Stock Market Update Wednesday February 21, 2024

Stock Market Update Wednesday February 21, 2024 A late rebound helped stocks narrow their losses to 0.4% on the Nasdaq 100 ahead of this afternoon’s Nvidia earnings beat, which exceeded expectations and led to an advance in after-hours trading. Yesterday, we mentioned that when a stock sells off before earnings, it usually will beat earnings expectations, and vice versa. Similarly, when a stock rises before earnings, it typically sells off afterward, even if it beats expectations.

Away From Stocks: Treasury's experienced adverse performance subsequent to a lackluster 20-year auction this afternoon. The 2-year note closed at 4.64%, and the long bond at 4.49%, with both registering an increase of five basis points during the session. WTI crude oil rebounded above $78 per barrel, while gold remained steady at $2,024 per ounce. Additionally, the VIX maintained levels above 15.

After hours trading at $725 Uptrend continues