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The DJIA fell 1.76% The S&P 500 was down 2.43% The Nasdaq Composite slipped 3.52%
Tech led the market.
General Market Review
Economic Data
Jobless claims dropped by 111,000. The unemployment claims fell to 730,000 for last week, despite the severe winter storms.
Tech
The 10-year Treasury yield spiked to 1.6% today, later settling at around 1.52%. Tech companies rely on easy borrowing, so these high rates and fears of inflation don’t boost growth for tech. The Fab Five was in the red today. Twitter rose 4% after they released plans to increase their daily active users to 315 million and double revenue by 2023.
Consumer Discretionary
Domino’s fell 7% after missing on earnings for fourth quarter. The company’s outlook projects global retail sales growth of 6-10%. Best Buy was down 9% after beating earnings expectations. However, its sales growth is expected to slow down.
