From Nasdaq:

Stock indexes are down this afternoon, with the S&P 500, Dow Jones, and Nasdaq 100 all seeing a decline after hitting new record highs. The U.S. Feb unemployment report showed stronger nonfarm payrolls but a higher unemployment rate. Wage pressure concerns eased as Feb hourly earnings fell slightly.

U.S. Feb nonfarm payrolls were stronger than expected at +275,000, although Jan payrolls were revised downward. The Feb unemployment rate unexpectedly rose to 3.9%. Average hourly earnings eased to +4.3% y/y. Markets are pricing in a potential rate cut at the upcoming FOMC meetings.

Overseas markets are up today, with European government bond yields lower. German industrial production and PPI exceeded expectations. ECB members hint at possible rate cuts. T-note prices initially dropped before recovering after the employment report.

Stock movers today include cruise line operators with Stifel upbeat on Carnival. AMD and Nvidia at record highs. GE rises after an upgrade. Biogen climbs after FDA approval news. Samsara, DocuSign, The Gap, Carvana see gains. Costco and Broadcom report weaker revenues. Marvell forecasts a revenue below consensus.

Earnings reports today include Aldeyra Therapeutics, ALX Oncology Holdings, Artesian Resources, Atara Biotherapeutics, Bristow Group, Comtech Telecommunications, Consumer Portfolio Services, and more. All information and data is for informational purposes only. No positions in securities mentioned in this article.



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