US equities continued to sell off today, led by declines in financials and media stocks. Small-cap stocks continued to underperform large caps. Even though tech stocks came under pressure today, a number of high-growth momentum stocks showed impressive relative strength today after losing more than 15% in recent months. Bank stocks such as Goldman Sachs (NYSE:GS), Citigroup (NYSE:C), Morgan Stanley (NYSE:MS), and Bank of America (NYSE:BAC) appeared to be nearing levels of selling exhaustion, however.
Emerging markets continued to perform strongly, particularly Brazil's Ibovespa, which rose 2.10% in today's session. The MSCI Emerging Markets Index gained 0.47% today.
US Treasuries also continued their uptrend from Friday, with the 10-year yield reaching an intraday low of 2.68% today -- four basis points lower. Crude oil was down 1.13% at its intraday low, but rallied back strongly following the close of pit trading.
Tomorrow's Financial Outlook
The only scheduled economic report of note tomorrow is February JOLTS Job Openings. Although it's released with a significant delay, it's one of the more closely followed labor market indicator by economists. The Treasury will sell $30 billion of 3-year notes in the afternoon, the first of three scheduled note auctions this week.
The main event overnight for risk assets tomorrow is the culmination of the Bank of Japan monetary policy meeting. Market participants see a chance that the Bank of Japan will as much as double its ETF, sovereign bond, and real-estate investment trust purchases to help ease the effects of the government's recent sales tax increase.
Alcoa (NYSE:AA) will unofficially kick off the first quarter's earnings season with its report tomorrow after the close. Analysts are expecting EPS of $0.03 and revenues of $5.55 billion.
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