U.S. stocks wobble as rate fears outweigh strong earnings
Investing.com | Author Liz Moyer
Published Feb 23, 2023 10:02AM ET
Updated Feb 23, 2023 11:16AM ET
By Liz Moyer
Investing.com -- U.S. stocks are wobbling as fears about interest rates outweigh strong earnings led by chipmaker Nvidia.
At 11:12 ET (16:12 GMT), the Dow Jones Industrial Average was down 24 points or 0.1%, while the S&P 500 was up 0.1% and the NASDAQ Composite was down 0.1%.
Nvidia Corporation (NASDAQ:NVDA) shares rose 12.9% after it gave guidance for quarterly sales that were higher than analysts expected. There was a jump in the use of its chips to run AI activities.
Fellow chipmakers were also getting a boost. Broadcom (NASDAQ:AVGO) rose, as did Qualcomm (NASDAQ:QCOM) and Intel (NASDAQ:INTC).
New jobless claims of 192,000 came in lower than the expected 200,000. Along with that, gross domestic product for the fourth quarter came in at a revised 2.7%, while economists were expecting a 2.9% gain from the prior quarter.
On Wednesday, the minutes of the Federal Reserve's last meeting showed officials supported more interest rate increases but at a slower pace. The market expects the Fed will raise rates by another quarter of a percentage point in March and then again in May. Some are also expecting a rate hike in June, to get the rate above 5% by mid-summer.
Atlanta Fed President Raphael Bostic and San Francisco Fed President Mary Daly are scheduled to speak later today.
Shares of eBay Inc. (NASDAQ:EBAY) fell 7.6% after the online auction site warned of slower demand because of shifts in consumer spending.
Moderna, Inc. (NASDAQ:MRNA) shares fell 7.1% after it confirmed its $5 billion forecast for COVID-19 vaccine sales.
Oil rose. Crude Oil WTI Futures was up 1.8% to $75.29 a barrel, while Brent Oil Futures crude was up 1.7% to $81.97 a barrel. Gold Futures was down 0.8% to $1826.
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