Stocks mixed as February on track to close on a down note
Investing.com | Author Liz Moyer
Published Feb 28, 2023 09:39AM ET
Updated Feb 28, 2023 10:16AM ET
By Liz Moyer
Investing.com -- U.S. stocks were mixed as February was on track to close on a down note.
At 10:13 ET (15:13 GMT), the Dow Jones Industrial Average fell 168 points or 0.5%, while the S&P 500 was down 0.1% and the NASDAQ Composite was up 0.1%.
After rallying in January, stocks fell back in February. The Dow is down 3.5% for the month heading into the last trading day and is negative for the year so far. The S&P 500 and Nasdaq are positive for the year but have each dropped this month.
Investors have spent the month worried about interest rates staying higher for longer after several stronger-than-expected economic reports.
While most traders still expect the Federal Reserve to raise interest rates by a quarter of a percentage point when it meets in March, some are now betting on a half-point hike. That may not be the Fed’s last move this year. Many also expect another quarter-point hike in May.
While it is a light week for economic data, Chicago Fed President Austan Goolsbee is expected to speak later today. Investors will be listening for any hints at the policy board’s thinking heading into March.
Target Corporation (NYSE:TGT) shares rose 2.9% after the retailer beat expectations for the holiday quarter on an increase in-store traffic from bargain hunters. Target expects full-year earnings to be in a range below what analysts are forecasting.
Zoom Video Communications Inc (NASDAQ:ZM) shares rose 0.8% after it forecast better than expected profit for the year.
Oil rose. Crude Oil WTI Futures were up 2.1% to $77.27 a barrel, while Brent Oil Futures crude was up 1.7% to $83.38 a barrel. Gold Futures were up 0.2% to $1829.
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