The University of Michigan consumer sentiment index edged higher in February, reaching 57.3 compared to 56.4 in January. While the index remains near historic lows, the latest figures suggest a more stable footing for the American consumer after a volatile end to the previous year.

Mixed Earnings and Sector Performance

Corporate results drove significant movement among individual players. Under Armour shares rallied after the sportswear manufacturer reported earnings that surpassed analyst expectations, despite ongoing challenges within its footwear category. In contrast, Amazon.com faced downward pressure as investors weighed the implications of the company's ambitious capital-expenditure strategy.

Recovery was a central theme for high-end retailers. Ralph Lauren and Capri Holdings recouped some of the losses triggered by their earlier earnings reports, while Coach parent Tapestry continued its recent rally. In the automotive sector, AutoNation shares jumped significantly after the dealership’s earnings beat conservative estimates, signaling resilience in the secondhand vehicle market.