Stocks are down due to higher bond yields and poor performance in chip stocks
From Nasdaq: 2025-03-06 13:14:19
- Stock indexes are down today, with the S&P 500, Dow Jones, and Nasdaq all in negative territory. Bond yields are rising globally, affecting tech stocks like Marvell Technology, which saw a 16% drop in its stock after a disappointing revenue forecast.
- Tariff concerns are adding to market jitters, with President Trump imposing tariffs on Canadian, Mexican, and Chinese goods. Hawkish comments from Philadelphia Fed President Harker also weighed on stocks, citing concerns about inflation and waning confidence.
- US economic news showed a stronger labor market, but the trade deficit widened in January. Attention is on Friday’s job report and Fed Chair Powell’s speech. Markets are pricing in a 7% chance of a rate cut at the next FOMC meeting.
- Overseas markets are up, while interest rates are rising in the US and Europe. The ECB cut rates as expected and revised GDP and inflation forecasts downward. US stock movers include chip stocks like Marvell Technology and weak performers like Tesla and Victoria’s Secret.
- Positive movers include Veeva Systems and Zscaler, while homebuilding stocks are climbing after upgrades. Earnings reports for March 6 include companies like Costco and Macy’s. Burlington Stores saw a strong revenue report, while Kroger beat EPS expectations. Salesforce leads gainers in the Dow Jones.
- Disclaimer: The author does not hold positions in the mentioned securities. All information is for informational purposes only. Visit the Barchart website for more details.
Read more at Nasdaq: Stocks Pressured by Higher Bond Yields and a Slide in Chip Stocks