From Nasdaq:

On Monday, the stock market saw the S&P 500 Index down 0.11%, the Dow Jones up 0.12%, and the Nasdaq 100 down 0.37%. Concerns about Tuesday’s CPI report impacting rate cuts by the Fed loomed. Expectations are for an unchanged Feb U.S. CPI at +3.1% y/y and a drop in Feb core CPI to +3.7% y/y.

Last week’s record highs in the S&P 500 and Nasdaq 100 were followed by long liquidation pressure on Monday. U.S. Feb nonfarm payrolls rose to +275,000 but Jan payrolls were revised down. Fed Chair Powell hinted at potential rate cuts, while ECB President Lagarde suggested rate cuts starting in June.

Markets are speculating on a -25 bp rate cut, with probabilities at 4% for next week’s FOMC meeting, 25% for the April meeting, and 86% for the June meeting. Overseas markets closed mixed, with the Euro Stoxx 50 down 0.62%, Shanghai Composite up 0.74%, and Japan’s Nikkei down 2.19%.

Interest rates saw a rise in 10-year T-note yield to 4.098% due to a +2.3 bp increase. European government bond yields showed mixed results, with the 10-year German bund up by +3.6 bp and the UK gilt down by -0.5 bp. Treasury auctions and corporate bond issuance influenced T-note prices.

In stock movements, Nvidia fell by -1.98% and chip stocks like AMD, MRVL, MU, and LRCX also declined. Meta Platforms saw a significant drop after Trump’s comments. Boeing fell -3.00% due to a criminal investigation into an Alaskan Airlines incident.

Moderna was the best-performing Nasdaq 100 stock, rising +8.69%, while Bitcoin rallied over +4% to reach a new record high. However, Coinbase fell by -0.93%. Marathon Digital, Riot Platforms, and Bit Digital also saw declines. Tesla saw a slight rebound with a +1.41% rally.

Upcoming earnings reports on 3/11/2024 include Casey’s General Stores Inc, Fortrea Holdings Inc, Liberty Media Corp-Liberty Live, Oracle Corp, and Vail Resorts Inc. Information from Barchart for informational purposes only. No author positions held in mentioned securities.



Read more at Nasdaq: Stocks Close Mildly Lower on Caution Ahead of Tuesday’s U.S. CPI Report