From Nasdaq:

Stock indexes, including the S&P 500, Dow Jones Industrials, and Nasdaq 100, fell to 1-1/2 week lows as weak corporate news affected tech stocks. Apple dropped 2%, Tesla fell 4%, and Advanced Micro Devices faced a setback. Weaker-than-expected U.S. economic news raised expectations of a potential Fed rate cut.

U.S. Jan factory orders dropped 3.6%, the largest decline in nearly 4 years. Additionally, the U.S. Feb ISM services index fell to 52.6, lower than anticipated. Lower bond yields accompanied these reports and fueled speculation of an upcoming interest rate cut by the Fed. Target, however, reported stronger-than-expected Q4 earnings, pushing its stock up over 12%.

After reaching an all-time high, Bitcoin stumbled over 7% due to profit taking. The digital currency has surged over 63% this year, driven by the influx of funds into Bitcoin ETFs. Markets currently predict a 25 bp rate cut at the March FOMC meeting. Overseas markets closed on a mixed note, with the Euro Stoxx 50 down 0.40%, Shanghai Composite up 0.28%, and Japan’s Nikkei down 0.03%.

Interest Rates in the U.S. saw 10-year T-notes climb to a 3-week high, with the yield dropping to a 3-week low. European government bond yields also fell, with the German bund yield hitting a 2-1/2 week low. The Eurozone Feb S&P composite PMI was revised to an 8-month high of 49.2. U.S. Stock Movers included Albemarle, Apple, Tesla, and software companies like MongoDB and Atlassian facing significant losses. Target was a standout gainer post its strong Q4 earnings report. Regional bank stocks surged on declining bond yields. AT&T saw an upgrade, while Apogee Therapeutics surged over 42% on successful clinical trials. Earnings reports scheduled for March 6 include Brown-Forman Corp, Campbell Soup Co, and others.



Read more at Nasdaq: Technology Stocks Retreat and Drag the Overall Market Lower