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Today’s News
Wall Street concluded the trading session lower after a mixed jobs report led investors to book profits, particularly in the technology sector, which has been a significant driver of market gains this year. The Nasdaq Composite saw a decline of 1.2%, the S&P 500 dropped by 0.7%, and the Dow Jones Industrial Average fell by 0.2%. The mixed jobs data stirred the market, with the U.S. nonfarm payrolls increasing by 275K in February, surpassing expectations. However, the unemployment rate rose unexpectedly to 3.9%, causing speculation about the Federal Reserve’s next moves.
Amid regulatory scrutiny, Amazon (AMZN, Financial) is under investigation by the U.S. Federal Trade Commission concerning new fees imposed on merchants within its $140B marketplace. The probe aims to understand the implications of these fees on sellers, particularly regarding the Fulfillment by Amazon service, which has been criticized for its complexity and cost. This development adds to the challenges faced by Amazon, as sellers express concerns over inventory control and the potential need to increase prices.
Bitcoin (BTC-USD, Financial) continued to capture attention with a 10.8% increase over the week, briefly reaching a new record high before experiencing a slight pullback. The cryptocurrency’s performance reflects growing anticipation within the crypto community for a decisive breakout above previous highs, signaling strong demand and potential for further gains.
In the corporate world, notable movements included Algonquin Power & Utilities (AQN, Financial) experiencing a surge in its share price after reporting better than expected Q4 adjusted earnings. Meanwhile, Macy’s (M, Financial) saw an uptick amid reports of potential direct negotiations with an investor group, bypassing the need for a strategic review. Additionally, 3M (MMM, Financial) announced the spinoff of its Health Care business, aiming to focus on areas with faster growth potential.
Real estate stocks generally trended upwards following President Joe Biden’s proposals to address housing costs and supply issues. Companies such as Redfin (RDFN, Financial) and Zillow Group (Z, Financial) benefited from the positive sentiment, reflecting the administration’s commitment to making homeownership more accessible.
On the earnings front, the market is gearing up for reports from several companies, with a particular focus on those with elevated options trading volume and significant short interest, such as Enviva (EVA, Financial) and BigBear.ai Holdings (BBAI, Financial). The upcoming week promises to bring further clarity on market directions, with investors closely monitoring developments across various sectors.
