Stock Market Today: Live Updates

Consumers grew more pessimistic in February as concerns about the long-term outlook for the economy waned, according to a Conference Board report on Tuesday.

The Board of Directors Consumer Sentiment Index fell to 102.9 for the month, down from 106 in January and below the 108.5 estimate from the Dow Jones.

Although the present situation index rose slightly to 152.8, the expectations index fell to 69.7, down from 76 in January. A reading below 80 on the forecast side is consistent with a recession in the next 12 months.

“Expectations for where jobs, incomes and working conditions are headed over the next six months, fell sharply in February,” said Ataman Özeldirim, senior director of economics at The Conference Board.

– Jeff Cox

Technical indicators support a break above 4% for the 10-year Treasury yield, analyst Katie Stockton told CNBC’s “Squawk Box” on Tuesday.

The yield currently hovers around 3.94%. Yields move inversely to prices.

“The next significant resistance is the October 2022 high and this is around 4.34[%] for returns. “We think there will be progression towards this resistance level,” said the founder and managing partner of Fairlead Strategies.

Meanwhile, the higher correlation between Bitcoin, the Nasdaq 100 and other riskier assets is expected to return now as stocks drop.

“If you look at bitcoin against the resistance, it is still in that 25,200 area. You need to clear that level in order to look better because that would resolve the trading range to the upside and tells us that the range is likely to be a counter reversal pattern,” she said. “continuous pattern”.

– Michelle Fox

Bitcoin and ether rallied slightly on Tuesday morning and were on track to end the month higher, despite pullbacks earlier in the month.

Bitcoin is on track for a nearly 1% gain in February, according to Coin Metrics. Ether is up about 3% in the month. In January, bitcoin recorded a gain of 38.39%, its best month since 2021.

Investors were spooked earlier in the month after what appeared to be the start of a potential regulatory crackdown on the crypto business in the US — including enforcement actions by the Securities and Exchange Commission against Kraken, and Wells’ notice of a future settlement against Paxos and New York. The State Department for Financial Services has ordered Paxos to stop minting a US dollar (BUSD) stablecoin.

However, cryptocurrency investors are watching the Fed like the rest of the markets, and economic data continues to be the biggest driver of cryptocurrency prices.

– Tanaya McHale

Here are some of the stocks that are making the biggest moves in pre-market trading.

• Dish Network — The satellite company fell 6.3% amid a multi-day outage and a two-time downgrade from Bank of America. Shares of Dish Network are down 13.5% in 2023 amid a 61.8% decline over the past 12 months.
• Dick’s Sporting Goods — The sporting good retailer fell about 2% after being downgraded to neutral from a Citi buy. The company said it expects gross margin pressure to continue in the near term.
• Celsius Holdings — The energy drink maker gained 3.9% after being upgraded by Credit Suisse to outperform neutral. The Wall Street firm said the distribution agreement with PepsiCo is going well and the long-term potential is high.

To see more pre-market carriers, read the full story here.

– Michelle Fox

Target shares rose 1% in early trading after the retailer said earnings per share for its fiscal fourth quarter was $1.89, well above the analyst consensus of $1.40 compiled by Refinitiv. Revenue came in at $31.4 billion, also above Wall Street’s estimate of $30.72 billion from Refinitiv. Target also said its quarterly holiday sales were up about 1% from a year ago.

The gains were muted as Target said it expects earnings per share for the full year to be in the $7.75 to $8.75 range. Wall Street analysts had expected a consensus of $9.23 per share, StreetAccount estimated.

Stephen Suttemeyer, a charting analyst at Bank of America, noted that while stocks have been under pressure this month, the global scale is still holding up nicely.

“The strong market breadth of global equity indices points to a broad rally, which is bullish in the face of a tough market for equity investors in February,” Suttmeyer said in a note on Monday.

“The Weekly Advance-Retreat (AD) line of the 73 country indices recorded new highs in February. Sustaining this move to new highs will be consistent with previous upward breaches of this AD line from November 2020, March 2019, December 2016, January 2013 and March 2010.” .

Global stocks are set to end February with a loss. The iShares MSCI ACWI ETF — which tracks the All Country World Index — was down 2.8% for the month to Monday’s close. Meanwhile, the S&P 500 lost 2.3% in February.

Two technical topics have stormed Wall Street so far this year.

The first is the return of semiconductor stocks, as chip demand rebounds. The other is artificial intelligence, following the hype surrounding chatbot ChatGPT.

CNBC Pro screened for the highest-rated ETFs with exposure to semiconductors and/or AI-related stocks (among others) using Morningstar data. The resulting funds have a four- or five-star rating from Morningstar, and have performed well over the past three years.

CNBC Pro subscribers can read more here.

– Wizen tan

Occidental Petroleum stock fell 1% after the bell after posting an error on the fourth quarter’s top and bottom lines.

The energy giant reported adjusted earnings of $1.61 thousand per share on revenue of $8.33 billion. Refinitiv estimates earnings per share of $1.80 on revenue of $8.66 billion.

The company also raised its dividend by more than 38% to 18 cents a share and announced a $3 billion share buyback plan.

This is where all the major averages stand as February trading comes to a close.

Dow Jones Industrial Average:

• It fell by 3.5% in February
• It’s down 0.8% so far this year
• 11% % from a standard level
• 80.57% off low epidemic level

Standard & Poor’s 500:

• Down 2.3% this month
• Up by 3.7% in 2023
• 17.36% from a record high
• 81.68% low pandemic discount

Nasdaq Composite:

• It fell by 1% in February
• up 9.6% year-to-date
• 29.27% ​​from a record high
• 72.92% off low epidemic level

– Samantha Sobin

Shares of Zoom Video rose 8% in extended trading after fourth-quarter earnings and revenue beat Wall Street expectations.

The video communications company reported earnings of $1.22 per share on $1.12 billion in revenue. Analysts surveyed by Refinitiv expected earnings of 81 cents per share on revenue of $1.10 billion.

Despite expectations of slowing growth this year, Zoom also shared better-than-expected guidance for the current period.

– Samantha Sobin, Jordan Novet

Stock futures opened slightly higher in overnight trading on Monday.

Futures linked to the Dow Jones Industrial Average gained 45 points, or 0.14%, while S&P 500 and Nasdaq 100 futures gained 0.13% and 0.15%, respectively.

– Samantha Sobin