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

Published Feb 12, 2024 07:06AM ET Updated Feb 12, 2024 04:11PM ET
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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.

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.   

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

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Comments (24)
Michael Benson
Michael Benson Feb 12, 2024 8:01PM ET
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Low interest rates make borrowing more attractive for businesses.
Kevin Pe
Kevin Pe Feb 12, 2024 8:01PM ET
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indeed sire
First Last
First Last Feb 12, 2024 8:01PM ET
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Kevin Pe    You're agreeing w. a spammer.  Smh.
Duc Do
Duc Do Feb 12, 2024 7:59PM ET
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👍👍
Dave Sa
Dave Sa Feb 12, 2024 7:48PM ET
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I just came back after a year of inactivity just to see if mitchel pioneer was posting still. Sure enough! Wouldnt be https://investing.com without him
Ac Tektrader
Ac Tektrader Feb 12, 2024 7:48PM ET
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just think a poster that thinks Mitch is an institution of perennial complaints at https://investing.com.... I wonder who Mitch works for and how much they pay him to make a fool of himself.
First Last
First Last Feb 12, 2024 7:48PM ET
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Market up > 20% a  year later and Mitchel is still as bearish & repeating the exact same whines.
Kevin Pe
Kevin Pe Feb 12, 2024 7:48PM ET
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don't listen to the two guys above they're just jealous of the old Mitch
Ac Tektrader
Ac Tektrader Feb 12, 2024 7:48PM ET
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so Kevin, you think Mitch's crazy ignorant posts belongs on https://investing,com, wishing for these markets to really fail. that's what the far right maga crowd hopes for. is that your problem too.
Ge K
Ge K Feb 12, 2024 6:49PM ET
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JBLU = Carl Icahn, now buy it and be a winner!
Matt Kay
Matt Kay Feb 12, 2024 3:32PM ET
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Today's sell off was crazy. Tomorrow we go up 2% as we do every day
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First Last
First Last Feb 12, 2024 3:32PM ET
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Some algos read the news.
Matt Kay
Matt Kay Feb 12, 2024 3:32PM ET
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First Last I wouldnt say I am exaggeration thaaat much. What would you say determine the multipercent swings that happen within seconds of data release? Would you say that is "savvy investor" action?
First Last
First Last Feb 12, 2024 3:32PM ET
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Matt Kay   A bunch of people waiting to buy or sell on the news + low volume at 8:30 am.
First Last
First Last Feb 12, 2024 3:32PM ET
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+ interest & dollar exchange rates moving.
First Last
First Last Feb 12, 2024 3:32PM ET
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See what I meant now?
J Kortz
J Kortz Feb 12, 2024 2:58PM ET
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Don’ be sore … buy some more !
First Last
First Last Feb 12, 2024 2:58PM ET
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You mean moar  ;-)
Lam Ibix
Lam Ibix Feb 12, 2024 2:53PM ET
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big money manipulation
Brad Albright
Brad Albright Feb 12, 2024 2:49PM ET
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More Joe Biden carnage!
Lam Ibix
Lam Ibix Feb 12, 2024 2:49PM ET
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big money scum, SEC approved, manipulation ✔💯🇺🇸
Mitchel Pioneer
Mitchel Pioneer Feb 12, 2024 2:42PM ET
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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.
Brad Albright
Brad Albright Feb 12, 2024 2:42PM ET
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IT'S A CONSPIRACY!!!
First Last
First Last Feb 12, 2024 2:42PM ET
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What ""late trade miracle"?  Market has been flat since ~ 2:20 pm
Ac Tektrader
Ac Tektrader Feb 12, 2024 2:42PM ET
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Mitch most real traders don't care what you think. your ignorance speaks for itself.
Ac Tektrader
Ac Tektrader Feb 12, 2024 2:42PM ET
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more paid for complaints from Mitch..,
 
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