Stock Market Today: Stocks Close Lower Ahead of Long Holiday Weekend
The main indexes finished in negative territory Friday following another disappointing inflation reading.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
You are now subscribed
Your newsletter sign-up was successful
Want to add more newsletters?
Delivered daily
Kiplinger Today
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more delivered daily. Smart money moves start here.
Sent five days a week
Kiplinger A Step Ahead
Get practical help to make better financial decisions in your everyday life, from spending to savings on top deals.
Delivered daily
Kiplinger Closing Bell
Get today's biggest financial and investing headlines delivered to your inbox every day the U.S. stock market is open.
Sent twice a week
Kiplinger Adviser Intel
Financial pros across the country share best practices and fresh tactics to preserve and grow your wealth.
Delivered weekly
Kiplinger Tax Tips
Trim your federal and state tax bills with practical tax-planning and tax-cutting strategies.
Sent twice a week
Kiplinger Retirement Tips
Your twice-a-week guide to planning and enjoying a financially secure and richly rewarding retirement
Sent bimonthly.
Kiplinger Adviser Angle
Insights for advisers, wealth managers and other financial professionals.
Sent twice a week
Kiplinger Investing Weekly
Your twice-a-week roundup of promising stocks, funds, companies and industries you should consider, ones you should avoid, and why.
Sent weekly for six weeks
Kiplinger Invest for Retirement
Your step-by-step six-part series on how to invest for retirement, from devising a successful strategy to exactly which investments to choose.
Another hotter-than-expected reading on inflation sent stocks sharply lower early Friday. An encouraging update on consumer sentiment helped indexes swing higher mid-morning, but the positive price action was short-lived.
Ahead of the opening bell, data from the Bureau of Labor Statistics showed the January Producer Price Index (PPI), which measures what businesses are paying suppliers for goods, was up 0.3% month-over-month, higher than the 0.1% increase economists were expecting. On a year-over-year basis, headline PPI rose 0.9%.
Core PPI, which excludes volatile food and energy prices, rose 0.6% from December to January, the biggest monthly increase since January 2023. The annual increase in core PPI was 2.6%, matching what was seen in December.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Today's inflation data – along with Tuesday's Consumer Price Index (CPI) report – have "aligned the Fed's projected rate path with the market’s, as investors are now pricing in just three cuts this year; earlier this year, they had expected seven," says José Torres, senior economist at Interactive Brokers.
However, the reset in expectations has yet to meaningfully impact stock prices "with bullish sentiment and better-than-expected earnings reports providing robust support," the economist adds.
Consumer sentiment hits two-year high
Indeed, while markets hit their session lows shortly after the open, they briefly turned higher mid-morning after the University of Michigan said its consumer confidence index rose to 79.6 in February from January's 79.0.
True, this is a modest 0.8% rise, but it marks the highest reading since July 2021. Plus, "the fact that sentiment lost no ground this month suggests that consumers continue to feel more assured about the economy, confirming the considerable improvements in December and January across various aspects of the economy," the report stated.
What's more, the results showed that consumers are expressing confidence that disinflation trends and a strong labor market will continue.
Coinbase Global pops after a surprise profit
In single-stock news, Coinbase Global (COIN) surged 8.8% after the cryptocurrency platform reported an unexpected fourth-quarter profit of $1.04 per share on higher-than-anticipated revenue of $954 million.
Roku (ROKU) was another notable earnings mover, only its shares plunged 23.8% after the streaming service provider's fourth-quarter results. While Roku posted a per-share loss of 55 cents on $984 million in revenue – both inline with analysts' estimates – average revenue per user was down 4% year-over-year.
Additionally, in the company's earnings call, Chief Financial Officer Dan Jedda warned of "challenging macro environment and uneven ad market recovery" that could impact near-term results.
Loop Capital thinks Nvidia can rally another 65%
Meanwhile, Nvidia (NVDA, -0.06%) was in focus ahead of its own appearance on the earnings calendar after next Wednesday's close. The Magnificent 7 stock received a bull note today from Loop Capital, which initiated coverage on NVDA with a Buy rating and a $1,200 price target. This new target price is the highest on Wall Street and represents implied upside of 65% to current levels.
The analysts believe there is "material upside" to the Street's earnings estimates for the next two fiscal years. Additionally, Loop Capital thinks Nvidia is poised to benefit from an uptick in IT spending among Fortune 1000 companies – particularly in the generative AI (artificial intelligence) space – with expected growth of 5%-8% in 2024 vs 5% in 2023.
As for the major indexes, the Dow Jones Industrial Average finished the day down 0.4% at 38,627, the S&P 500 was 0.5% lower at 5,005, and the Nasdaq Composite fell 0.8% lower at 15,775.
As a reminder, the stock and bond markets are closed this Monday, February 19, for the Presidents' Day holiday.
Related content
- Pennsylvania Governor Urges State to Legalize Marijuana: This Week in Cannabis Investing
- Analysts' Top S&P 500 Stocks to Buy Now
- A $50k CIA Imposter Scam Went Viral. Here's How To Keep Yourself Safe
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Dow Adds 1,206 Points to Top 50,000: Stock Market TodayThe S&P 500 and Nasdaq also had strong finishes to a volatile week, with beaten-down tech stocks outperforming.
-
Ask the Tax Editor: Federal Income Tax DeductionsAsk the Editor In this week's Ask the Editor Q&A, Joy Taylor answers questions on federal income tax deductions
-
States With No-Fault Car Insurance Laws (and How No-Fault Car Insurance Works)A breakdown of the confusing rules around no-fault car insurance in every state where it exists.
-
Dow Adds 1,206 Points to Top 50,000: Stock Market TodayThe S&P 500 and Nasdaq also had strong finishes to a volatile week, with beaten-down tech stocks outperforming.
-
The Best Precious Metals ETFs to Buy in 2026Precious metals ETFs provide a hedge against monetary debasement and exposure to industrial-related tailwinds from emerging markets.
-
For the 2% Club, the Guardrails Approach and the 4% Rule Do Not Work: Here's What Works InsteadFor retirees with a pension, traditional withdrawal rules could be too restrictive. You need a tailored income plan that is much more flexible and realistic.
-
Retiring Next Year? Now Is the Time to Start Designing What Your Retirement Will Look LikeThis is when you should be shifting your focus from growing your portfolio to designing an income and tax strategy that aligns your resources with your purpose.
-
I'm a Financial Planner: This Layered Approach for Your Retirement Money Can Help Lower Your StressTo be confident about retirement, consider building a safety net by dividing assets into distinct layers and establishing a regular review process. Here's how.
-
Stocks Sink With Alphabet, Bitcoin: Stock Market TodayA dismal round of jobs data did little to lift sentiment on Thursday.
-
The 4 Estate Planning Documents Every High-Net-Worth Family Needs (Not Just a Will)The key to successful estate planning for HNW families isn't just drafting these four documents, but ensuring they're current and immediately accessible.
-
Love and Legacy: What Couples Rarely Talk About (But Should)Couples who talk openly about finances, including estate planning, are more likely to head into retirement joyfully. How can you get the conversation going?