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Stocks opened lower on Wednesday after futures bounced ahead of trading.
The S&P (SP500) -0.2%Nasdaq (COMP.IND) -0.2% and Dow (DJI) -0.1% they were slightly lower.
The 10-year Treasury yield (US10Y) rose 5 basis points 3.96% and the 2-year yield (US2Y) rose 5 basis points to 4.85%.
“After a very strong start to the year for financial markets, February turned around with losses in equities, credit, sovereign bonds and commodities,” Jim Reid of Deutsche Bank wrote. “That came amid growing concerns about the persistence of inflation, which in turn led investors to raise their expectations for central bank rate hikes.”
“With all said and done, this meant it was a horrible month for bonds, with the Bloomberg Global Aggregate Bond Index experiencing its worst February performance since its inception in 1990,” Reid said. “However, it signaled a recovery for the US dollar (DXY), while European stocks proved resilient amid broader losses elsewhere. Also, year-to-date performance on financial assets remains positive overall, and most of the ones we track are still higher through 2023, so far.”
Shortly after the start of trading comes the S&P Manufacturing PMI, with the consensus for a rise to 47.8.
After that, the ISM manufacturing index is out. Economists expect a small rise to 48.
Among active stocks, Lowe’s (LOW) fell after weak sales.
