The selloff that began yesterday afternoon U.S. spread globally last night.
Tech stocks led our loser list, with Nvidia Corp. and Facebook Inc. among the hardest hit.
Overnight, the MSCI Asia Pacific Index fell 1.3 percent; Japan’s Topix index closed 1 percent lower and in Europe, the Stoxx 600 Index was 1.0 percent lower at 5:45 a.m. ET with defensive stocks the only sectors posting gains.
- S&P 500 futures signaled further losses at the open but the DJIA and S&P 500 both opened higher before diverging by the end of the first hour.
- At 8:30am the Bureau of Economic Analysis announced that US Q4 GDP was revised 4 tenths higher in the third estimate to a 2.9 percent annualized rate beating the Street’s consensus by 2 tenths.
- The US Census Bureau announced that the trade deficit did not improve during February, showing roughly the same number as January ($75.4B vs $75.3B).
- Blackberry, Hudson’s Bay, Walgreens Boots Alliance, GameStop and Red Lion host earnings calls.
- The National Association of Realtors announced that pending home sales for February rose 3.1 percent in data for February though they follow a 5.0 percent revised decline in January.