Dow and Nasdaq futures are down triple digits this morning
Wall Street is bracing for another selloff, as investors digest new tariff measures and a wave of job cuts. Dow Jones Industrial Average (DJI)and Nasdaq-100 Index (NDX) futures are down triple digits, following retaliatory levies from Canada and China. Mexico is expected to unveil its own measures over the weekend.
A Challenger, Gray & Christmas report showed February job cuts surged to their highest level in nearly five years, with 172,017 layoffs -- a 245% jump from January. However, weekly jobless claims showed resilience, dipping despite the Trump administration’s efforts to shrink the government workforce. The Labor Department reported 221,000 initial claims for the week ending March 1, down 21,000 from the prior period and below the 235,000 Dow Jones estimate.
Continue reading for more on today's market, including:
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.8 million call contracts and 986,493 put contracts exchanged on Wednesday. The single-session equity put/call ratio fell to 0.54, while the 21-day moving average stayed at 0.60.
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Marvell Technology Inc (NASDAQ:MRVL) stock is down 17.9% before the bell, despite narrowly beating
fourth-quarter earnings and revenue estimates. Investors were disappointed by the semiconductor company's fiscal first-quarter guidance, which largely aligned with expectations rather than exceeding them. Coming into today, MRVL was down 18.4% year-to-date.
- Shares of quantum computing name Rigetti Computing Inc (NASDAQ:RGTI) are 12.2% lower in electronic trading, after reporting fourth-quarter revenue of $2.27 million, missing analysts’ estimates, alongside a wider-than-expected loss for the period. RGTI is on track to add to a 46.% year-to-date deficit.
- Retailer Macy’s Inc (NYSE:M) is falling 4.5% premarket, after posting stronger-than-expected fourth-quarter adjusted earnings, but revenue of $7.77 billion missed forecasts. The retailer also issued a fiscal-year earnings outlook that came in just below analyst expectations. Over the last 12 months, M is down 34.4%.
- March kicks off with plenty of jobs data to unpack.
ECB Cuts Interest Rates by 25 Basis Points
Asia markets gained today, boosted by the postponed tariffs on automakers. Hong Kong’s Hang Seng led the region with a 3.3% pop, while China’s Shanghai Composite added 1.2%. Bond yields in Japan have roared to their highest level since 2009, with the Nikkei adding 0.8% in response. South Korea’s Kospi brushed off small cap weakness to gain 0.7%.
European bourses are responding to the 25-basis point interest rate cut from the European Central Bank (ECB), the move widely matching expectations. London’s FTSE 100 is down 1% at last check. The French CAC 40 is down 0.6% and the German DAX clinging to a 0.2% gain, with regional airliners Air France-KLM and Lufthansa in focus after earnings.