Marketbites: National Rent Prices Falling
Portfolio Manager Commentary:
The Nasdaq and S&P slipped as the Dow edged out a slight gain after new data indicated U.S. manufacturing activity slowed for the fourth straight month. Bond yields continued their February climb with the 10-year yield briefly topping 4% for the first time since February.
Stock market sentiment initially got a boost after the release of much stronger-than-expected data out of China. The country’s National Bureau of Statistics said its official manufacturing PMI rose to 52.6 in February — a high not seen since April 2012.
Chart of the Day:
Demand for U.S. workers shows signs of slowing, a long-anticipated development that is showing up in private-sector job postings even while official government reports indicate the labor market keeps running hot. ZipRecruiter Inc. and Recruit Holdings Co., two large online recruiting companies, say their data show the number of job postings is declining more than Labor Department reports of job openings. Investors recently hammered shares of those companies after disappointing earnings reports.
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