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Investing.com — Stocks got slammed after U.S. bond yields jumped, with the Nasdaq taking the most heat.
The United States 10-Year topped 1.7% a day after the Federal Reserve raised its growth and inflation forecast but kept intact its lower-for-longer outlook on rates.
Tech and chip stocks were lower while oil got hit with Covid-19 infections leading cities in Europe to lockdown again. In addition, the International Energy Agency said it will take another two years for global oil demand to reach pre-pandemic levels. U.S. government data showed a fourth straight weekly build in domestic crude stockpiles.
But, hey, spring is around the corner, people. Huzzah!
Here are three things that could affect markets tomorrow:
1. Don’t Get Spooked
It’s a quadruple witching Friday. Expect an extra dose of volatility as stock options, stock futures, market index futures and market index options all expire. Buckle (NYSE:BKE) up.
2. Baked Alaska
The first high-level talks between the Biden administration and China are getting underway in Alaska today. But thanks to Anchorage’s time zone, we’re not likely to get any word on how things are going until later this evening or tomorrow. Secretary of State Antony Blinken and National Security Adviser Jake Sullivan are due to meet with Foreign Minister Wang Yi and a member of the Politburo. The talks continue Friday.
3. Relationship Status
While that’s going on, Congress will get its own look at the current state of relations between the two countries. Specifically, the national security implications of the economic relationship between the two when the U.S. China Economic and Security Review Commission presents its annual report.
