US Market ends mixed

The US stock market finished session with mixed note on Friday, 10 February 2023, with the Dow and the S&P 500 regained some ground, while the Nasdaq saw further downside.

The mixed performance came as, investors fret about higher interest rates in the U.S. and a possible recession.

At the close of trade, the Dow Jones Industrial Average index added 169.39 points, or 0.5%, to 33,869.27. The S&P500 index was up 8.96 points, or 0.22%, to 4,090.46. The tech-heavy Nasdaq Composite Index decreased by 71.46 points, or 0.61%, to 11,718.12.

Total 8 of 11 sectors ended higher along with the S&P500 Index. Energy was top performing sector, rising 3.92%, followed by unitalities (up 2%), healthcare (up 0.94%), and consumer staples (up 0.93%) sectors, while consumer discretionary (up 1.22%) followed by communication services (down 0.9%) sector.

Among individual stocks, Shares of Lyft plummeted after the ride-sharing company reported an unexpected fourth quarter loss and provided disappointing revenue guidance for the current quarter.

Travel company Expedia also moved sharply lower after reporting weaker than expected fourth quarter results.

Shares of Yelp surged after the consumer review platform reported fourth quarter results roughly in line with estimates and provided upbeat guidance for 2023.

ECONOMIC NEWS: The University of Michigan reports showed the consumer sentiment index rose to 66.4 in February from 64.9 in January. The consumer sentiment index increased for the third straight month, reaching its highest level since hitting 67.2 in January 2022. Meanwhile, one-year inflation expectations climbed to 4.2% in February from 3.9% in January.

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