“Wall Street Today: Mixed Market as Fashion and Tobacco Stocks Shine Amid Ford’s Decline”
Feb 8, 2025
Wall Street witnessed mixed trading on Thursday, with gains in fashion and tobacco stocks balancing declines in Ford Motor and Qualcomm.
Market Performance
- S&P 500: Gained 0.4%
- Dow Jones: Dropped 125 points (0.3%)
- Nasdaq Composite: Increased 0.5%
Fashion and Tobacco Stocks Shine
- Tapestry Inc. (Coach and Kate Spade parent company): Surged 12% after reporting strong quarterly profits, driven by younger customers. The company raised its revenue and profit forecast for the fiscal year.
- Philip Morris International: Jumped 10.9%, exceeding profit expectations with strong performance from its Zyn nicotine pouches.
Ford and Qualcomm Drag the Market
- Ford Motor: Dropped 7.5%, despite stronger-than-expected quarterly revenue and profit. Investor concerns stemmed from 2025 financial forecasts, citing market-related “headwinds.”
- Qualcomm: Declined 3.7%. Although its quarterly profit topped expectations, rising concerns over the wireless chip industry weighed on the stock.
Consumer and Pharma Highlights
- Ralph Lauren: Gained 9.7%, with notable growth in China after new stores opened in Hong Kong and Beijing.
- Eli Lilly: Rose 3.3%, driven by high demand for its diabetes and obesity treatments.
Corporate Changes
- Honeywell: Fell 5.6% after announcing plans to split into three publicly traded companies by 2026, following the trend set by General Electric.
Global Market Gains
- FTSE 100 (London): Jumped 1.2% after the Bank of England cut interest rates and reduced its growth forecast for the year to 0.75%.
- Other Markets: Paris (+1.5%), Hong Kong (+1.4%), and Tokyo (+0.6%).
Treasury Yields Hold Steady
The 10-year Treasury yield remained unchanged at 4.43%, with markets awaiting a comprehensive jobs report for January.
Key Index Numbers
- S&P 500: Closed at 6,083.57 (+22.09 points)
- Dow Jones: Ended at 44,747.63 (-125.65 points)
- Nasdaq Composite: Finished at 19,791.99 (+99.66 points)
Stay tuned for the upcoming jobs data report, which will provide deeper insights into the U.S. labor market and its impact on inflation.
