The stock market reacted to a key inflation report on Thursday, causing the Dow Jones Industrial Average to reverse lower. Snowflake (SNOW), a leader in the artificial intelligence stock sector, saw a significant decline after reporting earnings.
In the morning, the Dow Jones Industrial Average dropped by 0.2%, while the S&P 500 went up by 0.2%. The Nasdaq composite, which is tech-heavy, climbed by 0.6% after the opening bell rang. Key U.S. exchange-traded funds like the Invesco QQQ Trust (QQQ) and the SPDR S&P 500 ETF (SPY) also saw gains.
The 10-year Treasury yield decreased to 4.22%, while oil prices remained high with West Texas Intermediate futures hovering around $78.90 a barrel. The personal income and spending report for January, as well as the PCE price index numbers, which show current inflation, were released on Thursday morning. The Labor Department’s initial unemployment claims also increased, surpassing expectations.
Snowflake experienced a significant drop after revealing lower revenue outlook for fiscal 2025 and the retirement of its Chief Executive Frank Slootman. Other companies that reported earnings included Best Buy (BBY), Salesforce (CRM), Birkenstock (BIRK), DoubleVerify (DV), and C3.ai (AI).
Among the Dow Jones stocks, Disney and Procter & Gamble were highlighted for forming potential buy points. The stock market rally continues to be monitored closely for changes in market conditions. Advanced Micro Devices (AMD), SharkNinja (SN), Toll Brothers (TOL), and Weatherford (WFRD) are among the top growth stocks to watch.
Nvidia and Tesla saw fluctuations in their stock prices, while Apple and Microsoft traded higher. Investors are encouraged to stay updated on growth stocks, market trends, and the performance of the stock market. Subscribe to receive real-time alerts and actionable ideas for stocks, options, and cryptocurrencies.
