- February 28, 2023
- By: Admin1_blog
- US Market
Stocks futures were little changed Tuesday as investors braced for the final tradinf day of February.
Futures tied to the Dow Jones Industrial Averages rose 31 points, or 0.1%, while S&P 500 and Nasdaq 100 futures also climbed 0.1% each.
Zoom video popped 6.4% on strong earnings, while Target rose 1.3% after the retailer posted its latest quarterly figures.
The moves followed a positive session for the major averages as Treasury yields eased. The Dow Jones Industrial average rose 72.17 points or 0.22%, while the S&P 500 and Nasdaq Composite gained 0.31% and 0.63%, respectively.
Tuesday marks the last day of February. Despite a solid start to the year, the major indexes are on pace for their second negative month in three. As of Monday’s close, the Dow is down 3.5% for the month and the only major index negative for the year. Both the S&P 500 and Nasdaq are positive in 2023, but down 2.3% and 1%, respectively, in February.
February “will go down in history as the month where the market pulled back to digest a very strong rally you saw at the end of December into most of January,” said Adam Sarhan, CEO of 50 Park Investments. “This is a pullback month, it’s a rest month, and that’s good as long as support is defended and support holds, which is last week’s low.”
On the economic front, investors also await consumer confidence data, wholesale inventories, Chicago PMI and the S&P Case-Shiller home prices index.
Source: CNBC
