S&P 500 Index - Daily Chart - Feb 1 - 29, 2024 (Source: Tradingview)

February 1

After suffering its worst losses since September, the S&P and other major averages jumped to start the month.The Dow climbed up nearly 1% (369 points), the S&P rose 1.07%, and the Nasdaq was up 1.72%. Pharmaceutical company Merck reported strong earnings which helped bolster the Dow for the trading session.

February 2

A January jobs report came into the market and blew past expectations with an addition of 353,000 jobs into the economy. The Dow went up 0.35% (134 points), the S&P rose by 1.07%, and the Nasdaq won the most with a 1.72% gain. The S&P first dipped after the jobs report came to light but after the market opened all stocks generally increased throughout the day.

February 5

Major indexes fell through at the start of the week as treasury yields climbed whereas earning results lagged. Dow stocks suffered a hit with a 0.71% loss (-274 points) while the S&P went down 0.32% and the Nasdaq drifted 0.17% lower. Markets turned south when the January ITSM services report came in stronger than expected.

February 6

Little movement is made by the major indices as investors digest another patch of earnings. The Dow went up 141 points while the S&P gained 0.23% and the Nasdaq lost 0.23% for the day. Earnings in the fourth quarter are 8% higher than the previous year’s earnings from the same period.

February 7

The S&P hit new highs again after surging 0.82% while the Nasdaq increased 1.04% and the Dow went up 156 points. Tech performed strongly with companies like Taiwan Semiconductor and Nvidia pulling the market up. A new sports streaming service is announced to be a collaboration between Disney, Fox, and Warner Brothers, all three companies traded down with the exception of Disney.

February 8

The major averages moved very narrowly for the day but nevertheless made u[ward progress for the day. Dow stocks traded up 49 points, the Nasdaq rose by 0.16%, and the S&P drifted 0.06% higher. Big-cap tech stocks were mixed while Walt Disney surged up 11% with a strong earnings report.

February 9

The week ended with a breakthrough for the S&P, not only to new highs but past the barrier of 5000 points. While the Dow declined by a 54-point margin, the S&P rose 0.57% and the Nasdaq went up 1.01%. December’s revised inflation import came in lower-than-expected which is a good sign for those keeping track of inflation.

February 12

Stocks were indecisive and immobile to start the week with the Dow rising 125 points while the S&P went down 0.10% and the Nasdaq ended 0.44% lower. The S&P was held in check by profits from big tech winners such as Nvidia and Meta among other names. The small-cap Russell 2000 index managed to surge up 2% for the trading day.

February 13

A rally in the stock market was abruptly put to a halt with an unwelcome uptake in inflation driving bond yields higher. All major averages modestly moved down with the Dow losing 1.35% (-524 points), the S&P declining by 1.37%, and the Nasdaq which finished 1.58% lower for the day.

February 14

Post the previous day’s drop, Wall Street quickly regained footing with a bounce back into the green. Dow stocks went up 151 points, the S&P rose by 0.96%, and the Nasdaq climbed 1.18% higher. After digesting the previous day’s data, investors concluded that slightly warm inflation data will not disrupt a soft landing plan.

February 15

Major averages once again jumped up to new highs with tech and economically sensitive stocks driving the market higher. The Dow went up 0.91% (348 points), the S&P climbed 0.58%, and the Nasdaq drifted 0.21% higher. In spite of a softer January sales retail report, gains came as consumer confidence remains high.

February 16

Stocks fell off from record highs, the S&P breaking a 5-day win-streak after a release of sticky inflation data. The Dow declined by 0.37% (-145 points) while the S&P went down 0.48% and the tech-heavy Nasdaq ended 0.90% lower. The PPI wholesale inflation gauge ticked higher than expected, following a high CPI reading.

February 20

After a choppy trading week, with inflation data prompting concern, the market drifted modestly lower. The Dow fell a modest 64 points, the S&P declined by 0.60%, and the Nasdaq ended the day down 0.79%. Tech stocks had taken a soft fall in wake of the upcoming earnings report from chip giant Nvidia.

February 21

An impressive turnaround was staged on Wall Street with the S&P rising into green territory after being in the red the whole day. Dow stocks went up 0.13% (+48 points) and the S&P rose 0.13% too while the Nasdaq lost 0.38%. Nasdaq took a hit for the day with a bad earnings report from cybersecurity giant Palo Alto weighing down the tech sector.

February 22

The spotlight focused on Nvidia with the company going up 16% for the day after a strong earnings report. Dow stocks rose 1.18% and the S&P increased by 2.11%, the tech heavy Nasdaq surging 3% for the day. The rally from Nvidia spread to different components such as Dow stocks such as JP Morgan.

February 23

The S&P ended flat this trading session but overall the big cap index managed to stay in green for the week. The Dow went up 62 points and the S&P remained virtually unchanged with a 0.03% gain while the Nasdaq declined by 0.37%. Nvidia ended up 60% for the year with an earnings report showing tripled profits up 800%.

February 26

Wall Street was generally quiet to start the week with the Dow going down 63 points, the S&P 0.38% in the red, and the Nasdaq unmoved, going down 0.02%. Amazon joined Dow industrials, taking the place of Walgreens and increasing the DOw’s exposure to tech. Uber replaced Jet Blue for the Dow, as a result uber went up fractionally for the day.

February 27

The major averages traded in a fairly tight range before ending the trading session mixed. The Dow went down by a 96-point margin while both the S&P (+0.17%) and Nasdaq (+0.21%) made modest gains. Retail sales dominated the market with Macy’s announcing its closing of 150 namesake stores while opening additional locations of luxury Bloomingdale’s and Blue Mercury stores.

February 28

The market once again passed through a day with little change with a rare occurrence of underperforming tech stocks. The dow slightly declined by a meager 0.06% (-23 points) and the tech heavy nasdaq suffered a 0.54% fall while the S&P rose by 0.17%. Losses in big cap names such as Alphabet, Nvidia, Apple, and Meta all dragged down the technology sector.



February 29

A good reading on the Personal Consumption Expenditures inflation index sent markets higher. The S&P 500 gained half a percent but the tech-heavy Nasdaq advanced almost 1% while the Dow closed 47 points higher. The PCE’s core inflation came up 2.8% year over year, but that was in line with analyst expectations and it represented progress in the Fed’s efforts.