Markets Today: Dow Down, HD Rises, HIMS Sinks
The market’s attempts at gains have been denied in the face of weaker consumer confidence in February than had been expected. The Dow Jones Industrial Average came out of the gate with gains, thanks to Home Depot (NYSE: HD), which is up 2.4% after beating Q4 earnings estimates. The Dow has since turned negative while […] The post Markets Today: Dow Down, HD Rises, HIMS Sinks appeared first on 24/7 Wall St..
The market’s attempts at gains have been denied in the face of weaker consumer confidence in February than had been expected. The Dow Jones Industrial Average came out of the gate with gains, thanks to Home Depot (NYSE: HD), which is up 2.4% after beating Q4 earnings estimates. The Dow has since turned negative while both the S&P 500 and Nasdaq Composite never even touched on green so far today. The Nasdaq Composite is faring the worst, with a 1.5% drop.
Home Depot managed to beat consensus estimates on both the top and bottom lines. Home Depot’s Q4 EPS came in at $3.02, a penny higher than consensus, while revenue was $39.7 billion compared with Wall Street estimates of $39.16 billion. Home Depot issued a weaker outlook than expected, but that did not spook investors this time.
Hims & Hers (NYSE: HIMS) is a drag and is shaving nearly 25% off its value today to a market cap of $8.6 billion as fears of weight loss drug saturation overshadow better-than-expected quarterly results.
Bank of America threw water on market optimism after saying it is not factoring in any interest rate cuts in 2025.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 43.08 (-0.10%)
Nasdaq Composite: Down 276.84 (-1.46%)
S&P 500: Down 42.77 (-0.71%)
Key Points
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The Dow Jones Industrial Average has let early gains slip away.
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Home Depot is a bright spot in the Dow after better-than-expected earnings.
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Hims & Hers is a drag on weight loss drug oversupply concerns.
Tech Trouble
Tesla (Nasdaq: TSLA) is losing 5% on the day while pressuring the Nasdaq Composite and the S&P 500. After reports that Tesla plans to release its fully self-driving software in China, the latest headlines are that the EV maker intends to acquire assets from bankrupt German automation supplier Manz.
While most of the Magnificent 7 stocks are under pressure today, Apple (Nasdaq: AAPL) has been positive but is struggling to hold onto its gains.
Nvidia (Nasdaq: NVDA) and Cisco (Nasdaq: CSCO) have reportedly extended a partnership designed to catapult AI further into the mainstream. Nvidia is on earnings watch with results due out on Wednesday.
Other Market Movers
Home Depot’s gains are buoying the housing stocks today, including D.R. Horton (NYSE: DHI) and Lennar (NYSE: LEN), each with 3% gains on the day.
Walmart (NYSE: WMT), which triggered the latest market sell-off amid concerns about the American consumer, is retaking some lost ground with a 1.5% gain on the day.
The post Markets Today: Dow Down, HD Rises, HIMS Sinks appeared first on 24/7 Wall St..
