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Feb. 17, 2021, 4:12 p.m. EST

Stocks close mostly lower, but Dow scores another record after Fed minutes show commitment to stimulus

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By Mark DeCambre

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Greg Marcus, managing director, UBS Private Wealth Management, said the explanation for this week’s choppiness is a bit more straightforward: “Even though rates are picking up, they’re still low,” he said. “Markets came a little too far too fast.”

Once the vaccine rollout hits its stride, Marcus told MarketWatch, the rest of the year “could feel like New Year’s Eve every day. I still believe that there’s so much money on the sidelines and consumers have saved so much money and they’re waiting to go spend money again.” He’s bullish on small- and mid-cap stocks, as well as emerging-market names.

Meanwhile, frigid weather is posing problems in much of the U.S., including Texas, leaving millions without power and nearly 75% of the Lower 48 states under snow cover, The Wall Street Journal reported, citing the National Oceanic and Atmospheric Administration’s National Snow Analysis daily report. The freezing weather cut U.S. oil production and helped to push up prices.

See: Big city flight led to surging suburban home prices—Will it outlast the pandemic?

Which stocks were in focus?

  • Shares of Verizon Communications Inc. /zigman2/quotes/204980236/composite VZ -1.65% rose 5.4%, and Chevron Corp.   CVX rallied 3% to pace the Dow after Warren Buffett’s Berkshire Hathaway Inc.   BRK.B disclosed that  it acquired large stakes in the companies  during the fourth quarter. 

  • Canadian cannabis company Sundial Growers IncSNDL filed a shelf registration with the Securities and Exchange Commission to issue up to $1 billion of securities over time. Shares slid more than 21%.

  • Medical device maker Medtronic PLC /zigman2/quotes/206816578/composite MDT -1.32% said Wednesday it is v oluntarily recalling unused Valiant Navion thoracic stent graft system and informing doctors to immediately stop using the device until further notice. Shares slipped 1.3%.

  • Energy Transfer LP /zigman2/quotes/210213433/composite ET -2.66% announced Wednesday an agreement to buy Enable Midstream Partners LP /zigman2/quotes/203715383/composite ENBL -1.21% in a stock deal valued at $7.2 billion.

  • Shares of Analog Devices Inc. /zigman2/quotes/201631938/composite ADI +0.03% were lower after the chip maker beat on earnings expectations and hiked its dividend.

  • Shares of Hilton Worldwide Holdings Inc. /zigman2/quotes/202780307/composite HLT +0.21% lost 2.2%Wednesday, after the hotel operator reported a surprise fourth-quarter loss and revenue that fell more than forecast, as the rise in COVID-19 cases and tightening travel restrictions disrupted the positive momentum seen in the summer and fall. 

  • Shopify Inc. /zigman2/quotes/209033712/composite SHOP +2.77% shares fell 3.3% despite better-than-expected quarterly results.

What did other assets do?

  • The yield on the 10-year Treasury note /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +0.62% slipped nearly 2 basis points to 1.296%.

  • The ICE U.S. Dollar Index /zigman2/quotes/210598269/delayed DXY +0.07% , a measure of the currency against a basket of six major rivals, was up 0.5%.

  • Oil futures edged higher as energy disruptions continued throughout the country , with the U.S. benchmark /zigman2/quotes/211629951/delayed CL.1 +0.34%  up 1.9% to settle at $61.14 a barrel, holding above the key $60 level. 

  • Gold futures /zigman2/quotes/210034565/delayed GC00 +0.03%  slumped 1.5% to settle at $1,772.80 as bond yields surged. the lowest finish since late June and a fourth-straight down day.

  • The pan-European Stoxx 600 index /zigman2/quotes/210599654/delayed XX:SXXP -1.97%  closed 0.7% lower and London’s FTSE 100 stock index  UKX lost 0.6%.

  • Markets in Hong Kong /zigman2/quotes/210598030/delayed HK:HSI -2.03% closed 1.1% higher, while Japan’s Nikkei 225 index  NIK  shed 0.6%.

/zigman2/quotes/204980236/composite
US : U.S.: NYSE
$ 58.54
-0.98 -1.65%
Volume: 17.97M
May 11, 2021 4:00p
P/E Ratio
12.84
Dividend Yield
4.29%
Market Cap
$246.42 billion
Rev. per Employee
$970,439
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/zigman2/quotes/206816578/composite
US : U.S.: NYSE
$ 125.22
-1.68 -1.32%
Volume: 3.50M
May 11, 2021 4:00p
P/E Ratio
58.58
Dividend Yield
1.85%
Market Cap
$171.07 billion
Rev. per Employee
$321,256
loading...
/zigman2/quotes/210213433/composite
US : U.S.: NYSE
$ 9.53
-0.26 -2.66%
Volume: 21.06M
May 11, 2021 4:00p
P/E Ratio
7.67
Dividend Yield
6.40%
Market Cap
$26.47 billion
Rev. per Employee
$3.41M
loading...
/zigman2/quotes/203715383/composite
US : U.S.: NYSE
$ 8.19
-0.10 -1.21%
Volume: 1.46M
May 11, 2021 4:00p
P/E Ratio
38.04
Dividend Yield
8.07%
Market Cap
$3.61 billion
Rev. per Employee
$1.44M
loading...
/zigman2/quotes/201631938/composite
US : U.S.: Nasdaq
$ 150.84
+0.05 +0.03%
Volume: 4.64M
May 11, 2021 4:00p
P/E Ratio
39.95
Dividend Yield
1.83%
Market Cap
$55.63 billion
Rev. per Employee
$352,393
loading...
/zigman2/quotes/202780307/composite
US : U.S.: NYSE
$ 121.83
+0.25 +0.21%
Volume: 1.64M
May 11, 2021 4:03p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$33.86 billion
Rev. per Employee
$30,752
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/zigman2/quotes/209033712/composite
US : U.S.: NYSE
$ 1,110.20
+29.96 +2.77%
Volume: 1.92M
May 11, 2021 4:00p
P/E Ratio
87.11
Dividend Yield
N/A
Market Cap
$134.30 billion
Rev. per Employee
$418,499
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/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
1.63
+0.01 +0.62%
Volume: 0.00
May 11, 2021 8:02p
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/zigman2/quotes/210598269/delayed
US : U.S.: ICE Futures U.S.
90.20
+0.06 +0.07%
Volume: 0.00
May 11, 2021 7:54p
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/zigman2/quotes/211629951/delayed
US : U.S.: Nymex
$ 65.50
+0.22 +0.34%
Volume: 2,517
May 11, 2021 7:54p
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/zigman2/quotes/210034565/delayed
US : U.S.: Nymex
$ 1,836.70
+0.60 +0.03%
Volume: 2,429
May 11, 2021 7:54p
loading...
/zigman2/quotes/210599654/delayed
XX : STOXX
436.61
-8.78 -1.97%
Volume: 0.00
May 11, 2021 11:03p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
28,013.81
-581.85 -2.03%
Volume: 2.38M
May 11, 2021 4:09p
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