Last Updated 4:04 PM EST
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Stock indices finished today’s trading session in the red. The Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) fell 1.07%, 1.44%, and 1.38%, respectively.
The real estate sector (XLRE) was the session’s laggard, as it lost 3.2%. Conversely, the consumer staples sector (XLP) was the session’s leader, with a loss of 0.46%.
Furthermore, the U.S. 10-Year Treasury yield decreased to 3.69%. Similarly, the Two-Year Treasury yield also decreased, as it hovers around 4.58%. This brings the spread between them to -89 basis points.
Compared to yesterday, the market is pricing in a higher chance of a lower Fed Funds rate for June 2023. In fact, the market’s expectations for a rate in the range of 5.5% to 5.75% decreased to 20.3% compared to yesterday’s expectations of 50.1%.
In addition, the market is now also assigning a 49.5% probability to a range of 5.25% to 5.5%. For reference, investors had assigned a 28.2% chance yesterday.
Last updated: 1:54PM EST
Today’s stock market selloff is picking up steam as we approach the final couple hours of this week’s trading. As of 1:54 p.m. EST, the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are down 1.6%, 1.8%, and 1.4%, respectively.
Last updated: 11:54AM EST
After recovering from an early selloff that saw stocks turn positive, indices now find themselves back in the red. As of 11:54 a.m. EST, the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are down 0.1%, 0.3%, and 0.1%, respectively.
Last updated: 11:30AM EST
Stocks cut their early losses to turn positive so far in today’s trading session. As of 11:30 a.m. EST, the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up 0.4%, 0.3%, and 0.4%, respectively.
Last updated: 9:48AM EST
Stocks opened in the red on Friday morning as SVB Financials’ woes dragged down other banking stocks.
The Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are down 1.4%, 0.96%, and 0.6%, respectively, at 9:48 a.m. EST, March 10.
First published: 5:30AM EST
U.S. futures are rising on Friday morning after nonfarm payrolls for February came in at 311,000 as compared to the 504,000 rise in January. Additionally, the unemployment rate also inched up to 3.6% during the month.
After the SVB Financials’ (NASDAQ:SIVB) fuelled rout yesterday, futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up 0.69%, 0.36%, and 0.03%, respectively, at 8:21 a.m. EST, March 10.
Experts were projecting nonfarm payrolls to grow by 225,000, a smaller jump compared to the 517,000 jobs added in January. Moreover, the unemployment rate was expected to be 3.4%, the same as in January, while hourly wages are expected to have risen by 0.4% over January.
Should the nonfarm payrolls figure come in as expected or below, the markets might spur a short-term rally. On the other hand, if the numbers come in stronger than expected, the markets will bleed further. A strong jobs report will also mean that the Federal Reserve will take on a more aggressive stance in its next Federal Open Market Committee (FOMC) meeting, scheduled for March 21-22, 2023. Traders are already anticipating a 50-basis point rate hike at the next FOMC meeting. Also, the market’s targeted terminal rate expectation has now jumped to between 5.50% to 5.75%.
Meanwhile, European indices are also trading in negative territory following the banking sector sell-off in their U.S. counterpart. This is despite the good news that the U.K.’s gross domestic product (GDP) grew 0.3% in January, narrowly escaping a recession.
Asia-Pacific Markets End in the Red
Asia-Pacific markets joined the sell-off and ended the trading session in the red. Hong Kong’s Hang Seng, China’s Shanghai Composite, and Shenzhen Component indices ended the day steeply down 3.04%, 1.40%, and 1.33%, respectively. China’s Xi Jinping won a third term as president of the mainland.
Similarly, Japan’s Nikkei and Topix indices ended the day down 1.67% and 1.91%, respectively. Remarkably, the Bank of Japan held its interest rate at -0.1%, in line with expectations.
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