From Nasdaq:

Stock markets retreated today as Fed Chair Jerome Powell expressed uncertainty about a March rate cut, causing markets to shift out of positive terrain. The Dow closed -0.82%, S&P 500 at -1.61%, and Nasdaq at -2.23%. Negative sentiment was fueled by Powell’s statement, despite an overall strong economy.

Powell emphasized optimism in the economy, signaling a readiness to keep inflation in check and maintain strong labor markets. A new dot-plot is expected, with the next Fed meeting scheduled for March 19-20. With several significant economic reports and company earnings expected tomorrow and Friday, there’s plenty of data to evaluate before making a decision.

Qualcomm reported fiscal Q1 earnings of $2.75 per share, surpassing estimates. However, Q2 guidance for the company is down on both top and bottom lines. Tomorrow’s earnings reports to watch for are from Merck, Royal Caribbean, as well as after the close reports from Apple, Amazon, and Meta Platforms. The economic calendar is packed with several important reports.

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Read more: Powell Dubious on March Cut, Markets Slide