Market Updates
S&P 500 Index Slipped from Record High, Housing Starts Punged In January
Barry Adams
19 Feb, 2025
New York City
Wall Street index lacked direction, and benchmark indexes reached record highs in the previous session.
The S&P 500 index declined 0.2%, and the Nasdaq Composite fell 0.22% to 19,991.52.
Investors have overlooked brewing tariff flip-flops and rising geopolitical tension, and they have remained focused on the positive macroeconomic backdrop and positive outlook for corporate earnings.
Moreover, investors are still factoring in as many as three or four rate cuts in 2025, despite the latest blip in a rebound in inflation.
U.S. housing starts slumped on a monthly basis in January and fell little on an annual basis.
Housing starts declined to a seasonally adjusted 1.366 million, a decline of 9.8% from the previous month's revised 1.51 million and 0.4% below from last year's 1.376 million.
Stock Movers
Capital One Financial increased 1.3% to $205.51, and Discover Financial edged up 0.4% to $196.55, and the two companies won approvals from their shareholders for their merger plan.
Bumble Inc. plunged 20% to $6.47 after the online dating site's forward-looking guidance disappointed some investors.
Toll Brothers dropped 6% to $114.49, and the luxury home builder reported weaker-than-expected fiscal first quarter results.
Nikola Corp. plunged 49% to $0.39, and the electric vehicle maker filed for Chapter 11 bankruptcy protection from creditors.
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