With the focus on the forthcoming employment data and the struggling banking sector, U.S. equities are expected to begin neutral Friday, recovering following the previous session’s selloff.<\/p>\n\n\n\n
At 12:00 GMT, the Dow Futures contract was down 100 points or 0.3%, the S&P 500 Futures contract was down 4 points or 0.1%, and the Nasdaq 100 Futures contract was up 25 points or 0.2%.<\/p>\n\n\n\n
The three major market indices finished substantially down on Thursday, led down by significant losses in the banking sector. The Dow Jones Industrial Average plummeted almost 500 points, or 1.7%, while the S&P 500 sank 1.9% and the tech-heavy Nasdaq Composite fell 2.1%.<\/p>\n\n\n\n
The S&P 500 bank index fell 4.1%, its biggest one-day drop in nearly three years on Thursday, with this weakness triggered by SVB Financial Group (NASDAQ:SIVB) – also known as Silicon Valley Bank – announcing an emergency $2.25 billion capital raise to cover expected losses as well as crypto bank Silvergate Capital’s (NYSE:SI) decision to wind down operations.<\/p>\n\n\n\n
While Silvergate’s client base of crypto exchanges and investment platforms is relatively contained, problems at SVB could have more widespread repercussions for the U.S. banking industry.<\/p>\n\n\n\n
Nerves are also frayed ahead of the release of the monthly official jobs report, particularly after Federal Reserve Chair Jerome Powell mentioned this data point in his semi-annual testimony to Congress as one of the key indicators the central bank policymakers look at when deciding future monetary policy.<\/p>\n\n\n\n
The market is now increasingly betting that March’s rate decision by the Fed will be a half-percentage-point hike, an acceleration from the 25 basis point increase in early February.<\/p>\n\n\n\n
Analysts expect the economy added 205,000 jobs last month, but they are also waiting to see if January’s red-hot 517,000 number will be revised.<\/p>\n","protected":false},"excerpt":{"rendered":"
With the focus on the forthcoming employment data and the struggling banking sector, U.S. equities are expected to begin neutral Friday, recovering following the previous session’s selloff. At 12:00 GMT, the Dow Futures contract was down 100 points or 0.3%, the S&P 500 Futures contract was down 4 points or 0.1%, and the Nasdaq 100 …<\/p>\n","protected":false},"author":9,"featured_media":53429,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,39,36],"tags":[6902,7355,7942,7296,7587],"class_list":["post-81313","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-global-stock-markets","category-market-updates","tag-dow-jones","tag-elon-musk","tag-hertz","tag-tesla","tag-us-stocks"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/81313","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=81313"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/81313\/revisions"}],"predecessor-version":[{"id":81314,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/81313\/revisions\/81314"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/53429"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=81313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=81313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=81313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}