Stock Market Update Friday February 21, 2025 An eventful expiration Friday! Markets slid following misses in consumer sentiment and housing data, and got worse with a new coronavirus headline. The SPX was down 1.7%, QQQ -2%. The DJIA has dropped nearly 1,200 points since Wednesday, first WMT and now UNH leading it lower. Vaccine stocks like MRNA (+5%) gained midday on the coronavirus headline. Chinese stocks like BABA (+5%) benefited from trading ahead of the US Markets, while back here, recent meme/momentum names like HIMS (-25%) got killed. IWM was down nearly 3%. Defensive names like KO (+2%) and PG (+1.7%) were in the green. XLP was up 1.2% amidst the carnage elsewhere.
Away From Stocks: Treasury's remained on the front foot with 2- and 30-year yields dropping five and seven basis points, respectively, to 4.15% and 4.67%, while WTI crude sank to $70 a barrel and gold finished little changed at $2,936 per ounce to clinch an eighth consecutive weekly advance. Bitcoin gave back yesterday’s gains and then some at $95,200 and the VIX rallied nearly three points to 18 and change.
