Markets fall as government borrowing costs rise
U.S. equity futures are rising as the Fed downplays inflation pressures, the Senate set to pass a $1.9 trillion stimulus bill and vaccination rates rising to 2 million a day.
It’s another relatively busy day ahead on the economic calendar. Stats from Germany and the U.S will be in focus as market sensitivity to yields lingers.
Indices Around The Globe S&P 500 Futures moved below 3,780 for the first time since late January, down 1.25% for the trading session. UK's FTSE 100 down 0.37% to near 6,650 Japan's Nikkei 225 down 2.13% to near 28,930 Bonds 10-year treasury yield at 1.55% Commodities Crude oil up 4.72% to near $64.17/barrel, highest in over a year. Gold down 0.91% to near $1,699/oz Silver down 2.92% to near $25.40/oz Crypto Bitcoin down 4.95% over the last 24 hours to near $48,067 Top News Federal Reserve Chairman Jerome Powell spoke on the state of the U.S. economy at the Wall Street Journal's Jobs Summit U.S. Initial Jobless Claims data for the last week of February showed a week-over-week increase in new unemployment. U.S. Senate plans to vote on President Joe Biden's COVID-19 plan at 1 p.m. on Thursday. Costco (NASDAQ: COST) reported worse-than-expected Q2 EPS results. The stock moved lower in afterhours trade. Slack (NYSE: WORK) reported better-than-expected Q4 earnings results. The stock moved slightly higher in afterhours trade. Connecticut's Governor, Ned Lamont, made an announcement to ease some COVID-19 restrictions in the state. Beginning Friday, March 19, capacity limits will be eliminated for restaurants, retail stores, libraries, and personal services businesses. Face masks, social distancing, and other cleaning protocols will remain in force. Preview for Friday, March 5 Nonfarm Payrolls - 8:30 a.m. EST Unemployment Rate - 8:30 a.m. EST Federal Budget - 2 p.m. EST Baker Hughes Total Rig Count - 1 p.m. EST See more from BenzingaClick here for options trades from BenzingaWhat's Moving The Market Wednesday? After The Close UpdateWhat's Moving The Market Wednesday?© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The Nasdaq is nearing a 10% slump from its February 12 high as bond yields resume their recent climb amid bets on a faster COVID recovery and accelerating inflation concerns.
Economic data for the Eurozone and from the U.S, together with the ECB Economic Bulletin will be in focus through the day.
Yields on longer-dated British government bonds rose on Wednesday as finance minister Rishi Sunak unveiled new support measures to support the economy through the COVID-19 crisis and forecasts showed growth may recover earlier than expected. The government will borrow significantly more in the coming financial year than thought just a few months ago, according to new forecasts and will return to its pre-pandemic size in mid-2022, six months earlier than previously forecast, Sunak said. UK equities remained broadly unchanged during Sunak's speech with the domestically focused FTSE 250 index holding on to gains and the FTSE 100 easing just slightly.
Index of leading UK-listed shares gains 1.2 per cent in morning trading as chancellor prepares to give latest tax and spending speech
The EUR hits reverse once more, with service sector and composite PMI numbers for February testing EUR support…
A pledge to have enough coronavirus vaccine supply for every American citizen by the end of May from President Joe Biden has investors looking for a hard pandemic exit in the months ahead.