It is a bumpy start to the first trading day of March, with major indices ticking lower. This week will bring the crucial jobs report and a batch of earnings that could feed, or ease worries about the economy and consumer resilience.

The Fear & Greed Index says goodbye, for now, to Extreme Fear.

Eight of the eleven sectors are heading higher. The rate sensitive Real Estate (XLRE) sector is leading the way; while Technology (XLK) is the laggard of the day, followed by Energy (XLE).

Technology is being led lower mainly due to Nvidia (NVDA) following news the company’s chips are reaching China despite export controls.

Economic Data

The S&P Manufacturing PMI for February was revised higher to 52.7 from 51.6, improving from January’s 51.2.

The ISM Manufacturing PMI fell to 50.3 in February, from 50.9 in January, missing consensus of 50.5.

Notable Points:

• New Orders fell to 48.6 from 55.1
• Employment declined to 47.6 from 50.3
• Price Pressures expanded to 62.4 from 54.9
• Backlog of orders contracted less coming in at 46.8 from 44.9

Construction Spending fell 0.2% M/M in January, compared to a 0.5% M/M increase in December, and below expectations of an unchanged reading.

AtlantaFed Nowcast GDP for Q1 dropped to -2.8% today, from -1.5% on Friday.

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