Markets wobble as S&P 500 tests key levels and UBS downgrades US equities
U.S. stocks opened lower as the S&P 500 slipped below its 50-day moving average and a key Fibonacci level near 6,850, with the VIX above 20 as tech downside and sticky inflation pressure persist. UBS downgraded U.S. equities due to dollar risk and policy volatility. Premarket movers included Netflix, Block and Dollar Tree, with Netflix later jumping after backing away from Warner Bros. Discovery’s bid; Paramount Skydance meanwhile lifted its bid for Warner’s assets. OpenAI’s $110 billion funding round boosted its valuation, adding to Big Tech focus. The PPI rose 0.5% in January, while the 10-year yield dipped back under 4% ahead of the data release. Other headlines noted Block layoffs, a Live Nation upgrade, and fading AAII bullish sentiment.
