From Nasdaq:

Asia-Pacific equity markets saw a mixed finish today with China and South Korea declining, while Japan, Australia, India, Taiwan, and Hong Kong closed either flat or higher. European markets are mostly higher, and U.S. equity futures point to a positive start. Fed Chair Powell’s testimony and the February ADP Employment Report will impact markets today.

Euro Area retail sales dropped by 1.0% year-on-year in January, falling short of the market’s expectation of a 1.3% decline. Bank of Canada is expected to maintain its 5% interest rate in today’s decision. The U.S. market awaits the February ADP Employment Change Report and Powell’s testimony, as well as the release of the Fed Beige Book this afternoon.

Technology sector was down 2.46% with Broadcom, Apple, and Microsoft contributing to the decline. Consumer Discretionary and Communication Services also dropped, leading to lower market indexes. However, other sectors like Financials, Industrials, and Healthcare are keeping pace. Target Corp’s post-earnings gain helped offset other sector losses.

Abercrombie & Fitch, Brown Forman, Campbell Soup, EVgo, Foot Locker, and Thor Industries are expected to release quarterly earnings today. Cybersecurity sector is anticipated to perform well following CrowdStrike’s strong earnings results. Ross Stores reported strong Q4 results but provided a conservative outlook, while Nordstrom fell short on Q4 results.

Upcoming IPOs and earnings reports from Infinera, Kodiak Gas Services, and Victoria’s Secret are expected after today’s market close. Tomorrow’s key events include China’s Imports/Exports data, Eurozone’s ECB Interest Rate Decision, US weekly jobless claims and productivity data, and Consumer Credit data for January.

Today’s thought: “You will never know how strong you are until being strong is your only choice.” – Bob Marley



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