The Dow slipped 0.2 percent. The S&P 500 held flat. The Nasdaq Composite drifted within a narrow band. The Conference Board reported that consumer confidence fell to 106.8 in February from 110.9 in January.
Chevron shares dropped 2.4 percent after the company disclosed that its $53 billion purchase of Hess faces a challenge. ExxonMobil but also CNOOC invoked their right of first refusal over Hess’s 30 percent stake in the Stabroek block off Guyana. Chevron warned the deal could collapse if the partners exercise the clause.
Norwegian Cruise Line Holdings surged 18 percent. The company posted net income of $166 million for 2023, its first annual profit since 2019. Management forecast adjusted earnings of $1.32 per share for 2024 – citing higher ticket prices and record advance bookings. Royal Caribbean added 7 percent. Carnival gained 6 percent.
SBA Communications rose 5 percent. The tower operator benefits from roaming revenue when cruise passengers use mobile data at sea.
Zoom advanced 4 percent as Bitcoin traded above $57,000, a level last seen in late 2021. Crypto-linked equities tracked the digital currency higher.
West Texas Intermediate crude settled at $78.45 per barrel, up $1.12. Gold futures closed at $2,045 per ounce, up $14. The 10-year Treasury yield eased to 4.26 percent. The dollar index firmed to 103.9 against the pound, softened to 1.085 versus the euro, and slipped to 150.3 against the yen.