From Nasdaq:

Asia-Pacific equity markets were mostly lower today, except for China’s Shanghai Composite and Taiwan’s TAIEX. Japan’s Nikkei, Australia’s ASX All Ordinaries, India’s SENSEX, South Korea’s KOSPI, and Hong Kong’s Hang Seng all closed lower. European markets are down, and U.S. equity futures are pointing to a lower open.

China sets a 2024 annual growth target of around 5% hinting at more stimulative efforts. Caixin China General Service PMI moderated for the 2nd month at 52.5. Japan’s PMI came in at 52.9. Eurozone PMI marks slight expansion with inflationary pressures on the rise. UK Services PMI revised to 53.8 in February.

Fed Chair Powell’s semiannual testimony tomorrow. Today, U.S. Service PMI data will be released, with expectations for a reading of 53.0. If data meets expectations, recession fears are low. Additional testimonies by Fed Vice Chair Michael Barr. Market awaits January Factory Orders at 10 AM ET.

Democrats and Republicans hold primaries in 15 states and American Samoa today. President Biden sets up task force on corporate pricing. In markets, Communication Services, Consumer Discretionary, and Technology sectors drive indexes into the red. Hewlett Packard Enterprise shares rise 10.22% post-earnings. Major market indicators perform well YTD.

First Watch Restaurant Group, Nio, SmartRent, and Target report earnings today. Apple’s Chinese iPhone sales drop 24% YoY. Foxconn’s Feb revenue falls, expecting YoY decline in Q1. AMD faces hurdles in selling AI chip for Chinese market. Nvidia set to produce AI chip for China. AeroVironment beats forecasts with January results.



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