On Thursday, U.S. stocks were mixed while Treasury yields were higher as economic data pointed to a strong labor market, raising concerns over the Federal Reserve’s rate hikes.[0] The yield on the benchmark 10-year Treasury note rose seven basis points to 4.06%, while West Texas Intermediate crude gained fractionally to trade at just around $78 per barrel.[1] Meanwhile, Salesforce (CRM) led the charge to the upside, rising 11.51% after stronger-than-expected earnings and more positive guidance.[2] Tesla (TSLA) was among the top S&P percentage losers, falling 5.9% after the electric carmaker’s Investor Day failed to excite analysts.[3] Novavax (NVAX) plunged 25.9% after the vaccine maker said that although it has enough cash for the next 12 months or so, “substantial doubt exists regarding our ability to continue as a going concern through one year.”[4] Additionally, Minneapolis Federal Reserve Bank President Neel Kashkari said a 50-basis-point rate hike at the U.S. central bank’s next meeting was not out of the question, adding that rates may need to go higher than the 5.4% level he saw as the peak in December.[5]
0. “Nasdaq, S&P slip as labor market data stokes Fed concerns; Salesforce props up Dow (SP500)” Seeking Alpha, 2 Mar. 2023, https://seekingalpha.com/news/3943339-nasdaq-sp500-dow-jones-stock-market-labor-market-data-fed-hikes
1. “Dow Jones Rises As 10-Year Yield Tops 4%; Tesla Plunges 8% On Disappointing Investor Day” Investor’s Business Daily, 2 Mar. 2023, https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-climb-ahead-of-jobless-claims-tesla-dives-on-disappointing-investor-day/
2. “Major US stock indices close higher in the day” ForexLive, 2 Mar. 2023, https://www.forexlive.com/technical-analysis/major-us-stock-indices-close-higher-in-the-day-20230302/
3. “US Markets Pick Up Steam in the Afternoon and Post Gains” Investopedia, 2 Mar. 2023, https://www.investopedia.com/us-markets-pick-up-steam-in-the-afternoon-and-post-gains-7185448
4. “Stock market news today: Fears of high interest rates hit investors” Markets Insider, 1 Mar. 2023, https://markets.businessinsider.com/news/stocks/stock-market-news-today-investors-fear-high-interest-rates-fed-2023-3
5. “Dow futures up 70 pts; jobless claims, retail earnings in focus By Investing.com” Investing.com, 2 Mar. 2023, https://www.investing.com/news/stock-market-news/dow-futures-up-70-pts-jobless-claims-retail-earnings-in-focus-3020141