Stock Market Update

[BRIEFING.COM] The losses are mounting with the closing bell still roughly a half hour away. As the losses mount, Treasuries are starting to fetch a safe-haven bid; meanwhile, interest in hedging for further downside risk is picking up, evidenced by the uptick in the CBOE Volatility Index (20.78, +1.68, +8.8%). The S&P 500 has dropped below 5,900.

The 2-yr note yield is at 4.07%, down from today's high of 4.11%, and the 10-yr note yield has slipped to 4.28%, down from today's high of 4.31%.

Selling activity today has been influenced by several factors:

• Disappointing price action in NVIDIA (NVDA 122.47, -8.81, -6.7%)
• President Trump's announcement that tariffs for Canada and Mexico will start March 4; and that an additional 10% tariff for China will go into effect the same day
• Comments from Kansas City Fed President Schmid (FOMC voter), Cleveland Fed President Hammack (non-FOMC voter), and Philadelphia Fed President Harker (non-FOMC voter), all of whom in one way or another suggested they aren't in a hurry to lower the fed funds rate
• Festering growth concerns, fueled by the jump in weekly initial jobless claims and the pending home sales index hitting a record low in January
• Month-end activity