Markets Little Changed Ahead of Powell Testimony

Investors also await release of February jobs data later in the week

Table showing the performance of major U.S. financial indexes on March 6, 2023


Key Takeaways

  • U.S. equities indexes were mixed on March 6, awaiting upcoming testimony from Jerome Powell and the release of the February jobs report.
  • The Dow and the S&P 500 ended Monday's session with minor gains, while the Nasdaq closed the day slightly lower.
  • Additional price cuts from Tesla (TSLA) sent the electric vehicle (EV) maker's shares lower.

U.S. equities finished the Monday session flat ahead of what's expected to be an important few days for the markets, with Fed Chair Jerome Powell testifying before Congress and the release of the much-anticipated February jobs report. The Dow, S&P 500, and Nasdaq gave up earlier gains in the last hour of trading and ended mixed.

Merck (MRK) was the best-performing stock in the Dow after the drug maker reported positive results from studies of two of its experimental cardiovascular drugs. Shares of Apple (AAPL) rose almost 2% as the iPhone maker received a buy rating from Goldman Sachs, and the tech giant may have a new iMac later this year that incorporates its M3 computer chip. Shares of Coca-Cola (KO), Johnson & Johnson (JNJ), and Visa (V) were up 1%.

Sirius XM Holdings (SIRI) shares gained as the satellite radio provider announced job cuts and a reorganization. Shares of solar energy firms Enphase Energy (ENPH) and SolarEdge Technologies (SEDG) advanced. Emerson Electric (EMR) shares moved higher on an analyst upgrade.

Tesla Price Cuts

Tesla (TSLA) shares fell as the electric vehicle (EV) manufacturer cut prices again. Shares of another EV maker, Lordstown Motors (RIDE), tumbled as it posted worse-than-expected quarterly results and warned that it may not be able to produce its flagship truck without an influx of cash from a partner. DexCom (DXCM) shares sank after rival Abbott Laboratories (ABT) received Food and Drug Administration (FDA) approval for the expanded use of its glucose monitoring sensors. Boeing (BA) shares lost altitude as a decline in factory orders in January was linked to a drop in the plane maker's contracts for passenger aircraft.

The yield on the 10-year Treasury note rose. Oil futures added 1%, while natural gas futures plunged. Gold prices fell. The U.S. dollar was up against the pound and yen but down versus the euro. Most major cryptocurrencies traded lower.

Table showing the stocks on the S&P 500 with the biggest gains and losses on March 6, 2023


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