Mixed Close for S&P 500, Nasdaq After Hot US CPI and Powell’s Notice
Today US stocks closed mixed, with Nasdaq up, while S&P is down, after an increase in January CPI inflation and Jerome Powell’s acknowledgement.
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The broader US stock market closed on a weaker note, with most major indices declining despite a small gain in the NASDAQ. The Russell 2000 saw the steepest drop, reflecting a cautious, risk-off sentiment among investors. In the tech sector, performance was mixed. Meta and Apple managed to post gains, standing out as exceptions, while Nvidia, Amazon, and Alphabet saw declines. The pullback in these stocks suggests that investors are re-evaluating valuations after their recent strong rallies.
S&P 500 Chart Daily – The Uptrend Has Slowed Since December 
US Market Closing Summary
Major Indices Performance
- Dow Jones: Fell 225.03 points (-0.50%), closing at 44,368.62.
- S&P 500: Declined 16.56 points (-0.27%), ending at 6,051.94.
- NASDAQ: Slight gain of 6.09 points (+0.03%), closing at 19,649.95.
- Russell 2000: The worst performer, dropping 19.81 points (-0.87%) to 2,255.88.
Tech Sector Highlights
- Meta: Extended its winning streak to 18 consecutive days, gaining $5.50 (+0.76%).
- Nvidia: Declined -1.25%, cooling off from recent highs.
- Amazon: Fell -1.65%, underperforming among big tech names.
- Microsoft: Closed down -0.58%, in line with broader weakness.
- Alphabet (Google): Dropped -0.92%, reflecting overall tech softness.
- Apple: Bucked the trend, rising +1.83%, showing resilience.
- Tesla: Led gains, climbing +2.44%, supported by renewed investor confidence.
Meanwhile, today was the second day of Powell’s testimony at the Senate which came after the US inflation report. January’s U.S. Consumer Price Index (CPI) exceeded expectations, marking the fourth consecutive year of a stronger-than-anticipated inflation reading for the month. This surprise increase adds complexity to the Federal Reserve’s efforts to bring inflation down to its 2% target and has prompted markets to scale back expectations for interest rate cuts this year.
Fed Chair Jerome Powell’s Key Comments
- Inflation Progress: Today’s inflation data indicates the Fed is close to its target, but not there yet.
- Monetary Policy Stance: The Fed intends to keep policy restrictive for now.
- Cautious Approach: Officials will wait and assess the impact of current policies before deciding on the next steps.
- Policy Uncertainty: There remains uncertainty regarding future policy adjustments.
- Economic Strength: The underlying U.S. economy remains strong, providing room for policy flexibility.
S&P 500 Live Chart
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