Wall Street Slumps as Inflation Gauge Looms

The Dow is mired in a three-day slump, while the Nasdaq shed triple digits today

Jake Scott

Deputy Editor

Feb 28, 2024 at 4:26 PM

Wall Street has fallen victim to profit taking since nabbing record highs all around on Friday. Despite a mostly upbeat GDP report, the Dow logged a third-straight loss, while the tech-heavy Nasdaq logged its fourth loss in the last five trading days. Now, all eyes turn to the personal consumption expenditure reading for January -- the Federal Reserve's favorite inflation gauge -- due out tomorrow.

Continue reading for more on today's market, including:

What Quadrennial Leap day means for stocks.
Why these 2 retail stocks made big moves today.
Plus, large and small caps; NVAX's fall; and BYND's short squeeze potential.

NYSE and Nasdaq Stats Feb 28

5 Things to Know Today

Mitch McConnell will step down as Senate leader in November (MarketWatch)
Bitcoin (BTC) surpassed the $63,000 mark for the first time since November 2021. (CNBC)
What large caps outperforming small caps could mean.
Pharma stock fell after big earnings miss.
Is Beyond Meat stock a massive short squeeze candidate?

Unusual Options Activity Feb 28

Oil, Gold Futures Fall

Oil futures fell after government data showed domestic commercial-crude inventories rose for a fifth-straight week. For the session, April-dated West Texas Intermediate (WTI) lost 33 cents, or 0.4%, to finish at $78.54 per barrel.

Gold futures were slightly lower as well, with April-dated gold shed $1.40, or 0.07%, to settle at $2,042.70 per ounce.

Follow @Schaeffers

Are You Ready for AI's Potential Supercycle Phase?
Amazon's Jeff Bezos surprised investors when he revealed that one emerging technology is the key to Amazon's future success... This technology could be worth $80 trillion by 2030. Learn more and join Motley Fool's Stock Advisor for 50% off!

“Buy This Stock Now!” - Expert Who Called 11x On TSLA

He called a rare 11x on Tesla…

But now, thanks to Elon & Trump’s new alliance…

He says there’s a new opportunity that could be 1,000x BIGGER than Tesla – and it could completely revolutionize a $23 Trillion market.

It’s trading for less than $5 per share right now…

But it won’t be under the radar for long.

Discover The 1,000x Bigger Elon Opportunity Here

Featured Articles from Trusted Partners:

👀Learn How Dividends Create Passive Income for Life
Receive $200 Off Motley Fool Epic. The Motley Fool Epic $299 discounted offer is based on $499/year list price. Introductory promotion for new members only. Take control of your money and your portfolio with Motley Fool Epic.

💵New Income System Could Pay You $4,243 Monthly
You could collect an average of $4,243 per month starting as early as next week with a new payout system for income investors. New registrations are being accepted for investors who want to be in a position to start with their first payout next week.

🚀Easy 92% Crypto Dividends (No Coins Required)
COIN stock doesn't pay a dividend... But there's actually a new way to collect a massive dividend that's indirectly based on the stock and offers a terrific monthly income (currently yielding nearly 92% on a forward basis).

🤝Free Advisor Match with Wiseradvisor.com
Don't leave your retirement to chance! Get matched with a trusted financial expert for FREE and make the most of your tax refund. Get started now.

⚠️Dennis Quaid's #1 Warning for Americans
Here's the thing: life doesn't come with guarantees. The economy shifts, markets stumble, and years of hard work could slip through your fingers like sand. But it doesn't have to be that way for you. So request a free copy of this Gold & Silver Guide that will arrive right to your doorstep when you act now.