The S&P 500 fell about 0.2% and the Dow Jones Industrial Average lost 130 points. The Nasdaq Composite rose 0.3%. The moves come after all three key benchmarks recorded their second consecutive week of gains on Friday to close at a month high. Meanwhile, bond yields continued to rise, with the 10-year US Treasury close to 2.5% on Monday morning. Investors are starting to push up interest rates this year, following recent remarks by Fed Chairman Jerome Powell that he noted a 50 basis point rise as officials tilted higher borrowing costs to curb rising inflation. Financial data from Washington this week could further boost expectations that central bank policymakers may increase by half a point. The very important March jobs report is the culmination of this week’s financial reports. The tightness of the labor market strongly informed the Fed’s decision to curb monetary policy, with the momentum in the economic recovery suggesting to officials that the US economy could face less favorable financial conditions. In addition, while improving the job market is good for U.S. households, extensive jobs have created room for significant leverage for workers, boosting wage earnings and further increasing inflationary pressures. The report is likely to show another strong reading with wages expected to rise by 490,000, according to Bloomberg economists. “The payroll report could be the largest so far in this pandemic recovery,” FWDBONDS chief economist Christopher Rupkey said in a recent note. “Federal Reserve officials are already mobilizing for higher interest rate hikes of 50 bps in the coming sessions, and the tighter job market since the 1960s is like throwing gasoline on a fire where every politically deserving politician burns with the desire to get. interest rates up to 2% neutral levels now “. The story goes on Another focus for traders on the financial data front this week is a new reading on the monthly personal consumption deflator (PCE) expected to be released on Thursday. The index is another indicator of how fast prices are rising across the country. Consensus economists expect the PCE to rise another 0.6% in February, according to Bloomberg. The key PCE index, used by the Fed to conduct monetary policy, is also expected to rise when the print release is released on Wednesday. Consensus economists are looking for a 5.5% rise in core PCE in February, up from a 5.2% rise in January. Russia’s ongoing invasion of Ukraine is also on the radar for investors. U.S. officials withdrew controversial remarks by President Joe Biden at the weekend, which appeared to call for the removal of Russian President Vladimir Putin during a speech in Poland. Secretary of State Anthony Blinken told reporters Sunday during a visit to Israel that the United States was not seeking to oust Putin. “As you know, and as you have repeatedly said, we have no strategy for regime change in Russia or anywhere else,” Blinken said. “In this case, as in any case, it depends on the people of that country. It’s in the hands of the Russian people. “ –
2:13 p.m. ET: AMC is rallying amid plans for more offers
The AMC (AMC) traded up 29% in overnight trading at over $ 25 a share in overnight trading, marking the highest price level since early January. “I would like to believe that there will be more external announcements of mergers and acquisitions in the future, where AMC will be able to reach the stars and interesting investments that have potentially attractive returns,” Aron said. Cinema CEO Adam Aron told Reuters that investors could expect to see more “transformation” deals in the future. Earlier in March, AMC said it was buying a stake in gold and silver mining company Hycroft Mining Holding Corp (HYMC). Shares of the Northern Nevada-based company rose 52% after Hycroft announced it had completed a $ 138.5 million share-offering program. –
1:45 p.m. ET: Walmart is shutting down tobacco sales in some US stores
German luxury carmaker Porsche is reportedly working with US lithium metal battery maker QuantumScape Corporation (QS) to develop an electric version of its 911 vehicle powered by solid-state batteries. The shares of QuantumScape appeared after reports of the partnership. The company’s stock rose 12.72% to $ 19.49 per share at 1:39 p.m. ET. Porsche AG, which has nearly 100 years of experience building sports cars, has recently turned its attention to more electric vehicles. His transition to EVs began with the popular Taycan model and was followed by the all-electric Macan, another of its world-renowned models. Porsche CEO Oliver Bloom said in a recent financial report that of the 300,000 vehicles the company delivered worldwide in 2021, 41,296 were all-electric Taycans, surpassing its preferred Porsche 911 sales. –
10:52 a.m. ET: Walmart is shutting down tobacco sales in some US stores
Walmart Inc. (WMT) will stop selling tobacco products at some of its stores, the company said Monday, without saying how many locations will be specifically affected by the decision. Cigarettes will be removed from stores located in California, Florida and New Mexico. However, the largest retailer in the world will not leave the category completely. The move comes after calls from several U.S. Senators urging the company and other retailers to stop selling all tobacco products. CVS became the first US drugstore chain to remove cigarettes from its shelves in 2014. Walmart previously discontinued sales of e-cigarettes and nicotine delivery products in its US stores a few years ago amid regulatory scrutiny. – Shares of the e-commerce giant jumped up 2.2% to its highest level since Jan. 4 to trade steadily the year after hitting more than 18% earlier this month. The stock traded around $ 3,337.60 per share, up 1.28% at 10:41 a.m. ET. –
10:30 a.m. ET: Tesla shares appear after the revelation of the company’s plans for another split
Tesla Inc. (TSLA) plans to split its second stock in about two years in the form of a dividend. announced in a tweet. The news led the stock to rise more than 5% to trade at around $ 1,064.28 per share at 10:26 a.m. ET. “On March 28, 2022, Tesla, Inc. announced its plan to seek shareholder approval at the forthcoming Annual General Meeting of Shareholders of 2022 to increase the number of approved common stock shares through an amendment to the Company’s Amended and Restated Certificate of Establishment to enable the division of its shares. in the form of a dividend of shares. “Tesla’s Board of Directors approved the management proposal, but the dividend will depend on the final approval of the Board of Directors,” Tesla said in a subsequent submission to the Securities and Exchange Commission (SEC). –
9:30 a.m. ET: Shares are falling as the busy financial data week progresses
The following is the trading of the markets during the open on Monday:
S&P 500 (^ GSPC): -4.40 (-0.10%) at 4,538.66 Dow (^ DJI): -41.98 (-0.12%) at 34,819.26 Nasdaq (^ IXIC): +12.18 (+ 0.09%) at 14,181.48 crude (CL = F): -7.38 $ (-6.48%) at $ 106.52 per barrel Gold (GC = F): $ -21.10 (-1.08%) at $ 1,933.10 per ounce 10-year Treasury (^ TNX): -3 bps for a yield of 2.4620%
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9:12 a.m. ET: HP seeks to buy Poly for $ 3.3 billion cash deal
HP Inc. (HP) has set out to acquire poly audio and video maker in a $ 3.3 billion deal as the company seeks to capitalize on the rise of hybrid work. The IT company has offered $ 40 per share, or about $ 1.7 billion in total in cash, to Poly, formerly known as Plantronics. The amount represents a premium of about 53% at the last closing price of the share. “The rise of the hybrid office creates a once-in-a-lifetime opportunity to redefine the way work is done,” said HP CEO Enrique Lores. Shares of HP fell 2.2% in early trading to $ 38.95 a share at 9:10 a.m. ET. Poly (POLY), meanwhile, rose 48 percent to $ 38.87 a share. –
7:55 a.m. ET: Firm futures for two consecutive weeks after the index rose
After nine consecutive profit sessions, Apple Inc. (AAPL) is poised to cut its biggest winning streak this year after a report that iPhone maker cut production of its iPhone SEs by about 20% next quarter due to lower demand for consumer electronics. Shares of Apple fell as much as 2% in early trading on Monday. Apple traded around $ 172.48 per share at 7:53 a.m. ET. The tech giant has also reduced orders for AirPod headphones by more than 10 million units by 2022. AirPods have become the best-selling wireless headphones, helping Apple gain more than 25% of global market share, according to with Bloomberg, which cites research by Counterpoint. Meanwhile, an Oscar for …
