- Major U.S. equities indexes wavered before ending higher on Feb. 23 as investors awaited an inflation report that could influence the Fed’s monetary policy decisions.
- The S&P 500 ended a streak of four consecutive down days, while the Dow and the Nasdaq also moved higher.
- Nvidia (NVDA) was the top performer on the S&P 500 as it highlighted demand for its artificial intelligence (AI) chips.
U.S. equities finished higher on Thursday, Feb. 23, after wavering between gains and losses ahead of a much-anticipated inflation report due on Friday that’s favored by the Fed in determining monetary policy. The markets started the day up, turned negative, then rallied in the afternoon. The S&P 500 snapped a four-day losing streak.
Nvidia (NVDA) was the best-performing stock in the S&P 500 after the semiconductor maker said demand for its artificial intelligence (AI) chips is soaring and raised its guidance. Shares of Advanced Micro Devices (AMD), a rival in the AI chip market, also gained. Following Nvidia in the index was ANSYS (ANSS), as shares jumped after the engineering software manufacturer posted better-than-expected profit and sales.
Oil futures had their first winning session since Feb. 13, and that helped lift shares of Chevron (CVX) and other fossil fuel providers. United Airlines (UAL) shares took off on an agreement between the carrier and Air Canada to increase flights between U.S. and Canadian cities. Iron Mountain’s (IRM) guidance beat estimates, and shares of the information management services company climbed.
Domino’s Delivers Weak Outlook
Domino’s Pizza (DPZ) shares cratered after the world’s largest pizza chain said that demand was hurt by higher delivery fees and menu prices, and cut its sales outlook. Moderna’s (MRNA) COVID-19 vaccines sales dropped and costs rose, reducing the drugmaker’s earnings and sending shares lower. Three big electric vehicle (EV) manufacturers—Nikola Corporation (NKLA), Lordstown Motors (RIDE), and Lucid Group (LCID)—reported issues that led to a selloff of their shares. Netflix (NFLX) shares fell as the streaming service cut subscription prices in more than 100 countries.