US stocks closed lower after the Federal Reserve signaled a rate hike is on the table for March and as Chairman Powell discussed the challenges of an economic recovery from the pandemic.
The Dow Jones Industrial Average fell over 129 points, or 0.4%, while the S&P 500 fell 0.15% and the Nasdaq Composite posted a fractional gain of 0.02%. All three major averages gave up gains of between 2-3% at midday.
BIDEN TASKS SAVED WITH INFLATION BATTLE
| ticker | safety | Last | change | change % |
|---|---|---|---|---|
| Me: DJI | DOW JONES AVERAGES | 34634.59 | +466.50 | +1.37% |
| SP500 | S&P500 | 4399.22 | +49.29 | +1.13% |
| I: COMP | NASDAQ COMPOSITE INDEX | 13628.763202 | +86.64 | +0.64% |
On the earnings side, Microsoft shares ended up 20%, up 2%, after the software maker’s strong quarter and better-than-expected earnings that hit $51.7 billion.
MICROSOFT GAINS 21% AND PROVIDES DAMPING FOR GAMING PUSH
| ticker | safety | Last | change | change % |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP. | 304.29 | +7.58 | +2.55% |
Tesla on tap after the closing bell with Apple on tap for Thursday.
| ticker | safety | Last | change | change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 869.93 | -67.48 | -7.20% |
| AAPL | APPLE INC. | 161.93 | +2.24 | +1.40% |
Boeing shares fell after posting a $4.16 billion loss in the fourth quarter. The company also said problems with the 787 will cause $2 billion in unusual production costs, double the earlier forecast.
The planemaker claimed a $3.5 billion fee to cover additional delays in the delivery of examples of its 787 jet and compensation for airlines waiting for planes.
| ticker | safety | Last | change | change % |
|---|---|---|---|---|
| B.A | THE BOEING CO. | 193.74 | -0.47 | -0.24% |
Chip stocks gained momentum after Texas Instruments forecast first-quarter revenue would be as high as $4.9 billion, beating analyst estimates.
| ticker | safety | Last | change | change % |
|---|---|---|---|---|
| TXN | TEXAS INSTRUMENTS INCORPORATED | 176.33 | -2.00 | -1.12% |
| NVDA | NVIDIA CORP. | 223.03 | -4.69 | -2.06% |
Mattel confirmed it has regained the rights to license Disney’s Princess line toys and Frozen franchise from Hasbro. “The new license agreement builds on the existing licensing relationship between Mattel and Disney for Pixar Animation Studio’s ‘Toy Story.’‘ and “Cars‘ franchise and the recently announced worldwide license agreement for ‘Lightyear,'” the company stated.
| ticker | safety | Last | change | change % |
|---|---|---|---|---|
| DIS | THE WALT DISNEY CO. | 137.09 | +3.62 | +2.71% |
| MAT | MATTEL INC. | 19.54 | -0.92 | -4.50% |
| HAS | HASBRO INC. | 89.97 | +0.18 | +0.20% |
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| ticker | safety | Last | change | change % |
|---|---|---|---|---|
| USE | UNITED STATES OIL FUND LP | 62.11 | +0.41 | +0.66% |
Oil also rose to $87.35 Puh barrel level. Ukraine’s leaders have assured their country that an invasion from neighboring Russia is not imminent, but acknowledged the threat is real and received a shipment of US military equipment to bolster their defenses. Moscow has denied planning an attack, but it has massed an estimated 100,000 troops near Ukraine in recent weeks and is conducting military exercises in several locations in Russia. This has prompted the United States and its NATO allies to prepare for a possible war.
In cryptocurrencies, bitcoin continued to stabilize trading at the $37,000 level.
In other news, new single-family home sales rose to 811,000 in December, well above the 760,000 expected.
Ken Martin of FOX Business and The Associated Press contributed to this report.
