DJIA: 33,286.25, up 653.61
S&P 500: 4,277.88, up 107.18
Nasdaq: 13,255.55, up 460.00

Stocks post best day since 2020; oil sinks

U.S. stocks snapped a four-session losing streak as commodity prices stabilized, offering a slight reprieve from recent inflationary concerns. Also buoying sentiment was renewed hope that the conflict in Ukraine could be resolved diplomatically during a meeting tomorrow between top officials. Additionally, Ukraine President Zelensky has reportedly said he is no longer interested in joining NATO, one of Russia’s stated reasons for its invasion. The S&P 500 jumped 2.6%, posting its best day since June 2020, while the Dow rallied 653 points. The Nasdaq Composite surged 3.6%, clawing out of bear market territory (defined as a more than 20% drawdown from a recent record).

In commodities, West Texas Intermediate crude tumbled 11.2% to $109.87/barrel after the United Arab Emirates said it would encourage other OPEC (Organization of the Petroleum Exporting Countries) members to increase output. Still, oil prices remain up 47% year-to-date. Treasuries weakened ahead of tomorrow’s key inflation reading, with the yield on the 10-year note up nine basis points (0.09%) to 1.94%. Meanwhile, a gauge of the U.S. dollar fell for the first time in five days (-1.1%). On the data front, the Job Openings and Labor Turnover Survey (JOLTS) showed the number of job openings eased to 11.3 million in January, still holding near December’s record level.

Nine of 11 S&P 500 sectors finished in positive territory, with Technology and Financials outperforming. In corporate news, Match Group Inc. and Bumble Inc. rallied 12.8% and 41.9%, respectively, after an analyst upgraded the two companies. Meanwhile, XPO Logistics Inc. jumped 13.1% after unveiling plans to spin off its brokerage transportation services unit.

Read more about it here.
https://bit.ly/3pIztIw