Market Coverage: Wednesday March 10th Yahoo Finance

Get the latest up-to-the-minute continuous stock market coverage and big interviews in the world of finance every Monday–Friday from 9 am to 5pm (ET).
#YahooFinance #Stocks #coronaviruscovid19 #2020election
#Biden #Stockmarket #coronavirus #YahooFinance
#YahooFinance #investing #stockmarket

Stock futures pointed to a mixed open on Wednesday, with the Nasdaq looking to give back some gains after its best session in four months. Treasury yields marched higher as investors awaited the approval of another major infusion of fiscal stimulus.

Contracts on the Nasdaq fell 0.3% about two hours before the opening bell, after the index closed Tuesday's regular session higher by 3.7% to post its best day since November. The jump came only a day after the index slid into a correction, closing more than 10% below its February record closing high. The S&P 500 also rallied more than 1% on Tuesday, led by the consumer discretionary sector as Tesla's stock surged 20% for its first rise in six sessions and its biggest single-session gain in over one year.

Dow futures outperformed, gaining 0.2%. While the Dow ended only a tick above the flat line on Tuesday, its modest move higher belied weeks of outperformance against the other two major indexes amid a broad-based rotation into cyclical and value stocks and away from growth and technology names.

The factors setting off the rotation – namely, the quick ramp higher in Treasury yields and concerns of inflation and higher rates weighing on growth stocks especially – remain a focal point for investors. The benchmark 10-year Treasury yield rose on Wednesday after pulling back on Tuesday, and is still around 50 basis points above levels from last month. Frances Newton Stacy, director of strategy at Optimal Capital, told Yahoo Finance that Tuesday's tech-led rally may have been only a "dead cat bounce" for the Nasdaq.

Other strategists agreed that jitters over inflation and rising rates would likely remain a central theme for investors this year.

"There’s the irony that in year one of a market recovery everybody doubts it and says how can this be happening if the economy isn’t good, and then in year two everybody struggles to assess whether [the economy has] just gotten too good too fast and it’s too hot,” Brian Levitt, global market strategist at Invesco, told Yahoo Finance on Tuesday. “And so the last few days have been the latter story: Markets being disrupted by concerns of inflation and higher rates and premature Fed tightening. And today’s a little bit of a reprieve on that story as rates come down a bit and investors can start thinking about longer-duration assets again.”

"It’s going to be a debate all year, this idea of inflation and higher rates and Fed tightening," he added. "And that could put some challenges into the market, particularly longer-duration assets. But ultimately I wouldn’t sleep on growth stocks and I expect the structural growth companies to continue to be the long-term winners here."

—

8:30 a.m. ET: Consumer prices rise 0.4% in February, matching expectations
Consumer prices increased by 0.4% month-over-month in February, accelerating from a 0.3% gain in January and rising for a ninth consecutive month, the Bureau of Labor Statistics (BLS) said Wednesday. The increase matched consensus expectations, based on Bloomberg-compiled data, and suggested inflationary pressures at the consumer level remained tepid at the beginning of the year.

Much of the gain in the CPI in February came from a rise in energy prices, which increased 3.9% month-over-month. Fuel oil prices in turn jumped 9.9%, as oil and other energy prices rebounded from a pandemic-induced slump in 2020. A 6.4% increase in gasoline prices accounted for more than half of the increase in the CPI, the BLS said.

Indexes tracking the prices of housing, recreation, medical care and motor vehicle insurance each increased in February over January, while indexes for airline fare, used cars and apparel declined.

Year-over-year, the Consumer Price Index (CPI) increased by 1.7% in February, also matching expectations and marking the fastest gain since February 2020. Excluding more volatile food and energy prices, the CPI rose 1.3% year-over-year, coming in slightly below the 1.4% rise expected.

—

7:20 a.m. ET Wednesday: Stock futures mixed as Nasdaq looks to fall anew
Here's where markets were trading ahead of the opening bell Wednesday morning:

S&P 500 futures (ES=F): 3,871.25, down 2 points or 0.05%

Dow futures (YM=F): 31,881.00, up 70 points or 0.22%

Nasdaq futures (NQ=F): 12,749.25, down 39.5 points or 0.31%

Crude (CL=F): +$0.24 (+0.37%) to $64.25 a barrel

Gold (GC=F): -$8.10 (-0.47%) to $1,708.80 per ounce

10-year Treasury (^TNX): +1.2 bps to yield 1.556%
For more on this article please visit:
https://finance.yahoo.com/news/stock-market-news-live-updates-march-10-2021-231510449.html

Видео Market Coverage: Wednesday March 10th Yahoo Finance канала Yahoo Finance