Equities were under pressure as the S&P 500 fell -1.0%, down for a second-straight week. Technology stocks were hit especially hard while financials were strong and international developed markets modestly outpaced the U.S.
Interest rates dropped across the curve as the 2-year yield ended Friday a touch below 4%, its lowest close since October; the 10-year yield fell over 20 basis points to end the week at 4.19%.
Investors were concerned with weaker consumer sentiment; the Conference Board’s Consumer Confidence Index was softer than expected while inflation data was in line with expectations.
A look ahead
The focus will be on the February jobs report on Friday. Analysts expect a mild uptick from January but for the number of jobs added to remain well below November and December.
Trade will remain front of mind with tariffs slated to go into effect on Canada and Mexico on Tuesday, the same day President Trump is scheduled to address Congress.
Economic releases: ISM Manufacturing and Services, Trade Balance, Wholesale Inventory, Nonfarm Payrolls, Unemployment Report.
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