--- title: "Stock Market Today: February 8, 2023" description: The major market averages put in a good performance yesterday. After volatility during the afternoon, traders focused on Mr. Powell’s indication a downtrend in inflation was taking hold, and the market ultimately turned higher. The futures market has started in the red, giving back a portion of yesterday’s gains following a few dour corporate earnings results. Overall, we expect a weak start to the trading day. image: https://investor.valueline.com/hubfs/social-suggested-images/iStock_000006488152XSmall-358.jpg --- [![The Value Line Blog](https://investor.valueline.com/hubfs/VL%20Blog%20Images/vl_blog_header.png)](https://investor.valueline.com/blog) [Stock Market Today](https://investor.valueline.com/blog/topic/stock-market-today) # Stock Market Today: February 8, 2023 February 8, 2023 The futures market has started in the red, giving back a portion of yesterday’s gains following a few dour corporate earnings results. This includes the report from [Chipotle Mexican Grill](https://research.valueline.com/research#sec=company&sym=CMG)[(CMG)](https://research.valueline.com/research#sec=company&sym=CMG), which disappointed on both the top and bottom lines. However, a few notable names, including [Uber Technologies (UBER)](https://research.valueline.com/research#sec=company&sym=UBER), bucked the trend by posting better-than-expected profits during its recent quarter. Overall, we expect a weak start to the trading day. The stock market started lower yesterday as traders sold holdings ahead of a speech by Federal Reserve Chairman Jerome Powell at the Economic Club of Washington. After volatility during the afternoon, traders focused on Mr. Powell’s indication that “disinflation,” or a downtrend in inflation, was taking hold, and the market ultimately turned higher. The S&P 500 finished up 53 points (+1.29%), the NASDAQ increased 226 points (1.90%), and the Dow Jones Industrial Average rose 266 points (+0.78%). Market breadth was also quite positive, with advancers outpacing decliners by a 1.6-to-1.0 ratio. Energy stocks were among the strongest performers, aided by a notable increase in the related commodity prices. On the other hand, consumer staples equities were among the weakest performers. In commodity news, oil prices continued to climb higher yesterday, as the earthquake devastating Turkey took key supply offline, and the price cap on Russian oil took effect. Elsewhere, U.S. Treasury bond yields were mixed, with short-term rates rising and long-term ones falling. The yield curve remains heavily inverted with short-term rates well above those with longer durations, which usually portends a coming recession. The Chicago Board Options Exchange Volatility Index, or VIX, declined concurrently with the optimistic slant of the trading in equities. Several economic reports will be released in the days ahead, including initial and continuing jobless claims due out Thursday and the University of Michigan Consumer Sentiment Index on Friday. This data should give insight into future inflation expectations and how the consumer is faring. Additionally, a few regional Federal Reserve Presidents will deliver remarks in the days ahead. On the earnings front, hundreds of companies will post earnings results and give guidance in the coming days, including Dow-30 component [Walt Disney (DIS)](https://research.valueline.com/research#sec=company&sym=DIS), after the bell today. Overall, we think most eyes will be on any news that could give further insight into future interest-rate policy. *At the time of this article’s writing, the author had positions in one or more of the companies mentioned.* [CLICK HERE](https://investors.valueline.com/) for more information on our services or call 1-800-VALUELINE (1-800-825-8354). Our account managers are available Monday through Friday, 8:00 AM to 6:00 PM Eastern Time. 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