Hourly Market Review - Feb 29, 2024 12 PM
AInvestThursday, Feb 29, 2024 12:00 pm ET
1min read

U.S. stocks experienced minimal changes on Thursday, February's final trading session, as major averages concluded a winning month. The Dow Jones Industrial Average slightly declined by 0.2%, while the S&P 500 and Nasdaq Composite rose by 0.1% and 0.3%, respectively. February marked another positive month for Wall Street, with the Nasdaq leading gains at 5.2%, followed by the S&P 500 at 4.6%, and the Dow at 1.8%, marking its first four-month winning streak since May 2021. Inflation data revealed the Federal Reserve's preferred measure remained above target in January but did not exceed forecasts, and consumer spending remained robust. The core personal consumption expenditures price index matched estimates with a 0.4% monthly increase and a 2.8% year-over-year rise. Personal income also exceeded expectations with a 1% rise. However, pending home sales unexpectedly declined by 4.9% in January. In the corporate sector, Snowflake's stock dropped about 19% following the retirement announcement of its CEO and disappointing revenue guidance, while Okta surged nearly 23% after reporting strong results. New York Federal Reserve Bank President John Williams is scheduled to moderate a discussion later in the evening.


Movers of the hour:

Societal CDMO is up 130.70% at $1.06.  

Vertex is up 30.08% at $33.04.  

Codexis is up 29.57% at $4.82.  

Revance Therapeutics is up 27.92% at $7.23.  

iHeartMedia is up 26.65% at $2.88.  

Here are the top stocks upgraded by Wall Street analyst:

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.