U.S. stocks opened slighly lower Tueday, on track to book February declines that have cut into an early 2023 rally. Investors in February recalibrated expectations for interest rates, moving in line with Federal Reserve expectations for a peak fed-funds rate above 5% while largely pricing out previous expectations for rate cuts by the end of the year after a run of hot jobs and inflation data.
The Dow Jones Industrial Average DJIA, -0.35% was down 62 points, or 0.2%, shortly after the opening bell, while the S&P 500 SPX, -0.23% fell 0.2% and the Nasdaq Composite COMP, -0.20% edged down 0.1%. The Dow was on track for a monthly decline of 3.8%, while the S&P 500 was off 2.5% and the Nasdaq down 1.1%. The Dow is down slightly for the year, while the S&P 500 remains up 3.5% and the Nasdaq has gained 10.1% for the year to date.