Hourly Market Review - Feb 23, 2024 12 PM

U.S. stocks experienced a mixed performance on Friday, with an early advance losing momentum as Nvidia gave up most of its initial gains. The Dow Jones Industrial Average continued to rise, pushing further into record territory, while the Nasdaq Composite declined. Here's a summary of the market movements:

• The Dow Jones Industrial Average gained 136 points, or 0.4%, reaching 39,207.

• The S&P 500 slightly increased by 4.5 points, or 0.1%, to 5,091.

• The Nasdaq Composite fell by 65 points, or 0.4%, to 15,973.

Nvidia, a key driver of the market's recent rally, saw its shares climb more than 4% after the opening but then relinquished most of those gains. The broader market was influenced by profit-taking in Big Tech stocks following Thursday's strong performance, which was the best session for the S&P 500 and Nasdaq in over a year.

Weakness in Big Tech and semiconductor stocks weighed on several sectors, with information technology, consumer discretionary, and communications services trading in the red. Energy stocks also underperformed due to a drop in crude oil prices.

Interest-rate sensitive stocks, such as utilities, financials, and consumer staples, benefited from falling Treasury yields, with the utilities sector leading the S&P 500's performance on Friday.

The yield on the 10-year Treasury note decreased by 2 basis points to 4.31%.

Movers of the hour:

Maravai is up 61.15% at $8.24.  

AXT is up 60.96% at $3.67.  

Carvana is up 31.17% at $68.74.  

Sleep Number is up 29.95% at $14.36.  

ATN International is up 28.91% at $36.52.