The Dow’s incredible 10-session run came to an end, while the S&P 500 fell just short if its all-time highs. The Dow ended down 0.2%, the S&P eased 0.1% while the Nasdaq fell 0.3%.
Banking giant JP Morgan was amid the news, with the Fed giving it a pass mark on its stress test but asked the bank to resubmit itself to scrutiny in six months. Separately the Senate gave the bank a slap on the wrist, finding the bank overlooked risk and misled investors.
The markets were already on the back foot on Friday night, after consumer sentiment data in the US disappointed. European markets were treading water until the weak open in the US pushed them lower. The FTSE lost 0.6%, the DAX slipped 0.2% and the CAC dropped 0.7%.
The somewhat weak investor sentiment and some inflation data released on Friday helped gold to stand its ground, adding a measly up 0.1% for the session. The precious metal rose 1% for the week.
Oil prices rose 0.5% to US$93.45 a barrel, basically propped up by a weak US dollar which fell around 0.5% against its peers. The greenback slipped a touch against the yen but lost at least half a percent to the euro and the pound.
This morning futures markets are sharply lower as the eurozone is back in focus for all the wrong reasons. After all-night Friday talks, euro finance ministers agreed a 10 billion euro ($US12.6 billion) bailout for Cyprus.
More recently, however, MPs postponed an emergency debate in parliament on a controversial bailout as MPs baulked at an unprecedented tax on savings, threatening a prolonged closure of the island’s banks.
Looking back to the local market, and Vehicle Sales data for February will be released at 11:30am ESDT.