Credit Suisse turmoil triggers stock market sell-off.
US stocks fell sharply on Wednesday morning due to a slowdown in February economic prints and fresh turmoil at Credit Suisse, which weighed on sentiment. The S&P 500 and Dow Jones Industrial Average fell 1.4% and 1.6%, respectively, while the Nasdaq Composite dropped 1%. Bond yields also fell, with the yield on the benchmark 10-year US Treasury note moving down to 3.4%. Retail sales fell 0.4% over the last month, and February's producer-price index dropped 0.1% in an unexpected decline. The sudden collapse of Silicon Valley Bank and Signature Bank, as well as the emerging turmoil at Credit Suisse, comes at a time when the economy grapples with stickier, if declining, inflation, sparking debate among traders betting on whether or not the Fed will hike interest rates after its meeting next week.
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