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Stock Market Today: S&P 500 closes higher as tech cuts losses, retailers shine

Published 02/26/2024, 07:26 PM
Updated 02/27/2024, 04:06 PM

Investing.com-- The S&P 500 closed higher Tuesday, as dip buyers helped tech cut some losses and better-than-expected quarterly results from Macy's and Lowe's pushed retail stocks higher ahead of a key inflation report later this week . 

By 16:00 ET (21:00 GMT), The S&P 500 gained 0.2%, the NASDAQ Composite rose 0.4%, and the Dow Jones Industrial Average fell 96 points, or 0.3%.

Macy's, Lowe's lead retailers higher after earnings beat

Lowe’s (NYSE:LOW) started the ball rolling earlier Tuesday, reported fourth-quarter net sales that topped Wall Street estimates despite an ongoing slowdown in spending on home improvement projects. Its stock rose nearly 2%.

Macy’s (NYSE:M) stock rose 4% after the Bloomingdale's owner unveiled strategy overhaul aimed at creating a "more modern" business, as it has been struggling with weak demand as shoppers, squeezed by high inflation and elevated interest rates, pull back spending on discretionary items.

The duo of reports come amid a busy week for quarterly earnings from retailers including TJX Companies (NYSE:TJX) and Best Buy (NYSE:BBY) set to release quarterly earnings this week.

Consumer showing signs of trouble; Fed speakers continue to urge caution on rate cuts

Consumer confidence unexpectedly fell to 106.7 in February from 110.9 the prior month, marking a three-month low, as the impact of inflation continue to weigh on consumers. 

"Similar to businesses curtailing investment amid a still positive but uncertain outlook for the economy as well as monetary and fiscal policy, consumers are growing less confident, Stifel said in a note. 

Durable goods orders, meanwhile, fell more than expected in January amid a sharp drop in bookings for commercial aircraft, falling 6.1% last month.

The duo of reports come a Fed officials continue to urge caution on cutting rates too soon. 

"With inflation running above target, labor markets tight and demand showing considerable momentum, my own view is that there is no need to preemptively adjust the stance of policy," Kansas City Federal Reserve Bank President Jeffrey Schmid said in his first extensive public remarks on Monday since he began the job last August. 

Zoom a bright spot in tech; Unity Software, Workday guidance fall short

Zoom (NASDAQ:ZM) rose 8% after reporting stronger-than-expected earnings, while also announcing a $1.5 billion share buyback The video conferencing firm's "guidance for an acceleration in 2H [second half of the year] as well as a new $1.5 billion buyback to offset dilution and that might lower the risk of large-scale M&A," UBS said in a note. 

Unity Software (NYSE:U) fell 6% after the videogame software maker reported weaker-than-expected guidance amid turnaround plan that includes exiting some businesses.

Workday (NASDAQ:WDAY) fell 4% after keeping its subscription sales guidance unchanged despite the top line beat as "operating margin expansion is expected to slow in FY25 owing to significantly higher net new Opex to support durable growth," Oppenheimer said in a note.

Energy stocks slip despite oil gains amid fresh hopes for extended OPEC+ cuts 

Energy stock slipped, weighed down by weakness in Hess Corporation (NYSE:HES), Chevron Corp (NYSE:CVX), and Phillips 66 (NYSE:PSX) even as oil prices climbed following a Reuters report that the OPEC and its allies, or OPEC+, are considering extending voluntary oil output cuts into Q2.

In November last year, OPEC+ agreed to voluntary cuts totalling about 2.2 million barrels per day for the first quarter this year, though dealmaking between members was fraught with disagreement over output limits.  

Bitcoin continues rise after briefly topping $57K

Bitcoin continued to rise, briefly jumping above $57,000 as crypto demand continues to accelerate following the approval of bitcoin-spot exchange-traded funds in the United States last month. In a further sign of growing demand, MicroStrategy said it had purchased about 3,000 bitcoins, taking its BTC holding to 193,000.

(Peter Nurse Ambar Warrick contributed to this article.)

Latest comments

"Tech Cuts Losses" - Doesn't it always?  BIGGEST INVESTMENT JOKE IN THE WORLD.
Yes, cut all previous losses at every new all-time highs.
IT'S A CONSPIRACY!!!
"Apple cancels work on electric car, source says"...The whole climate change and EV thing has always been a grift and money laundering operation, the current pump and dump is AI so people will throw out the EV trend of last few years and try to grift money off the AI tulips now until the next nonsense comes along. Smart money already shifting funds to whatever they plan to gift off of next.
Another actual article on the subject "Apple Halts Electric Car Project Titan, Shifts Focus to AI"
maga Roger's fear of the other strikes again..
totally disagree  https://www.voegol.com.br/
Not agree with
Always savvy "investors" in the wait, loading up "in late trade."  Fraudulent, criminally manipulated, predictable JOKE.
I love you pookie
"savvy" == "Fraudulent, criminally manipulated, predictable"!?
I want to thank Mitchel for making me aware that you can print money at 2pm
If the market is down of course
Market bottom @ 1 pm today.
Market bottomed in the opening minutes today.  At 2 pm, market was near the high of day.
The article failed to mention the home price index, which was higher than forecast.  Typically it's housing that takes a hit from rising rates, but this time we are still seeing increasing housing prices even while the consumer is pulling back.  Does not seem like a good sign, especially for the middle and lower income.  Is this possibly due to all the illegal migration they have encouraged?
House Price Index (MoM) 0.1% for Dec, 0.3% expected, 0.4% Nov.  (0.1% is lower than expected.)
Here's the article for HPI:  www.investing.com/news/economy/us-annual-home-prices-rising-despite-fourthquarter-slowdown-fhfa-says-3316940    You should expect everything to be in this article that we're posting in.
* You should NOT expect ...
This article was written early yesterday evening. The first sentence says stocks traded in mixed fashion Tuesday. How would it know? It was late Monday afternoon. The AI that works for Wall Street cranks out this dribble to describe today's trading that was already determined by a computer. The market is merely a slot machine that pays call jackpots here and there.
 133013 your lucky comment...Big party in mom's basement
Ron: This site has a mix of feeds from Reuters and original articles. This particular article was written by investing.com's Peter Nurse.
Time published and time updated are given near top of article.
Interest rates remain relatively stable.
Fiscal policy decisions could impact the economy.
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