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Index Update

Arista Networks fell 5% after-hours despite strong earnings, while Bumble dropped 17% on weak guidance. The S&P 500 hit a record high, gaining 0.24%, with energy, materials, and utilities leading, while communication services, consumer discretionary, and healthcare lagged.

Market Movers

On Tuesday, the top gainers were    Solid Biosciences Inc. (+65.26%), followed by GCL Global Holdings Ltd (+42.33%). On the contrary, Septerna, Inc (-67.75%) and Aurora Innovation, Inc. (-10.49%) declined the most the same day.

Commodities Update

WTI crude rose above $72 per barrel amid supply risks from a Russian pipeline attack and US cold weather disruptions. Gains were limited by US-Russia diplomatic talks. Traders watch OPEC+ output decisions and US-Venezuela tensions over Chevron’s crude exports.

Macro Update

US mortgage applications fell 6.6% for the week ending February 14, the sharpest drop this year, despite lower interest rates. Refinancing applications declined 7%, while new home purchase applications dropped 6% for the fourth straight week, reflecting high housing costs sidelining buyers.

Futures Update

US stock futures remained steady as investors shrugged off trade policy concerns and Fed comments while anticipating a possible end to the Ukraine war, which could improve sentiment toward Europe.

On Tuesday, the stock market experienced a sluggish trading session, similar to the previous Friday, with stocks lacking a clear direction for most of the day. However, the major indices managed to rally towards the close, with the S&P 500 achieving a new record high. The S&P 500 gained 0.2% to 6,129.57, the Nasdaq rose 0.1% to 20,041.26, and the Dow edged up less than 0.1% to 44,556.34. From a technical perspective, the S&P 500 appears to be forming a short-term upward trend, having bounced off the lower end of an ascending channel and showing a rebound in its Relative Strength Index (RSI) from the midpoint. Investors are now watching key levels, including 6,170 as a potential resistance point and 6,050 as a support level, to gauge the market's next move. Overall, the major averages posted modest gains, with the S&P 500 leading the way to a new record close.

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