Welcome to MarketBites! Here's all you need to know about yesterday's market news.

“Nothing succeeds like success." 

- Alexandre Dumas 

MARKET PERFORMANCE

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 releasing much stronger-than-expected data from 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. This long-anticipated development 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 that job postings are declining more than Labor Department reports of job openings. Investors recently hammered shares of those companies after disappointing earnings reports.

WHAT ELSE IS HAPPENING

• Trucks hauling U.S. mail frequently violate safety rules, killing 79 people since 2020 - read here
• Eli Lilly to cut prices of insulin drugs by 70% - read here
• Top NFL prospect charged in fatal car crash, killing teammate and staffer - read here