From Nasdaq:

Stock indexes saw a mixed close on Friday as early gains faded. Profit-taking and long liquidation in chip stocks caused prices to turn lower after initially reaching new record highs. Expectations for Fed rate cuts increased following a stronger than expected Feb nonfarm payrolls report, despite inconsistencies like downward Jan revisions and an elevated unemployment rate.

U.S. Feb nonfarm payrolls beat expectations, but Jan payrolls were revised lower. The unemployment rate unexpectedly rose to 3.9%, and average hourly earnings eased to 4.3% y/y. Chicago Fed President Goolsbee’s comments were dovish, with markets pricing in a potential rate cut at the upcoming FOMC meetings in March and April.

Interest rates saw volatility following the nonfarm payrolls report on Friday, with the 10-year T-note yield briefly hitting a 5-week low. European government bond yields moved lower as German industrial production and PPI data exceeded expectations. ECB Governing Council members hinted at possible rate cuts in the near future.

Stock movers on Friday included Costco, Marvell Technology, Broadcom, and others. Carnival gained over 4% after positive booking patterns were noted. Gap climbed over 8% due to strong Q4 net sales. Other gainers included Carvana, Samsara, and DocuSign. Boeing, Eli Lilly, and Amylyx Pharmaceuticals saw declines.

Earnings reports scheduled for 3/11/2024 include Casey’s General Stores, Fortrea Holdings, Liberty Media, Oracle, and Vail Resorts. Market participants are closely monitoring the ongoing developments to make informed decisions.



Read more at Nasdaq: Stocks Give Up Early Gains and Close Lower as Chip Stocks Retreat