Cold Temps Help Oil Prices | February 17

by Luna Fuller
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Good Evening!

The DJIA rose 0.29%
The S&P 500 was down 0.02%
The Nasdaq Composite slipped 0.58%

Energy led the market, as tech slipped.

General Market Review

Energy

With the cold temperatures continuing to take wind across the US, oil prices are rising. Rising oil prices overshadowed Saudi Arabia’s plan to boost oil production again. Chevron gained 3%

Banking

Wells Fargo added 5%, because the Federal Reserve is ready to approve the company’s plan to revise its governance. This step brings Wells Fargo closer to removing the asset cap that limits the bank’s assets up to $1.85 trillion.

Tech

Because of increasing yields, some investors are cautious on growth stocks. Shopify reported better-than-expected earnings, yet their guidance was weak for 2021 as they expect to grow revenue at a lower rate in 2021 than it was in 2020. SHOP fell over 3%. Although an analyst upgraded their rating for Palantir Technologies from neutral to buy, PLTR fell 3% from a weaker-than-expected revenue growth outlook.

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