribbean Group (RCL) declined as properly. Common Well being Companies (UHS) shares tumbled on the healthcare companies supplier’s full-year steering. AutoZone (AZO) shares have been down after the auto components retailer reported revenue that missed estimates.
Strong Earnings Experiences
Dentsply Sirona (XRAY) shares jumped 10% because the dental tools maker exceeded revenue and gross sales forecasts. Advance Auto Components (AAP) additionally beat quarterly expectations, sending its shares up. Sturdy earnings reviews from Goal (TGT) and Zoom Video Communications (ZM) lifted their shares.
Shares of Meta Platforms (META) superior after CEO Mark Zuckerberg introduced that the social media large will improve its work on synthetic intelligence (AI). Utilized Supplies (AMAT) unveiled a brand new instrument to assist scale back the value of chip manufacturing, and its shares rose.
The yield on the 10-year Treasury observe was little modified. Oil futures climbed 1.5%, and gold costs added 0.5%. The U.S. greenback gained on the euro and pound however slid versus the yen. Most main cryptocurrencies traded barely decrease.
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