The blue-chip index did score a fresh intraday high
Stocks continued to cool off on Thursday from a strong start to February, as worse-than-expected weekly jobless claims and a lackluster energy sector weighed heavy. Plus, new federal budget deficit projections came in at $2.3 trillion for 2021, which are lower than the year prior, but still higher than pre-pandemic levels, according to the Congressional Budget Office. As a result, the Dow inched just below breakeven, despite earlier notching a fourth-straight intraday high. Meanwhile, the S&P 500 and tech-heavy Nasdaq both finished with marginal gains.
Continue reading for more on today’s market, including:
- Behind PepsiCo stock’s post-earnings slipup.
- Bull signal says cybersecurity name could see more records highs.
- Plus, upbeat forecast sends Zynga stock higher; Microsoft sets eyes on social media giant; and unpacking UAL’s billion-dollar purchase.
The Dow Jones Industrial Average (DJI – 31,430.70) fell 7.1 points, or 0.02% on the day. Intel (INTC) led the Dow components with a 3.1% rise, while Walgreens Boots Alliance (WBA) paced the laggards, falling 2.9%.
Meanwhile, the S&P 500 Index (SPX – 3,916.38) added 6.5 points, or 0.2% for the day. The Nasdaq Composite (IXIC – 14,025.77) rose 53.2 points, or 0.4% for the day.
Lastly, the Cboe Volatility Index (VIX – 21.25) lost 0.7 point, or 3.4% for the day.
- House Speaker Nancy Pelosi said a $15 federal minimum wage will be included in the Covid-19 relief package the House is planning to send to the Senate. (CNBC)
- U.S. President Joe Biden called for improvements to roads and bridges during an Oval Office meeting, noting China could “eat our lunch” on infrastructure. (MarketWatch)
- 2021 forecast puts Zynga stock on track for nine-year highs.
- Social media stock surges on Microsoft buyout rumors.
- What to expect from United Airlines stock after its billion-dollar purchase.
Oil Snaps Longest Win Streak in 2 Years
Oil prices snapped an eight-day win streak on Thursday, which was its longest in two years, after the Organization of the Petroleum Exporting Countries (OPEC) shared a lower-than-expected demand outlook for crude in 2021. In turn, March-dated crude fell 44 cents, or 0.8%, to settle at $58.24 per barrel.
Gold prices also fell from grace, slipping for the first time after four consecutive wins. The culprit was a rise in the U.S. Treasury note yield, which made traders lose interest in the yellow metal. As a result, April-dated gold fell $15.90, or 0.9%, to settle at $1,826.80 an ounce.