Stock Market Today: S&P 500 snaps 2-week win streak as Nvidia nosedive dents tech
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Investing.com — The S&P 500 snapped a two-week win streak Friday, on an abrupt halt in Nvidia’s record run and a mixed labor market report showing that more jobs were created in February, but the unemployment rate unexpectedly ticked up as layoffs picked up pace last month.
By 16:00 ET (21:00 GMT), the S&P 500 fell 0.7%, NASDAQ Composite slipped 1.2%, and Dow Jones Industrial Average fell 0.2%. or 68 points, with the latter closing out its worst week since October.
Mixed jobs report keeps June rate cut odds unchanged
Nonfarm payrolls rose by 275,000 in February, increasing from a downwardly revised total of 229,000 in January, according to data from the Labor Department’s Bureau of Labor Statistics. Economists had called for a reading of 198,000.
The better-than-expected jobs added last month kept a lid on wage growth, while unemployment rate unexpectedly ticked up.
“The payroll data suggests that the Fed should be on hold, but the wage, hours worked, and household data all suggest that a cut will be appropriate at some point soon,” Jefferies said in a note.
The mixed jobs report comes just a week ahead of another data-fuel week, with the latest consumer inflation data on the calendar that is expected to “show another strong monthly increase,” UBS said, reiterating its forecast for three rate cuts in this year.
“Our base case remains that the Fed will cut rates in June with a total of three cuts by the end of 2024, but some softening of the data is likely required for that to happen,” Brian Rose, Senior US Economist, UBS Global Wealth Management, said.
Costco revenue falls short; Gap shines on Q4 beat
Costco (NASDAQ:COST) stock fell 7% after the big-box retailer reported second-quarter revenue that missed expectations as demand for higher-priced items was dented by a more cost-conscious consumer. A “lack of a membership fee hike [from Costco],” Oppenheimer said, were also likely weighing on the shares of the company.
Gap (NYSE:GPS), meanwhile, climbed over 8% after the fashion retailer beat fourth-quarter expectations, buoyed by strong demand on improved product offerings at its Old Navy and namesake brands during the holiday season.
Chips in focus as Broadcom, Marvell stutter on earnings stage; Nvidia slips on stock split speculation
Broadcom (NASDAQ:AVGO) stock fell just under 7% as investors noted that the semiconductor group did not raise its full-year guidance target despite posting better-than-expected fiscal first-quarter results, suggesting wariness about the future.
Still on Wall Street continue to back Broadcom, with UBS saying that headwinds in the company’s traditional markets like networking is “being more than offset by stronger than expected AI demand.”
Marvell Technology Inc (NASDAQ:MRVL) fell 11% after its first-quarter guidance fell short of analyst estimates guidance offsetting stronger-than-expected Q4 results. The weakness, however, marks an opportunity to buy, Deutsche Bank said in a note as “accelerating AI tailwinds” will likely boost the chip company’s earnings power.
AI poster child NVIDIA Corporation (NASDAQ:NVDA) fell nearly 6% from record highs as many speculate whether the chip maker will split its stock as its shares nears the $1,000 price level.
(Peter Nurse contributed to this story.)
