Wall Street Ends Lower Ahead of Powell’s Testimony and Jobs Data
Stock Market Performance
Wall Street closed lower on Monday, stepping back from record highs, with U.S. Treasury yields edging higher. Investors awaited key jobs data and Federal Reserve Chair Jerome Powell’s upcoming congressional testimony.
Market Trends
European stocks also retreated from record levels, influencing U.S. equity indexes to follow suit. Despite Friday’s rally, the major indexes struggled to make further gains, ending in modest losses.
Market Sentiment
Investors appeared cautious ahead of Powell’s testimony, the ECB’s policy decision, and the release of the February jobs report. They anticipate clarifications on the Fed’s interest rate cuts and the performance of the U.S. economy.
Stock Performance
The S&P 500, Nasdaq, and Dow closed lower, with the S&P 500 losing 0.12%. The market remained range-bound, awaiting significant events later in the week.
Global Market Overview
European shares settled near all-time highs, while MSCI’s global stock gauge saw a slight decline. Emerging market stocks rose, with Asia-Pacific shares and Nikkei 225 also posting gains.
Cryptocurrency Market
Bitcoin surged to a two-year peak, nearing its previous record high. The cryptocurrency’s volatility reflects investors’ risk sentiment and appetite for speculation.
Foreign Exchange and Treasury Yields
The dollar remained stable against other currencies, while U.S. Treasury yields rose. Benchmark 10-year notes saw a slight increase in yields.
Oil Prices and Gold
Oil prices fluctuated despite OPEC’s decision to extend output cuts. Gold prices surged as investors bet on future interest rate cuts by the Fed.
Overall, the market’s focus remains on upcoming events and data releases, shaping investor sentiment and market direction in the near term.
