The DJIA fell 1.76% The S&P 500 was down 2.43% The Nasdaq Composite slipped 3.52%
Tech led the market.
General Market Review
Jobless claims dropped by 111,000. The unemployment claims fell to 730,000 for last week, despite the severe winter storms.
The 10-year Treasury yield spiked to 1.6% today, later settling at around 1.52%. Tech companies rely on easy borrowing, so these high rates and fears of inflation don’t boost growth for tech. The Fab Five was in the red today. Twitter rose 4% after they released plans to increase their daily active users to 315 million and double revenue by 2023.
Domino’s fell 7% after missing on earnings for fourth quarter. The company’s outlook projects global retail sales growth of 6-10%. Best Buy was down 9% after beating earnings expectations. However, its sales growth is expected to slow down.
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