Stock Market Today, Feb. 19: Rising Geopolitical Tensions Weigh on Markets
The S&P 500 (SNPINDEX:^GSPC) fell 0.28% to 6,861.89, breaking a three-day winning streak. Geopolitical tensions and weaker confidence weighed on the Nasdaq Composite (NASDAQINDEX:^IXIC), which slipped 0.31% to 22,682.73, and the Dow Jones Industrial Average (DJINDICES:^DJI), which dropped 0.54% to 49,395.16.
Market movers
Walmart (NASDAQ:WMT) fell after issuing weaker-than-expected guidance. This put pressure on Dow futures and retail peers. DoorDash (NASDAQ:DASH) and Medical Properties Trust (NYSE:MPT) gained on upbeat outlooks and revenue. Corcept Therapeutics (NASDAQ:CORT) dropped double digits after losing a key patent appeal.
What this means for investors
Stocks retreated today as geopolitical tensions ratcheted higher and traders re-evaluated any hopes of imminent Fed rate cuts. The expectation of further PCE inflation data tomorrow added to the cautious mood.
Crude oil prices spiked amid heightened US-Iranian uncertainty. Gold prices also edged upwards as investors looked to safe-haven assets. Energy stocks also gained, with ExxonMobil (NYSE:XOM) and Chevron (NYSE:CVX) both in the green.
Tech concentration concerns persist, as the Nasdaq remains dominated by a narrow group of leaders. Megatech stocks saw mixed trading, with Nvidia (NASDAQ:NVDA) pulling back slightly after yesterday’s gains. Software stocks, such as Salesforce (NYSE:CRM) and ServiceNow (NYSE:NOW) continued to falter on lingering AI disruption fears.
Some commentators compare today’s bull market to the situation in the late 1990s, fuelling fears of a stock market crash. For investors, it’s important to manage risk and watch upcoming data for further warning signals.
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Emma Newbery has positions in Nvidia. The Motley Fool has positions in and recommends Chevron, Corcept Therapeutics, DoorDash, Nvidia, Salesforce, ServiceNow, and Walmart. The Motley Fool has a disclosure policy.
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