After Tuesday’s brutal sell-off, sentiment continues to remain unsettled. The index futures point to indecision and a lack of conviction among traders on Wednesday as they look ahead to more Main Street cues.
Cues From Tuesday’s Trading:
US stocks closed sharply lower, recording their worst performance of the year.
Investors assessed the economic data, which showed the S&P Global composite PMI rising to 50.2 in February from 46.8 in the prior month.
Investors await the release of minutes from the recent Fed's policy meeting, due on Wednesday.
The CNN Money Fear and Greed index showed a decline in the overall sentiment among US investors.
US stocks dropped sharply on Tuesday amid concerns over higher interest rates. The benchmark 10-year Treasury yield increased to 3.9%, while the 2-year rate rose to 4.7% during the session.
The Fed is scheduled to release the minutes from its recent meeting on Wednesday.
During times of turbulence and uncertainty in the markets, many investors turn to dividend-yielding stocks. These are often companies that have high free cash flows and reward shareholders with a high dividend payout.
Wells Fargo boosted the price target for Deere & Company (NYSE: DE) from $485 to $510. Wells Fargo analyst Seth Weber maintained an Overweight rating on the stock. Deere shares fell 0.5% to $431.08 in pre-market trading.