Market Snapshot: Dow falls over 150 points as rebound loses steam despite robust corporate earnings

by | Feb 9, 2023 | Stock Market

U.S. stocks traded lower on Thursday afternoon, giving up early session gains, as investors struggled to shrug off talk of further interest-rate hikes from the Federal Reserve officials while reassessing better-than-expected corporate earnings reports. What’s happening?
The Dow Jones Industrial Average
declined 166 points, or 0.5%, to 33,782.

The S&P 500
was off 21 points, or 0.5%, to 4,096.

The Nasdaq Composite
lost 63 points, or 0.5%, to 11,845.

On Wednesday, the Dow fell 208 points, or 0.61%, to 33,949 as investors reacted to weak earnings and some hawkish commentary from a cluster of Fed officials, including New York Fed President John Williams and Fed governor Christopher Waller.

What’s driving markets Strong results from Walt Disney Co. helped revive investors’ confidence overnight following a batch of weaker numbers from companies like eBay Inc. EBAY, Chipotle Mexican Grill CMG and Lumen Technologies Inc. LUMN a day earlier. The Dow Jones Industrial Average advanced more than 300 points in the morning trade with shares of Salesforce Inc.
and Walt Disney Co.
leading the way for the blue-chip index before giving back the session’s gains. The S&P 500 and Nasdaq Composite were up 0.9% and 1.4% at session highs, respectively, according to Dow Jones …

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