After an impressive rebound the prior session, the S&P 500 and other stock market indexes extended gains Friday morning, even as fighting continued in Ukraine.
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But the Nasdaq composite, which led Thursday’s big rebound, was down 0.3%. Technology shares weighed on the composite. Technology Select Sector SPDR (XLK) fell 0.7% as chip and software stocks lost ground.
The S&P 500 climbed 0.5%. The S&P and Nasdaq undercut their January lows during Thursday’s wild day of trading. Despite its positive reversal, the stock market faces major hurdles as it tries to sustain the rebound.
The war in Ukraine remains a major concern for investors. Russian troops drew closer to the Ukrainian capital of Kyiv, while the Russian government agreed to talks with Ukraine’s leaders, the Wall Street Journal reported.
Russian troops linked up with armored forces at an airfield near Kyiv, the Journal reported. Gunfire broke out in parts of Kyiv in what Ukrainian officials said were clashes with Russian infiltrators.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 33476.77 | +252.94 | +0.76 |
| S&P 500 | (0S&P5) | 4310.25 | +21.55 | +0.50 |
| Nasdaq | (0NDQC ) | 13436.83 | -36.76 | -0.27 |
| Russell 2000 | (IWM) | 197.84 | -0.20 | -0.10 |
| IBD 50 | (FFTY) | 36.62 | +0.08 | +0.22 |
| Last Update: 10:14 AM ET 2/25/2022 | ||||
The Dow Jones Industrial Average rose 0.8%. The Russell 2000 eased 0.1%.
Volume fell compared with the same time on Thursday.
Square Parent, Etsy Among Big Stock Market Movers
Among major movers, Block (SQ) roared 16% after the payments company posted Q4 earnings and sales that topped estimates. Analysts saw many positives in the results for Block, the parent of Square. Even so, Needham & Co., Credit Suisse and Deutsche Bank cut their price targets on the stock. Block stock had sunk to a June 2020 low before today’s bounce.
Etsy (ETSY) pared gains to 5% after a mixed fourth-quarter report. Results beat expectations, but the crafts marketplace Q1 forecast was below views. Active sellers jumped 72% and active buyers rose 17.6%. Etsy shares had plummeted more than 60% from the November peak.
CarGurus (CARG) soared 36% to a new high. The car-buying website easily beat fourth-quarter profit expectations and gave bullish guidance. The stock surged back above the 35.99 buy point of a double bottom base. Shares initially topped the entry last week but tumbled below it.
Innovator IBD 50 rose 0.7% as some of the financials that sold off Thursday bounced back today.
Raymond James Financial (RJF) jumped more than 2% after finding support around the 50-day moving average. Boston Properties (BXP) climbed 1.8% and continues to form a cup base. LPL Financial (LPLA) rallied 2.3%.
Global Ship Lease (GSL) and Matson (MATX) rose about 2% on expectations of higher shipping costs.
A mix of natural resources and technology stocks fell more than 2% in the IBD 50.
Stock Market Weighs Economic Reports
Personal spending rose 2.1% in January from the previous month, the best increase since March 2021, says BMO Capital Markets economist Jennifer Lee. Incomes were flat, but spending and incomes came in above economists’ forecasts.
The core PCE price index, the Fed’s main measure of inflation, jumped 5.2% from a year ago.
“Despite the war in Ukraine, the Fed is going to be forced to raise interest rates next month and they will have pressure to raise rates and/or reduce their balance sheet (i.e. Quantitative Tightening) at the same pace or quicker than would have been the case had Russia not invaded Ukraine,” Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, said in a report.
Durable goods orders rose 1.6% in January, and 0.7% excluding transportation, also above estimates.
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