Wall Street faced a challenging session marked by a sharp drop in U.S. consumer confidence and heightened regulatory pressures on technology companies. Consumer confidence plummeted by 7 points to 98.3 in February, the largest monthly decline since August 2021, reflecting widespread uncertainty about President Trump's policies. This consumer pessimism heavily impacted the markets.
Technology stocks suffered significantly after reports surfaced that the Trump administration might impose stricter export restrictions on Nvidia's chips to China, leading to a 2.8% decline in Nvidia's stock (NVDA) . This contributed to the Nasdaq Composite falling by 1.35% to its lowest level in a month. In contrast, the Dow Jones managed a slight gain of 0.4%.
Tesla (TSLA) saw an 8.4% drop in its stock, continuing a 19% decline since the beginning of the year, influenced by reduced sales in Europe and controversial political endorsements by Elon Musk. Public backlash has intensified, with some protests branding Tesla vehicles as ‘The Swasticar.’
Eli Lilly (LLY) and Home Depot (HD) experienced gains in their stock prices. Eli Lilly rose by 2.3% due to new, cheaper packaging for its obesity drug, Zepbound, while Home Depot increased by 2.8% after reporting better-than-expected quarterly results despite weak demand for renovation materials.
Zoom Communications (ZM) faced an 8.5% drop as it provided revenue forecasts for the upcoming quarter and fiscal year that were below expectations, highlighting a decline in demand for video conferencing as the pandemic recedes and competition from Microsoft's Teams intensifies.
QQQ (Invesco QQQ Trust Series 1):
IWM (iShares Russell 2000 ETF):
775.9
-3.63 (-0.47%)
373.16
+6.52 (+1.78%)
153.3
-4.69 (-2.97%)
300.71
-16.95 (-5.34%)
77.57
-0.41 (-0.53%)
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Wall Street stays cool despite geopolitical tension, weak retail data, and a meltdown in solar stocks.