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Stock Market Today: Dow in record high as energy shines; inflation data eyed

AuthorYasin Ebrahim
Published 02/12/2024, 07:06 AM
Updated 02/12/2024, 04:11 PM
© Reuters

Investing.com -- The Dow closed at record highs Monday, led by energy stocks ahead of a busy week of top-tier economy data, and fresh round of corporate earnings.  

By 16:00 ET (21:00 GMT), the blue-chip Dow Jones Industrial Average rose 0.3% to a fresh record closing of 38,797.38. The tech-heavy Nasdaq Composite fell by 0.3%, while the S&P 500 fell 0.1% after hitting an intraday record of 5,048.56. 

Diamondback Energy Energy leads energy higher after $26B deal for Endeavor Energy

Diamondback Energy Inc (NASDAQ:FANG) rose more than 9% after buying private natural resource company Endeavor Energy for $26 billion that will create the second largest producer in the Permian Basin. 

"We would expect to see some asset rationalization in the Delaware given FANG and Endeavor's focus in the Midland Basin," RBC said in a note.

As well as Diamondbank Energy, APA Corporation (NASDAQ:APA), Schlumberger NV (NYSE:SLB) and EQT Corporation (NYSE:EQT) rose more than 1% to help push energy stocks higher

Fed speakers continue to signal caution on sooner rate cuts; Inflation data eyed

Federal Reserve officials continued to signal that early rate cuts aren't on the table, with Federal Reserve Governor Michelle Bowman saying she doesn't expect the Fed to cut rates "in the immediate future" as tight monetary policy measures are needed to keep inflation trending lower.  

The remarks arrive a day ahead of fresh inflation data, with  the U.S. consumer price index for January expected to show that headline price growth in the world's largest economy slowed on both an annual and monthly basis.

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Corporate earnings continue to roll in

The earnings season is set to pick up pace later this week with more than 60 firms in the S&P 500 set to unveil quarterly results. Some of these names, including Coca-Cola (NYSE:KO), Shopify (NYSE:SHOP) and Kraft Heinz (NASDAQ:KHC), may provide some insight into the health of the U.S. consumer. Analysts will be keen as well to sift through second-quarter figures from Cisco Systems (NASDAQ:CSCO), which is pushing to capitalize on the AI boom. 

Cryptocurrency exchange Coinbase (NASDAQ:COIN) will also post its fourth-quarter numbers following a recent spike in volatility in the market for digital coins.

About 75% of S&P 500 companies have reported better-than-expected earnings as of Feb. 9, with about 65% reporting a positive revenue, FactSet reported in a recent note. 

Crypto stocks shines as Bitcoin hits 50K for first time in 2-years 

Bitcoin (BitfinexUSD) jumped above $50,000 for the first time in more than two years as demand for the cryptocurrency continues to swell following the launch of the Bitcoin spot-ETF last month.

Crypto-related stocks including Coinbase Global Inc (NASDAQ:COIN), Marathon Digital Holdings Inc (NASDAQ:MARA), and MicroStrategy Incorporated (NASDAQ:MSTR) were up sharply.   

Latest comments

Low interest rates make borrowing more attractive for businesses.
indeed sire
   You're agreeing w. a spammer.  Smh.
👍👍
I just came back after a year of inactivity just to see if mitchel pioneer was posting still. Sure enough! Wouldnt be investing.com without him
Market up > 20% a  year later and Mitchel is still as bearish & repeating the exact same whines.
don't listen to the two guys above they're just jealous of the old Mitch
so Kevin, you think Mitch's crazy ignorant posts belongs on investing,com, wishing for these markets to really fail. that's what the far right maga crowd hopes for. is that your problem too.
JBLU = Carl Icahn, now buy it and be a winner!
Today's sell off was crazy. Tomorrow we go up 2% as we do every day
  A bunch of people waiting to buy or sell on the news + low volume at 8:30 am.
+ interest & dollar exchange rates moving.
See what I meant now?
Don’ be sore … buy some more !
You mean moar  ;-)
big money manipulation
More Joe Biden carnage!
big money scum, SEC approved, manipulation ✔💯🇺🇸
It's another predictable, "late trade" miracle for the laughingstock of the financial world.  Always savvy "investors" waiting to "buy" in the final hours.  Fraudulent, criminally manipulated JOKE.
What ""late trade miracle"?  Market has been flat since ~ 2:20 pm
Mitch most real traders don't care what you think. your ignorance speaks for itself.
more paid for complaints from Mitch..,
On Friday JP Morgan said they anticipate at least a 20-30% drop in the market this year, today Citi says they expect US to enter a recession (front page article), VIX is up 5%, Fed saying no rate drops happening this year. Yet they keep pumping money into the same 7 stocks that already have P/Es near 100.
Nasdaq 100 is up 30% in 4 months time. Find me any investor who can tell me this is healthy
Being bullish in that time is healthy for one's account.
so if it was down 30% in 4 months would that be healthy? I state NO but both can happen and some on here think they know why?
this is what the beginnings of a possible serial bull market can look like.... this is similar to what we saw in the mid 1994-1995. period.
A company that made $15.3 billion in all of 2023 has a market valuation of $1.8 trillion and has gained over $100 billion over just the past 2 trading days. What could go wrong?
I refuse to buy ridiculously overpriced stock. I keep moving up the stop-loss on existing holdings. When the crash comes. All in!!
So you're not net bearish.  Would be hypocritical to talk others into that.
The market is going to keep going up and up guys. People are pouring money into the market and that will not be changing any time soon.
Yup, it's been happening for many lifetimes.
The launch of Apollo Ponzi on schedule at 11AM, flagrant as ever, as the financial dismantling of the US working class is carried out in broad daylight.  Can't have a loss in the BIGGEST INVESTMENT JOKE IN THE WORLD.
IT'S A CONSPIRACY!!!
Mitchel on que with his scheduled ignorance..
nice move in exchanges, lower gold, lower natural gas.
Title correction: "Stocks continue to gain P/E while getting poor earnings as Fed says no rate drops coming due to rising inflation"
If NVDA made 1,000% higher pr.ofits in 2024 than in 2024, it would still not neve make 10% of the total value of its stock based on its current price.
*than 2023
NVDA stock now has a market cap of $1.81 trillion. Last year its net prof.tirs was $15.3 billion. Today the stock is up 1.34%, which means it would take over $118 years of the total amount of money they made in all of 2023 to justify its current valuation.
It would take nearly two full years of its 2023 pro.fits just to justify todays 1.34% move.
Manipulative scum supported by SEC
As our government spends it's way to higher GDP numbers. LOL
as we've been doing for over 200 years..
Welcome to another round of pre-market FRAUD in the laughingstock of the investing world.
IT'S A CONSPIRACY!!!
more ignorant remarks from Mitchel
an now me ish joining the stupid club
Honestly, I don't know why there seems to be unendng speculation and consternation over whether the FED will cut interest rates in March: they will not, and Powell has said that.  So back off about it.
the mainstream media want to keep gaslighting the dumb money into buying the US market, whilst the smart money has sold or continues to sell - so the media will help out the big smart money to fleece the retail investor - ever the way it was,
IT'S A CONSPIRACY!!!
more wishful thinking by a mega cult Member.
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