S & P 500 and Nasdaq Composite retreated for a second day as yields climbed
Initial jobless claims data disappointed, denting market sentiment
Hang Seng Index (HIS) retreated sharply from a 2.5-year high as mainland investors returned from a holiday break
Wall Street, Yields, Jobless Claims, Crude Oil, Asia-Pacific Stocks Outlook:
Disappointing jobless claims data and a resurgence in US Treasury yields fueled broad profit-taking activity on Wall Street overnight, with the Dow Jones, S & P 500 and Nasdaq Composite falling -0.38%, -0.44% and -0.72% respectively. Weekly jobless claims surged to 861k in the week ending February 13th, higher than the baseline forecast of a 765k increase. Last week's reading was revised up by 55k to 848k. These reflected softer labor market conditions in early February after vaccine rollouts brought the unemployment benefit claims down in January.