Today’s Stock Market Report: Dow Jones and S&P Ditch Gains

Major stock indexes briefly moved into positive territory but ultimately failed to overcome higher-than-expected inflation data, resulting in a decline in the final 15 minutes of trading on Friday. The Dow Jones Industrial Average, S&P 500, and Nasdaq all ended five-week winning streaks as the market closed today. The Dow dropped nearly 0.4%, the S&P 500 fell almost 0.5%, but managed to stay above the 5,000 level, and the Nasdaq declined by 0.8%. The Russell 2000 small-cap index was hit the hardest, falling by almost 1.4%. Stock markets will be closed on Monday, February 19 in observance of Presidents Day. The 10-year Treasury yield increased by 4 basis points, reaching just under 4.3%. Volume on the NYSE and Nasdaq was lower compared to Thursday. Various ETFs saw declines in trading, along with stocks like Dropbox, Coinbase Global, Super Micro Computer, Trade Desk, DoorDash, Roku, Applied Materials, DraftKings, and Nike. Applied Materials rose nearly 6.4% after beating earnings and sales views while Nike fell 2.4% following news of job cuts and a stock downgrade.