Major averages close mixed as tech stocks rebound - Dow slumps Wall Street was hammered yesterday as bond yields soared despite assurances from the Fed that the heat up in inflation is not a threat to their "lower for longer" policy pledge. Risk aversion continued overnight, but equity futures rebounded from lows as investors appeared to be cheered by some firm personal income and consumption data. The major averages had a mixed day in the end, with the Dow dipping and the Nasdaq bouncing back after being yesterday's worst performer. ECONOMIC EVENTS: In the U.S., the advance trade deficit widened fractionally to $83.7B in January. Personal income climbed 10.0% in January and spending increased 2.4%. The Chicago PMI fell 4.3 points to 59.5 in February, which was a larger drop than forecast. The University of Michigan Consumer Sentiment Index came in at 76.8 in the final February reading, down from January's 79.0 print but up a bit from the 76.2 preliminary figure for this month. In energy news, Baker Hughes reported that the U.S. rig count is up 5 from last week at 402 with oil rigs up 4 to 309. Meanwhile, CNBC reported that the U.S. House of Representatives is expected to pass President Joe Biden's $1.9T COVID-19 relief bill and send the package to the Senate. Both chambers are seeking to approve the measure and sent it to the president's desk before March 14, when key programs propping up millions of unemployed Americans expire, according to CNBC. Data from the Johns Hopkins Whiting School of Engineering shows there are now 113M confirmed cases of COVID-19 worldwide, including 28.4M in the U.S., and 2.5M deaths due to the disease, including about 509,000 in the U.S. TOP NEWS: Shares of Foot Locker ($FL) fell 8.8% after the sneaker retailer reported lower than expected revenue for the fourth quarter as well as a year-over-year comparable store sales decrease of 2.7%. Of note, the company said it saw sequential improvement as the fourth quarter progressed and noted that it will continue to assess "opportunistic" share buybacks. Salesforce ($CRM) shares also fell 6.4% despite the company reporting better than expected earnings and revenue for Q4. While Salesforce provided upbeat guidance for the first quarter, its fiscal 2022 adjusted earnings view was below analysts' consensus expectation. On the other side, shares of Beyond Meat ($BYND) were higher after the company reported quarterly results. The company also announced that it signed a three-year agreement to be the "McPlant" supplier for McDonald's ($MCD) and said it is partnering with Yum! Brands ($YUM) on plant-based protein menu items. DoorDash ($DASH) shares rose 1.7% after the company's first earnings release since coming public, with the food delivery provider reporting lower than expected Q4 earnings but upbeat revenue. Meanwhile, Airbnb ($ABNB) shares jumped 13.3% after its first post-IPO earnings release, with its Q4 revenue beating consensus expectations. MAJOR MOVERS: Among the noteworthy gainers was Ziopharm ($ZIOP), which rose 14.6% after reporting quarterly results and naming Heidi Hagen interim CEO. Also higher after reporting quarterly results were Dynavax ($DVAX) and DraftKings ($DKNG), which gained a respective 7.2% and 6.4%. Among the notable losers was Envestnet ($ENV), which dropped 20% after the company reported quarterly results and provided revenue guidance for Q1 and FY21. Also lower after reporting quarterly results were Virgin Galactic ($SPCE) and Carter's ($CRI), which fell 11.4% and 11.9%, respectively. Reviewing Friday's economic data:Personal income, bolstered by government social benefits, soared 10.0% m/m in January (Briefing.com consensus 9.7%). Personal spending increased 2.4% m/m (Briefing.com consensus +2.3%). The PCE Price Index and Core PCE Price Index, which excludes food and energy, were both up 0.3%. That left yr/yr price changes at 1.5% (from 1.3% in December) and 1.5% (from 1.4% in December), respectively.The key takeaway from the report is twofold: (1) it shows aggregate inflation pressures were still tame in January and (2) the report exposes the potential for a major pickup in spending by way of a personal savings rate that stands at 20.5% as a percentage of disposable personal income (and that's before the next round of stimulus checks get sent out)!The final reading for the February University of Michigan Index of Consumer Sentiment was revised up to 76.8 (Briefing.com consensus 76.4) from the preliminary reading of 76.2. The final February reading was below the final reading of 79.0 for January.The key takeaway from the report is that the downturn in February was driven by views on future economic prospects among households with incomes below $75,000. Another key takeaway, though, is that the year ahead inflation rate was expected to be 3.3% versus 3.0% in January and 2.5% in December.The Chicago PMI for February decreased to 59.5 (Briefing.com consensus 60.0) from an unrevised 63.8 in December.The Advance report for International Trade in Goods for January showed a deficit of $83.7 billion versus $83.2 billion in December. The Advance report for Retail Inventories for January decreased 0.6%, while the Advance report for Wholesale Inventories for January increased 1.3%.Russell 2000 +11.5% YTDNasdaq Composite +2.4% YTDS&P 500 +1.5% YTDDow Jones Industrial Average +1.1% YTDMarket SnapshotDow30932.37-469.64(-1.50%)Nasdaq13192.37+72.91(0.56%)SP 5003811.15-18.19(-0.48%)10-yr Note +1/321.512NYSEAdv 1355 Dec 1813 Vol 1.7 blnNasdaqAdv 1326 Dec 2559 Vol 5.8 blnIndustry WatchStrong: Information Technology, Consumer Discretionary, Communication ServicesWeak: Energy, Financials, Utilities, Real EstateMoving the Market-- Growth stocks rebound modestly, value stocks lagged-- Treasury yields pulled back-- Technical support in the S&P 500 Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. 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