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16/02/24 Briefing

Stocks fell Friday, snapping a 5-week winning streak, as bond yields rose after data showed wholesale prices rose more than expected in January.

The Nasdaq Composite dropped 0.8% Friday to finish the week 1.3% lower. The S&P 500fell 0.5% to close down 0.4% for the week. The Dow Jones Industrial Average slid 0.4% on Friday and 0.1% on the week.

The Producer Price Index (PPI) increased 0.3% in January, more than the 0.1% economists were expecting, and an acceleration from December when the index fell 0.1%. Core PPI, which excludes food, energy, and trade services, rose 0.6%, its largest increase in a year.

Treasury yields jumped following the report, with the 10-year yield rising to about 4.3%, just under the year-to-date high it touched after Tuesday's hotter-than-expected CPI.

Shares of semiconductor equipment maker Applied Materials (AMAT) and crypto exchange Coinbase (COIN) surged on their quarterly earnings reports.

Stocks climbed yesterday after retail spending data showed consumers pulled back even more than expected in January, a good sign for the Fed as it seeks to return inflation to its 2% target.

The S&P 500

Vulcan Materials (VMC) rose 5.2% after beating earnings expectations and offering an upbeat outlook as it benefits from higher prices.

Eli Lilly (LLY) rose 3.2% after Morgan Stanley analysts raised their price target to $950 from $805.

Digital Realty Trust (DLR) declined 8.4% after the real estate investment trust missed revenue and funds from operations estimates.

Most big tech names fell—Meta (META) dropped 2.2%, Alphabet (GOOGL) slid 1.6%, and Apple (AAPL) lost 0.8%.

The Nasdaq 100

The Trade Desk (TTD) soared 17.5% after beating analyst estimates with its fourth-quarter sales and current-quarter outlook.

Applied Materials (AMAT) jumped 6.4% after also topping Wall Street estimates with its quarterly results. Peers KLA Corp. (KLAC) and Lam Research (LRCX) rose 1.4% and 1.3%, respectively.

DoorDash (DASH) tumbled 8.1% after reporting a wider-than-expected $154 million loss in the fourth quarter despite a 27% increase in revenue.

Adobe (ADBE) sank 7.4%, falling for a second day after Microsoft-backed OpenAI announced it would develop a text-to-video generator.

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