Market Recap – 8th February
On Thursday’s trading day, markets stayed fairly flat as investors continued to digest ongoing corporate earnings from the previous quarter. After the Fed hinted at no rate cuts during March’s FOMC meeting, bond markets have pushed for higher levels. The yield on the 10-year Treasury note reached over 4.16% after being lower than 3.85% just nine days ago. So far, a larger-than-expected portion of companies have reported earnings that have beat forecasts, corroborating data that suggests the economy has remained robust despite tighter monetary policy. For the main indices, the S&P 500 rose 0.06%, the NASDAQ Composite went up 0.24%, and the Dow Jones grew 0.13%.
For individual stocks, two companies to make larger headlines throughout midday trading were Disney and Arm Holdings. The Walt Disney Company saw its stock soar 11.50% following its earnings beat with future announcements of investment into Epic Games and the soon-to-come sports streaming bundle. Also in the green was universal chip designer Arm with its stock climbing 47.89% after the firm reported top and bottom lines that beat estimates.