Stock Market Update Friday February 21, 2025

Stock Market Update Friday February 21, 2025 An eventful expiration Friday! Markets slid following misses in consumer sentiment and housing data, and got worse with a new coronavirus headline. The SPX was down 1.7%, QQQ -2%. The DJIA has dropped nearly 1,200 points since Wednesday, first WMT and now UNH leading it lower. Vaccine stocks like MRNA (+5%) gained midday on the coronavirus headline. Chinese stocks like BABA (+5%) benefited from trading ahead of the US Markets, while back here, recent meme/momentum names like HIMS (-25%) got killed. IWM was down nearly 3%. Defensive names like KO (+2%) and PG (+1.7%) were in the green. XLP was up 1.2% amidst the carnage elsewhere.

Away From Stocks: Treasury's remained on the front foot with 2- and 30-year yields dropping five and seven basis points, respectively, to 4.15% and 4.67%, while WTI crude sank to $70 a barrel and gold finished little changed at $2,936 per ounce to clinch an eighth consecutive weekly advance. Bitcoin gave back yesterday’s gains and then some at $95,200 and the VIX rallied nearly three points to 18 and change.