The S&P 500 Index ($SPX) (SPY) Friday closed down -0.95%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.99%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -1.30%. March E-mini S&P futures (ESH25) fell by -0.90%, and March E-mini Nasdaq futures (NQH25) fell by -1.30%.
Stock indexes on Friday gave up early gains and turned lower after the University of Michigan US Feb consumer sentiment index unexpectedly fell to a 7-month low and the University of Michigan US Feb inflation expectations unexpectedly increased. Also, higher bond yields Friday weighed on stocks. Bond yields rose Friday after the US Jan unemployment rate unexpectedly fell to an 8-month low, and Jan average hourly earnings rose more than expected, hawkish factors for Fed policy. The higher bond yields sparked a slide in chip makers and homebuilding stocks.
