The S&P 500, Dow Jones, and Nasdaq are all down today, with tech stocks causing pressure. Cisco Systems is down over 10% due to higher memory chip prices impacting profitability. Trucking and logistics companies are also selling off.

Sandisk is up over 7% on strong global demand for NAND memory chips. Bond yields fell, with US weekly jobless claims slightly weaker than expected and Jan existing home sales hitting a 16-month low.

US weekly initial unemployment claims fell, Jan existing home sales dropped, and markets focus on corporate earnings and economic news. Q4 earnings have been positive, with S&P 500 companies beating expectations.

Overseas markets are mixed, with Euro Stoxx 50 at an all-time high and China’s Shanghai Composite up. Interest rates are down, with T-notes higher after dovish factors for Fed policy.

The Magnificent Seven tech stocks are down, with Amazon, Apple, and Meta Platforms leading declines. Trucking companies like CH Robinson Worldwide are down, while chip makers like Seagate Technology Holdings are up.

ICON Plc is down over 35% due to an internal investigation, while Tyler Technologies and Rollins report weaker-than-expected revenue. Cisco Systems, Baxter International, and Check Point Software Technologies also see declines.

Cognex Corp, Zebra Technologies, Equinix, and Motorola Solutions are among the gainers. Viking Therapeutics plans to advance an obesity drug, and Howmet Aerospace reports strong revenue.

Earnings reports for 2/12 include Airbnb, Alnylam Pharmaceuticals, Applied Materials, CBRE Group, Coinbase Global, and more. Author Rich Asplund does not hold positions in mentioned securities.

(Source: Barchart)

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