US stocks turned lower in a choppy day of trading as shaky company earnings and the prospect of higher US borrowing costs fuelled market jitters. Treasuries gained across the board.P 500 traded down but still off its 200-day moving average, a key technical level that benchmark hasn’t closed below since 2020. The Nasdaq 100 took another leg lower after swinging into positive territory.That turbulence wasn’t reflected in Treasury market, where demand for havens kept the 10-year yield around 1.
“This is the longest short week, I think, in history, right?” Jay Pelosky, founder and president of TPW Investment Management, said on Bloomberg TV. “It’s only been a four-day week and it feels like it’s been two weeks rolled into one.” Markets are also bracing for rate liftoff by the Federal Reserve. Economists surveyed by Bloomberg expect policymakers to raise interest rates in March for the first time in more than three years and shrink their balance sheet soon after.