Dow falls more than 100 points on Tuesday, deepening a February decline as interest rates jump: Live updates – CNBC

With one trading day left in February, two sub sectors of the tech industry have notably outperformed this month.

• The Global X Cybersecurity ETF (BUG) is up almost 2% in February, on track for its second-straight positive month. Palo Alto Networks, Rapid7 and Crowdstrike have all risen at least 15% this month.
• The iShares Semiconductor ETF (SOXX) is up 1.4% in February, on track for its second-straight positive month. Nvidia, Monolithic Power, and Silicon Labs are all up at least 12% this month.

Outside of tech, transports has been another positive sector in February, with big gains from Avis Budget and FedEx.

— Jesse Pound, Gina Francolla

March is most often a positive month for the stock market, but this year it may bring more of the same turbulence that rattled investors in February.

Stocks are set to exit February with steep losses, with the S&P 500 down 2.3% for the month through Monday. The index is still up 3.7% for the year so far.

“February is the second worst month of the year, posting an average decline of 0.21%, which is the second worst after September,” said Sam Stovall, chief investment strategist at CFRA. “However, March on average posts a gain of 1.1%, rising 64% of the time.” March is the fifth-best month for the S&P 500, according to CFRA data going back to 1945.

For more, read the full story on CNBC Pro.

— Patti Domm, Tanaya Macheel

The yield on the 10-year U.S. Treasury note hit a high of 3.983% on Tuesday, its highest level since Nov. 10, when the note yielded as high as 4.117%. It was last higher by about 3 basis points at 3.955.

Treasury yields added to their sharp February gains as traders continued weighing the prospects of higher tighter monetary policy for longer than expected.

— Gina Francolla, Tanaya Macheel

Consumers grew more pessimistic in February as worries over the longer-term outlook for the economy diminished, according to a Conference Board report Tuesday.

The board’s Consumer Confidence Index fell to 102.9 for the month, down from 106 in January and below the 108.5 estimate from Dow Jones.

Though the Present Situation Index actually ticked up slightly to 152.8, the Expectations Index slid to 69.7, down from 76 in January. A reading below 80 in the expectations side is considered consistent with a recession in the next 12 months.

“Expectations for where jobs, incomes, and business conditions are headed over the next six months all fell sharply in February,” said Ataman Ozyildirim, senior director, economics, at The Conference Board.

—Jeff Cox

The Dow traded more than 100 points in early Tuesday trading, as traders wrapped up a tough month for stocks. The S&P 500 and Nasdaq hovered around the flatline.

— Fred Imbert

Technical indicators support a breakout above 4% for the 10-year Treasury yield, technical analyst Katie Stockton told CNBC’s “Squawk Box” Tuesday.

The yield is currently hovering near 3.94%. Yields move inversely to prices.

“The next resistance that’s meaningful is at the October 2022 high and that’s about 4.34[%] for yields. We do think there’s going to be progress towards that resistance level,” the founder and managing partner of Fairlead Strategies said.

Meanwhile, the higher correlation between bitcoin and the Nasdaq 100 and other risk assets is expected to return now that equities are declining.

“If you look at bitcoin versus resistance, it’s still in that 25,200 area. It needs to clear that level in order to look better because that would resolve the trading range to the upside and tell us that range is more likely a reversal pattern vs. a continuation pattern,” she said.

— Michelle Fox

Bitcoin and ether rose slightly Tuesday morning and were on pace to end the month higher, despite slipping earlier in the month.

Bitcoin is on track for a roughly 1% February gain, according to Coin Metrics. Ether is up about 3% for the month. In January bitcoin posted a 38.39% gain and its best month since 2021.

Investors were spooked earlier in the month after what appeared to be the beginning of a potential regulatory crackdown on crypto businesses in the U.S. — including the Securities and Exchange Commission’s enforcement action against Kraken, its Wells Notice of a future settlement against Paxos and the New York State Department of Financial Services’ ordering Paxos to stop minting the Binance USD (BUSD) stablecoin.

However, crypto investors are Fed watch like much of the rest of the market, and economic data remains the biggest driver of cryptocurrency prices.

— Tanaya Macheel

Here are some of the stocks making the biggest moves in premarket trading.

• Dish Network — The satellite company dropped 6.3% amid its multi-day service outage and double-downgrade from Bank of America. Dish Network shares are down 13.5% in 2023 amid a 61.8% drop during the past 12 months.
• Dick’s Sporting Goods — The sporting-good retailer dropped about 2% after being downgraded to neutral from buy by Citi. The firm said it expects near-term gross margin pressure to continue.
• Celsius Holdings — The energy-drink maker gained 3.9% after being upgraded by Credit Suisse to outperform from neutral. The Wall Street firm said the distribution agreement with Pepsi is going well and the long-term potential is high.

To see more premarket movers, read the full story here.

— Michelle Fox

Target shares were higher by 1% in early trading after the retailer said earnings per share for the fiscal fourth quarter was $1.89, well above the $1.40 consensus of analysts gathered by Refinitiv. Revenue came in at $31.4 billion, also above the $30.72 billion Wall Street consensus estimate from Refinitiv. Target also said holiday-quarter sales rose about 1% from a year ago.

The gain was muted as Target said it expects full-year earnings per share to be in a range of $7.75 to $8.75. Wall Street analysts were expecting a consensus $9.23 per share, according to StreetAccount estimates.

Bank of America chart analyst Stephen Suttmeier noted that, while stocks have been under pressure this month, global breadth is holding up well.

“Strong market breadth for global equity indices suggests a broad-based rally, which is bullish in the face of a challenging market for equity investors in February,” Suttmeier said in a note Monday.

“The weekly advance-decline (A-D) line of 73 country indices hit new highs in February. Sustaining this move to new highs would rhyme with past bullish breakouts for this A-D line from November 2020, March 2019, December 2016, January 2013 and March 2010,” he said.

Global stocks were slated to end February with a loss. The iShares MSCI ACWI ETF — which tracks the All Country World Index — was down 2.8% for the month through Monday’s close. The S&P 500, meanwhile, has lost 2.3% in February.

Two tech themes have taken Wall Street by storm so far this year.

One is the return of semiconductor stocks, as demand bounces back for chips; the other is artificial intelligence, following the buzz surrounding chatbot ChatGPT.

CNBC Pro screened for the highest-rated ETFs with exposure to semiconductor and/or AI-related stocks (among others) using Morningstar data. The resulting funds all received a four- or five-star rating by Morningstar, and have performed well over the past three years.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Occidental Petroleum‘s stock slipped 1% after the bell after posting a miss on the top-and-bottom lines for the fourth quarter.

The energy giant reported adjusted earnings of $1.61a share on $8.33 billion in revenue. Refinitiv estimates called for EPS of $1.80 on revenues of $8.66 billion.

The company also hiked its dividend by more than 38% to 18 cents a share and announced a $3 billion share buyback plan.

This is where all the major averages stand as February trading nears an end.

Dow Jones Industrial Average:

• Down 3.5% in February
• Down 0.8% so far this year
• 11% % of record high
• 80.57% % off pandemic low

S&P 500:

• Down 2.3% this month
• Up 3.7% in 2023
• 17.36% off record high
• 81.68% off pandemic low

Nasdaq Composite:

• Down 1% in February
• Up 9.6% year to date
• 29.27% off record high
• 72.92% off pandemic low

— Samantha Subin

Shares of Zoom Video popped 8% in extended trading after fourth-quarter earnings and revenue surpassed Wall Street’s expectations.

The video communications company reported earnings of $1.22 a share on $1.12 billion in revenue. Analysts surveyed by Refinitiv had expected earning of 81 cents per share on revenues of $1.10 billion.

Despite expectations for slowing growth this year, Zoom also shared better-than-expected guidance for the current period.

— Samantha Subin, Jordan Novet

Stock futures opened slightly higher in overnight trading Monday.

Futures tied to the Dow Jones Industrial Average gained 45 points, or 0.14%, while S&P 500 and Nasdaq 100 futures added 0.13% and 0.15%, respectively.

— Samantha Subin