The stock market saw a decline on Friday due to hot inflation data showing a significant increase in producer prices. Meanwhile, Roku and Coinbase had different performances after releasing their earnings.
The Dow Jones Industrial Average fell by 0.25% after the opening bell, while the S&P 500 dropped 0.3%. The Nasdaq composite also declined by 0.7% in morning trading. Additionally, the 10-year Treasury yield rose to 4.3%, and oil prices increased.
The Labor Department released its producer price index before the market opened, which had an impact on the S&P 500 and interest rates. PPI rose by 0.3% in January, exceeding expectations. On the other hand, Roku beat expectations for new users and sales in the fourth quarter, while Coinbase’s fourth-quarter report surpassed Wall Street’s expectations.
Other companies that reported earnings include Applied Materials, DraftKings, and Trade Desk. Applied Materials saw a more than 6% increase in morning trading, while DraftKings stock dropped by 2%. Trade Desk’s stock surged by 14% after its earnings met estimates and revenue exceeded expectations.
In terms of stocks to watch, Lennar, MongoDB, Samsara, UiPath, Procter & Gamble, and Walmart are among the best picks in the current market rally. Procter & Gamble and Walmart are near their buy points, while other companies like Tesla and Nvidia also showed positive movements on Friday morning.
For more insights on growth stocks and the stock market today, be sure to follow market experts on X.
