The S&P 500 remained above the 5,000 level
All eyes were on inflation data this week, while the S&P 500 Index (SPX) held above the historically significant 5,000 level. January’s red-hot consumer price index (CPI) reading weighed on Wall Street, dragging all three major benchmarks lower and sending the Cboe Volatility Index (VIX) to its best single-session percentage gain since October.
It wasn’t all bad news, however, as “Magnificent 7” members helped the Dow Jones Industrial Average (DJI) and Nasdaq Composite Index (IXIC) recover some losses in the form of a v-shaped rally. At the time of this writing, investors are unpacking producer price index (PPI) data that’s sending bond yields higher, while the DJI and SPX pace for their sixth-straight weekly win.
Even More Earnings Reports to Parse
Traders had no shortage of corporate reports to digest this week. Blue-chip beverage giant Coca-Cola (KO) saw revenue jump amid higher prices, while options traders target Airbnb’s (ABNB) post-earnings dip, and analysts hiked their price targets on Lyft (LYFT). Elsewhere, Roku (ROKU) plummeted to annual lows after wider-than-expected losses, and Yeti (YETI) reported a weaker-than-expected 2024 guidance. Rounding out the busy week, Deere’s (DE) quarterly win was drowned out by a sour forecast, while Twilio (TWLO) and JFrog (FROG) were amongst the Nasdaq’s biggest post-earnings movers.
Holiday-Shortened Week Just Ahead
The Federal Reserve’s meeting minutes will highlight the holiday-shortened week, with markets closed on Monday in observance of Presidents’ Day. Investors can expect a host of earnings reports to parse, including results from Carvana (CVNA), Moderna (RNA), and Walmart (WMT). Plus, what to be on the lookout for following the SPX’s breakout, including a potentially disappointing holiday week.