Where the big cuts stand after Tuesday’s sale
This is where all the major averages stand for 2023 and February after posting their worst session of the year and worst day since December 15th.
Dow Jones Industrial Average:
- Down 0.05% in 2023
- Down 2.81% in February
- 10.35% off record high
- 81.89% off pandemic low
- Up 4.11% for the year
- Down 1.94% in February
- 17.04% discount record high
- 82.37% off pandemic low
- Up 9.8% for the year
- Down 0.8% this month
- 29.11%% off record high
- 73.30% off pandemic low
— Samantha Subin, Chris Hayes
Palo Alto Networks appears on guidance lift
Palo Alto Networksthe stock jumped more than 7% in extended trading after the cybersecurity provider beat Wall Street estimates for the latest quarter and management lifted financial profit guidance for the third quarter.
For the most recent quarter, the software maker reported adjusted earnings of $1.05 per share on $1.66 billion in revenue. Analysts expected earnings per share of 78 cents on $1.65 billion, according to Refinitiv. Revenues also grew by 26% compared to the previous year.
Management said it expects adjusted earnings for fiscal 2023 to range between $3.97 and $4.03 per share. That’s up from $3.37 to $3.44 EPS guidance from November.
Palo Alto Networks is riding on the profits
— Samantha Subin, Jordan Novet
Toll Brothers, Coinbase among stocks moving after hours
These are some of the stocks moving in extended trade:
Coin base — Shares of the crypto trading platform were last down more than 1%. The the company beat analysts’ expectations on the top and bottom lines, according to Refinitiv.
Toll Brothers — The homebuilding stock rose 3% on a better-than-expected earnings report. The company also said it has seen an increase in demand since early 2023.
CoStar Group — Commercial real estate stock plunged more than 16% after sharing guidance for the current quarter that fell short of estimates, according to StreetAccount.
Read the full list of moving stocks after the clock here.
— Samantha Subin
JPMorgan’s chief strategist sees another 5% decline in the stock market
The stock market could see a 5% decline in the near term, while high-beta tech stocks could move between 5% and 10% lower, JPMorgan’s Marko Kolanovic told CNBC.Final clock: Overtime” on Tuesday.
The top global market strategist maintains a 4,200 price target on the S&P 500 for 2023. This, he said, leaves room for a potential near-term sell-off, followed by potential lows, before the Fed begins — or signals — to cut interest rates.
“We certainly believe the Fed will need to cut rates for the market to rally on a sustainable basis,” Kolanovic said.
The broader index fell 2% on Tuesday to close at 3,997.34, ending its worst day since Dec. 15, when it fell 2.5%.