Mar 03 2018
New York Federal Reserve President William Dudley also added to the evidence that the USA central bank under new chief Jerome Powell would seek to tighten monetary policy with four interest rates rises this year, more than previously expected.
Fed chief Powell will deliver the second leg of his semi-annual testimony on Thursday, an opportunity to clarify comments made on Tuesday that rekindled speculation over USA monetary tightening this year happening faster than expected. Analysts are watching to see if Powell adjusts his tone today.
The Dow Jones industrial average dropped 420.22 points, or 1.7 percent, to 24,608.98, and the Nasdaq composite fell 92.45, or 1.3 percent, to 7,180.56.
The core index, which Fed officials see as a better indicator of underlying price pressures because it excludes often-volatile costs for food and fuel, was up 0.3 percent in January - the most in a year - and 1.5 percent from January 2017, the same annual gain as the previous three months. Shares of the company, which sells dental and animal health products, dropped $7.49, or 23.7 percent, to $24.09.
The CBOE Volatility index .vix , the measure of short-term stock market volatility on Wall Street, was last at 20.72 - its highest in a week.
Investors have begun to worry that the Fed might accelerate the pace of its credit tightening if inflation, which has been dormant for years, starts to show signs of accelerating.
Powell, who took office on February 5, was tapped last November as the new Fed leader after President Donald Trump made a decision to against offering Yellen a second term.
Making his first public comments as leader of the nation's central bank, Powell depicted an economy that was gaining strength and stressed that he meant to follow the approach to interest rates set by his predecessor, Janet Yellen.
Bond prices rose as demand jumped for safer investments, which pushed yields lower. The euro fell to $1.2170 from $1.2203, and the British pound slipped to $1.3743 from $1.3771.
UN Security Council adopts Russian-drafted resolution on renewal of Yemen sanctions
In Yemen, a Saudi-led coalition has been bombing since 2015 Iran-backed Shia Houthi rebels opposed to the internationally recognised government.
Qualcomm Unveils Reference Design For VR Headset Powered by Snapdragon 845
The 845 platform also includes a digital signal processor for measuring, filtering, or compressing analog signals. Specifically, a Snapdragon 845 VR headset can support two 2400x2400 resolution displays at 120 frames per second.
Syria: Damascus Turns Into A Graveyard, 250 People Killed In 48 Hours
Russian Federation has waged an air campaign in support of Syrian President Bashar Assad's forces since September 2015. State Department spokeswoman Heather Nauert said Washington was "deeply concerned" by the rising violence in Ghouta.
What else could help drive markets?
Initial U.S. jobless claims (http://www.marketwatch.com/story/us-jobless-claims-fall-to-lowest-level-since-1969-2018-03-01) fell by 10,000 to 210,000 in the seven days ended February 24, the lowest level in almost 50 years. The yearly increase in the PCE was flat at 1.7% for the third month in a row, below the Fed's 2% target. That data is due at 8:30 a.m. ET. Eastern, with economists expecting a reading of 59.0% for ISM's index.
In addition, reports covering USA auto sales for February are scheduled to roll in throughout the day.
Oil fell more than 1 percent, hitting two-week lows on pressure from a strong dollar and worries that surging USA crude output might thwart efforts by the Organization of the Petroleum Exporting Countries to drain global supply.
Which stocks look like key movers?
Toronto-Dominion Bank also rallied after reporting quarterly earnings that beat market expectations.
In contrast, soft inflation data in the euro zone on Wednesday dented expectations that the European Central Bank (ECB) will dial back its stimulus this year, driving the euro to a six-month trough against the yen in Asian trading on Thursday.
The dollar index is still down 1.5 percent this year, dogged by suspicions that the Trump administration prefers a weaker dollar to mend its bulging trade deficit.
What are other assets doing?
Mar 03 2018
Harvey Weinstein 'Casting Couch' Statue Pops Up in Hollywood
The all-gold statue features Weinstein sitting on his infamous casting couch , which is propped on top of a red carpet. Called Casting Couch , the statue was unveiled on Thursday by Los Angeles-based street artist Plastic Jesus.
Mar 01 2018
Watch Ester Ledecka make history, win gold medals in two different sports
However, she admitted it had not always been easy to deal with the pressure of having so many great expectations on her shoulders. She had not worn makeup, preferring to keep her eyes shielded from the roomful of reporters and cameras.
Feb 26 2018
China Communist Party has proposed removing presidential term limits
The plenary comes only a week before annual meeting of National People's Assembly (ANP), Chinese legislature. Such a move could pave the way for current leader Xi Jinping to remain as head of state after 2023.
Feb 25 2018
Jimmy Butler suffers right knee injury, MRI scheduled Saturday
The Rockets were without guard Eric Gordon due to an illness, while Trevor Ariza made his return after a nine-game injured spell. Nikola Jokic had 28 points, 11 rebounds and 11 assists before fouling out of the Nuggets' 129-119 victory against the Spurs.
Feb 24 2018
Trump Defends Second Amendment At CPAC And Warns of Dems Taking Office
She wore a Trump hat and scarf, and brought a small Trump figurine for posing for photos with conservative media personalities. President Trump also used the speech to renew his call for Congress to pass a bill funding a wall along the U-S/Mexico border.
Feb 24 2018
Utterly ridiculous: Jennifer Lawrence blasts media over dress controversy
She was reluctant because she had been hacked in 2014 and was devastated when nude photos of her were spread across the internet. The actress added, "Even friends, for many years, were not as important to me as my career".
Feb 23 2018
LBPD Arrests Student At Wilson High For Alleged Threats
The public is asked to follow the protocol of "See Something, Say Something" when witnessing or hearing suspicious activity. The incident follows that of a similar threat made earlier Thursday by a 15-year-old freshman at Millikan High School.
Feb 23 2018
Airbnb launches Plus, higher-end options that have been personally inspected
Collections for social stays, weddings, honeymoons, group getaways and dinner parties are also planned for later this year. To address this, Airbnb will add 4 new property types to its platform - Vacation Home, Unique Space, B&B and Boutique.
Feb 23 2018
Apple iOS update fixes 'text bomb' bug
One of the most unsafe bugs related to iOS devices and Apple PCs has been discovered recently. To update your software, head over to Settings, General, and finally tap on Software Update.
Feb 22 2018
Conservative British MPs demand 'hard Brexit' clean European Union break
They also said that Britain must not be stopped from negotiating and signing trade deals during any transition period. Critics have accused the Prime Minister of being "too weak" to confront the hard Brexiteers in her own party.
Mar 01 2018Attorney Investigating Arizona: DeAndre Ayton 'Abided By All Applicable Rules', 'Fully Eligible'
Feb 26 2018Rain and storms tonight; a pleasant finish to the weekend
Feb 26 2018Major quake shakes Papua New Guinea; no tsunami threat to Hawaii
Feb 25 2018Trump tax cut fuels record profit for Buffett's Berkshire
Feb 25 2018Bollywood Actress Sridevi passes away after suffering cardiac arrest
Feb 25 2018We are turning TAPI into reality: PM Abbasi
Feb 25 2018Woods hot, Scott claws back at PGA Honda
Feb 24 2018Snapchat to scrap parts of controversial redesign following 1.5 million user petition
Feb 23 2018NRA Chief Wayne LaPierre: FBI, Elitism To Blame For School Shootings
Feb 22 2018Do not test our resolve: Netanyahu to Iran's smooth-talking foreign min
Mar 02 2018Comcast attempts to outbid Fox for Sky
Mar 02 2018Kushner business secured loans from bank bigs after White House meetings
Mar 01 2018Iraq court sentences 16 Turkish women to death for joining IS
Feb 25 2018We can cope without Alderweireld, says Pochettino
Feb 25 2018Allu Arjun imitates Priya Prakash Varrier's wink in the most adorable manner
Feb 24 2018Walmart's online sales growth slips, rattling investors
Feb 24 2018Celtic lacked real courage, says Rodgers
Feb 24 2018Russian Figure Skaters Take Gold, Silver Medals at Winter Olympics
Feb 22 2018Conservative users say Twitter removing thousands of followers
Feb 22 2018DNA diets don't work
Feb 22 2018All-new Volvo V60 family estate revealed
Feb 22 2018Olivia Munn Defends Kate Middleton Amid Backlash Over BAFTAs Green Dress