NFPs Awaited
Dow futures fell 60 points or 0.2%, S&P 500 futures down 3 points or 0.1%, and Nasdaq 100 futures rose 22 points or 0.1%.
Week ahead: jobs report, retail sales
The weekly jobs data on Friday will influence investors’ predictions of the first Fed interest rate decrease. Markets anticipate the central bank to lower borrowing costs, but labor market strength may complicate dismissing concerns about inflation rekindling if the Fed eases too quickly. Economists predict 190,000 jobs in February, with wage growth expected to slow and unemployment at 3.7%. Target, Costco, and Kroger are expected to report declining earnings, potentially explaining rising consumer demand.
Investor group boosts Macy takeover bid
Arkhouse Management and Brigade Capital have raised their offer to take Macy’s private, offering $24 in cash each Macy’s share, up from $21. The bid values Macy at $6.6 billion, 33% more than Friday’s close. Arkhouse plans to raise the purchase price, and Macy’s board will consider the latest plan. The second offer is higher after November’s rejection, as Macy’s revealed a reorganization plan to cut expenses, inventory, and 150 shops over the next three years.
Super Micro to enter S&P 500
Super Micro Computer’s shares rose in premarket U.S. trade after S&P Dow Jones Indices announced that the supplier of AI-optimized servers will enter the S&P 500 later this month. The company’s shares traded for $10 billion, surpassing Microsoft and Amazon. Super Micro, a maker of cutting-edge servers powered by Nvidia AI processors, has benefited from growing interest in the technology’s potential uses, raising its market valuation beyond $50 billion. The company will join the S&P 500 with Deckers Outdoor and Whirlpool and Zions Bancorporation.
Economic Calendar
- No Major US Economic Data Released
- 11:00 AM                 Fed’s Harker Remarks on Economic Impact of Higher Education
Other Key Events:
- Goldman Sachs 12th Annual Latin America Financials Conference, 3/4-3/5, in London
- JMP Securities Technology Conference, 3/4, in San Francisco
- Morgan Stanley Technology, Media & Telecom Conference, 3/4-3/6, in San Francisco, CA
- Morgan Stanley Energy & Power Conference, 3/4-3/7 in New York
- TD Cowen 44th Annual Health Care Conference, 3/4-3/6, in Boston, MA
- China Caixin Services PMI for February
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