MARKET UPDATE | Tuesday, February 27

Everything You Missed Yesterday

S&P 500 RETREATS

The S&P 500 slipped on Monday, retracting from its recent record high as investors awaited key inflation data.

AMAZON JOINS DOW

Amazon replaced Walgreens Boots Alliance in the Dow Jones Industrial Average, slightly altering the index's composition towards tech and retail.

TREASURY YIELDS RISE

Treasury yields ticked up, applying additional pressure on stock markets with the 10-year Treasury yield increasing slightly.

AI-POWERED RALLY QUESTIONS

Investors speculate on the sustainability of the recent AI-driven market rally amidst economic and inflation uncertainties.

NEW HOME SALES MISS

January's new home sales were below expectations, reflecting ongoing challenges in the housing market due to high mortgage rates.

ALPHABET SHARES DROP

Alphabet's shares fell 4% amid criticisms of its AI image-generation tool, leading to its temporary shutdown.

BITCOIN SURGES

Bitcoin surpassed $54,000 for the first time since December 2021, boosting related equities like Coinbase and Microstrategy.

WALGREENS DROPS POST-DOW

Walgreens shares fell over 3% in its first trading session after being replaced by Amazon in the Dow Jones Industrial Average.

BULLISH SENTIMENT AMONG ADVISORS

Bank of America's survey of Merrill financial advisors shows a significant drop in recession fears and an increase in bullish sentiment for equities.

JAMIE DIMON ON AI

JPMorgan Chase CEO Jamie Dimon emphasized the reality and significance of AI, differentiating it from past "hype" technologies.