Investors got ‘complacent’ owning Big Tech stocks: Market expert
Penn Capital CIO Eric Green discusses volatility in the market.
U.S. stocks tumbled following the stronger-than-expected monthly jobs report. as bond yields moved higher on the view the data strengthens the case for more aggressive tightening from the Federal Reserve.
|I:DJI||DOW JONES AVERAGES||35071.97||-39.19||-0.11%|
|I:COMP||NASDAQ COMPOSITE INDEX||14023.967585||+145.15||+1.05%|
The Dow Jones Industrial Average fell over 80 points or 0.2%, while the S&P 500 and Nasdaq Composite fell 0.2% and 0.1%, respectively.
10-Year Treasury Yield 1.877%
The 10-year Treasury moved to 1.877%. after U.S. employers added 467,000 workers in January, more than expected, while the unemployment rate ticked up to 4%.
|USO||UNITED STATES OIL FUND L.P.||65.29||+1.76||+2.77%|
Oil ticked higher, trading around $91 per barrel – a seven-year-high.
In earnings, Amazon shares rose after strong quarterly results. Wall Street had expected EPS of $3.44, but the retailer delivered a staggering $27.75.
Higher inflation is behind a price hike for monthly Prime memberships, which will go from $12.99 to $14.99, and annual memberships will be hiked to $139 from the current $119. The price change will go into effect for new members starting Feb. 18, and existing members will see their fees go up on the date of their next renewal after March 25.
In earnings, Snap shares jumped after posting a profit for the first time, earning $22.6 million, or one cent per share, compared to a loss of $69 million, or eight cents per share, a year earlier. Analysts had been expecting it to report a loss of nine cents a share in the latest quarter, according to FactSet.
Facebook shares inched higher after the 26.4% wipeout, which erased more than $230 billion in market value, easily the biggest one-day loss in history for a U.S. company. The stocks of other social media companies, including Twitter and Snap, also fell.
FORD SHARES SKID DESPITE A BULLISH 2022 OUTLOOK
|F||FORD MOTOR CO.||17.88||-2.01||-10.11%|
|GM||GENERAL MOTORS CO.||50.78||-2.31||-4.36%|
Ford shares dipped despite the automaker having delivered a $17.94 billion net profit last year, even as it battled computer chip shortages that caused factory slowdowns and vehicle shortages. Sales fell 7% for the year over depressed 2020 numbers. But customers paid record prices of nearly $51,000 per vehicle in Ford's most lucrative market, according to Edmunds.com. GM also benefited in its quarter from higher car prices.
|BMY||BRISTOL MYERS SQUIBB CO.||64.97||+0.90||+1.40%|
Bristol-Myers rose after fourth-quarter profits of $2.4 billion, or $1.07 per share reversed losses from the year-ago period.
JUMP TRADING REPLACES STOLEN WORMHOLE FUNDS AFTER $320M CRYPTO HACK
In cryptocurrencies, Bitcoin hovered around $37,000.
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The Associated Press contributed to this report.
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