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  3. US markets end volatile session mostly in red on Friday

US markets end volatile session mostly in red on Friday

27 Feb 2021 Evaluate

The US markets ended a volatile session mostly in red on Friday as traders kept a close eye on activity in the bond markets following the recent spike in yields. However, a rebound by tech stocks contributed to an advance by the Nasdaq. Yields also fluctuated as the day progressed, rebounding near the unchanged line after seeing early weakness before moving to the downside in afternoon trading. The fluctuations in the bond markets came following the release of another batch of largely upbeat US economic data. A report from the Commerce Department showed US personal income skyrocketed in the month of January, reflecting the issuance of $600 stimulus checks. The Commerce Department said personal income spiked by 10.0 percent in January after rising by 0.6 percent in December. Street had expected personal income to soar by 9.5 percent.

The report also showed a significant rebound in personal spending, which surged up by 2.4 percent in January after falling by a revised 0.4 percent in December. Street had expected personal spending to jump by 2.5 percent compared to the 0.2 percent dip originally reported for the previous month. However, the report also showed inflation remained relatively tame. A reading on inflation said to be preferred by the Federal Reserve showed the annual rate of core consumer price growth ticked up to 1.5 percent in January from 1.4 percent in December. Concerns about inflation have recently weighed on treasuries despite Fed Chair Jerome Powell's repeated assurances the central bank plans to maintain interest rates at near-zero levels for the foreseeable future.

Dow Jones Industrial Average fell 469.64 points or 1.50 percent to 30,932.37, and S&P 500 was down by 18.19 points or 0.47 percent to 3811.15, while Nasdaq rose 72.96 points or 0.56 percent to 13,192.34.

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