Live Market Updates: Nasdaq Composite Rebounds and Vistra (VST) Soars

Is the stock market settling down after days of interest-rate-fueled selling hitting the Nasdaq Composite? Shortly after the open, it looked like today was going to be firmly in the green. However, after markets jumped early, they’re now falling back toward breakeven on the day. 

As of 10 a.m. ET, the Nasdaq Composite is up .26%. That’s still a gain, but the index was trading up nearly 1% 15 minutes after the market open. Here’s a look at some other major indexes:

• Dow Jones Industrial Average: Up 91.50 (+.22%)
• S&P 500: Up 12.35 (.21%) 

Yesterday, the Dow Jones Industrial Average outperformed the Nasdaq by a dramatic amount. Investors are piling back into safety as 10-year Treasury yields continue to rise. For now, Treasuries aren’t making a move today with their yields standing at about 4.79%. 

Let’s take a look at today’s biggest market news. 

Inflation Comes in Light

The big macroeconomic number to watch today is inflation data released by the Bureau of Labor Statistics (BLS). The agency released its wholesale price index, which was up just .2% in December. That’s a very ‘good’ number as consensus estimates called for .4% jump. 

We’ll still have to watch the consumer price index (CPI) figure to see if inflation may be abating more than current projections. With rising interest rates being the number one headwind to market prices right now, inflation continuing to come in below forecasts would be extremely ‘bullish’ as it may push the Federal Reserve to issue multiple rate cuts this year. 

Estimates for the number of rate cuts this year has been trending down since peaking last September, which is a big part of what’s fueling the rise in 10-year Treasury yields. 

Stocks on the Move Today

Let’s check in on some stocks making the biggest moves today. 

• Vistra (NYSE: VST): The independent power producer stays on the move today, with shares up 6.2%. Vistra was one of the top-performing stocks of 2024. The company offers power as a service, which is a business that excels when power is in short supply. As artificial intelligence pushing power needs to a level the grid will struggle with, Vistra and other peers like Constellation should continue seeing results soar. 
• Palantir Technology (Nasdaq: PLTR): Has seen its shares fall in recent days as the market de-risked in the face of rising rates. Palantir is an exceptional company with strong growth prospects in AI, but it also has one of the most stretched valuations in the market with multiples recently surpassing 50X trailing sales! In the short run, Palantir will most likely trade most strongly on interest rate sentiments. Palantir is up 3.4% today. 
• Eli Lilly (NYSE: LLY): The biggest loser in the S&P 500 today. Eli Lilly reported fourth-quarter forecasts for its popular weight loss drugs that came in significantly below estimates. Moujaro sales are expected to hit $3.5 billion, well below expectations of $5.35 billion in sales. Forecasts for its Zepbound weight loss drug also came in light. Eli Lilly joins Novo Nordisk in reporting disappointing weight loss drug sales recently. Shares are down 7.2% today.