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Afternoon Note

Yields Breaking Out

By Karina Hernandez, Senior Research Analyst
3/2/2023 1:51 PM

Yields are breaking out with the 10-year note rising above 4%, which is weighing down Technology. Hawkish comments from Federal Reserve speakers and stronger-than-expected economic data have increased expectations for higher rates. According to the CME FedWatch Tool, the probability of a 50-basis-point hike is now 33.6%, up 27% from a week ago.

Weak leadership from mega-cap Amazon (AMZN) and Tesla (TSLA) are adding pressure to Consumer Discretionary, making it the worst performer this afternoon.

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Very intriguing breadth this afternoon, Up/Down volume on Nasdaq is positive by quite a bit.

Market Breadth

NYSE

NASDAQ

Advancers

1,191

1,708

Decliners

1,828

2,631

New Highs

56

72

New Lows

46

146

Up Volume

957.32 million

1.76 billion

Down Volume

1.23 billion

1.51 billion

 

More earnings after the bell, with Costco (COST) reporting. Investors will be eyeing near-term guidance, especially after cautious guidance from Walmart (WMT) last week.

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