Wall Street ended the week lower on Friday as high-flying chip
stocks fell from all-time highs and a labor market report showed
more new jobs than expected while the unemployment rate also
unexpectedly rose.
The mixed report bolstered bets of a Fed interest rate cut in
June. Some traders even bet on a May rate cut after Friday's
data.
This week's February data including consumer prices (CPI) will
offer more cues on whether inflation has eased enough for
policymakers to lower borrowing costs in coming months.
Sticky inflation data for January and signs of a robust economy
halted the AI-led rally last month and led traders to push back
bets of the first interest rate cut to June from March.
At 05:00 a.m. ET, Dow e-minis were down 135 points, or 0.35%,
S&P 500 e-minis were down 10.25 points, or 0.2%, and Nasdaq 100
e-minis were down 33.5 points, or 0.19%.
Nvidia rose 1.2% in premarket trading, following a more than 5%
drop on Friday as chip stocks lost some momentum.
Other chip stocks including Qualcomm and Broadcom were down 0.5%
and 0.8%, respectively.
Boeing eased 0.8% after a report that U.S. Justice Department
has opened a criminal investigation into the planemaker's 737
MAX blowout on an Alaska Airlines flight.
LATAM Airlines flight LA800, a Boeing 787-9 Dreamliner, told the
New Zealand Herald that a "technical problem" had caused a
"strong movement" during a flight from Sydney to Auckland,
hurting at least 50 people.
Cryptocurrency and blockchain-related firms including Coinbase
Global, Riot Platforms and Marathon Digital climbed between 4.5%
and 5.6% as bitcoin hit a fresh record high.
Eli Lilly fell 1.7%, after shedding 2.3% in the previous
session.
The 2024 U.S. presidential election is also coming into focus,
with investors bracing for a likely rematch between former
president Donald Trump and incumbent president Joe Biden.
(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by
Rashmi Aich)
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