NEW YORK, March 5 (Reuters) – Wall Street retreated on Tuesday while bitcoin and gold touched all-time highs as market participants eyed upcoming economic data and central bank actions.
All three major U.S. stock indexes followed their European counterparts lower in anticipation of the February jobs report due on Friday, as well as Fed Chair Jerome Powell’s two-day congressional testimony expected to begin on Wednesday.
“This seems to be a day when bad news is bad news. We had sluggish data,” Tom Hainlin, national investment strategist at U.S. Bank Wealth Management in Minneapolis. “It’s more about concerns about a slowing economy, and less about how many times the Fed will cut interest rates this year.”
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Source: https://www.reuters.com/markets/global-markets-wrapup-1-2024-03-05/
