Futures are up after US equities had mixed performance during Monday’s session. Yesterday the S&P 500 dropped by -0.13% (-3.55 pts), the Dow fell -0.62% (-157.13 pts) and the Nasdaq 0.36% (27.51 pts). Asian markets were mixed overnight while Europe is mostly higher. Treasuries are stronger across the curve and the yield on the 10-year note is 2.84%. The dollar is weaker vs the euro and pound while outperforming the yen. Gold is down -0.1% and WTI crude is off by -0.86%.
U.S. consumer prices continued to firm in February, indicating inflation is creeping up toward the Federal Reserve’s target without the kind of breakout that would warrant a faster pace of interest rate hikes. Both the main consumer price index and the core gauge, which excludes food and energy, rose 0.2% from January, matching the median estimates of economists. The CPI was up 2.2% in the 12 months through February, compared with 2.1% in January, while the core index increased 1.8% from a year earlier for a third month.
President Trump’s executive order blocking Broadcom’s hostile bid for Qualcomm on national security grounds is being viewed as further evidence of the administration’s tough stance against foreign takeovers of the country’s tech firms. The fear was that China would gain an edge in critical technology by encouraging Qualcomm to reduce R&D.
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