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Stocks Extend Declines After Weak Economic Data: Markets Wrap

(Bloomberg) -- Stocks extended losses after US economic data pointed to slower activity combined with higher inflation expectations.

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The S&P 500 wiped out this week’s advance. The Dow Jones Industrial Average came under heavier pressure as UnitedHealth Group Inc. tumbled on a news report the US Justice Department has been investigating its Medicare billing practices. Bonds remained higher.

US consumer sentiment fell in late February as long-term inflation expectations surged. Sales of existing US homes fell last month for the first time since September amid a combination of high mortgage rates and prices. And a gauge of business activity expanded this month at the slowest pace since September 2023, dragged down by the service sector.

The S&P 500 fell 0.3%. The Nasdaq 100 slid 0.1%. The Dow Jones Industrial Average slipped 0.9%.

The yield on 10-year Treasuries declined five basis points to 4.45%. The Bloomberg Dollar Spot Index rose 0.1%.

Corporate Highlights:

Coinbase Global Inc. said the Securities and Exchange Commission has agreed to drop its lawsuit that accused the largest US cryptocurrency trading platform of running an illegal exchange. The agreement is pending commissioner approval.
US prosecutors and regulators are investigating a $32 million deal between CrowdStrike Holdings Inc. and a technology distributor to provide cybersecurity tools to the Internal Revenue Service, according to two people familiar with the matter and a document seen by Bloomberg News.
Booking Holdings Inc., the parent to travel brands such as Kayak and Priceline, delivered better-than-expected fourth-quarter results following a bustling holiday season.
Rivian Automotive Inc. tumbled after warning it’s poised for a first-ever decline in electric-vehicle deliveries in 2025, heralding a new challenge after the company achieved a long-held profitability goal.
Akamai Technologies Inc., an infrastructure software company, gave an outlook that is weaker than expected. At least two firms downgraded the stock.
Block Inc. sank after the digital-payments company posted fourth-quarter profit and revenue below analysts’ forecasts.
Celsius Holdings Inc.’s revenue beat estimates. The company also confirmed it would buy rival Alani Nutrition for $1.8 billion in cash and stock, including $150 million in tax assets.