The Dow turned lower and was down 0.1%.

GBP/USD fell more than 0.50% on the day and is now at 1.2750.

Market news: Shell (SHEL.N) is considering slowing down the pace of emissions reductions in its strategic update.

3M (MMM.N) opened up 7.2%, its biggest gain since June 2.

Citi analyst Andrew Hollenhorst: Based on the details of the U.S. CPI report in February, we expect the core PCE to increase by 0.20% month-on-month in February. We will further refine our forecasts after the release of PPI on Thursday, with medical service prices being particularly important.

Fitch: During the current phase of monetary tightening, the probability of a large or severe contagious deposit outflow event similar to March 2023 remains low.

Fitch: Analysis shows no evidence that banks with more than $100 billion in assets and heavy reliance on uninsured deposits have reduced liquidity to worrisome levels.

Fitch: Liquidity coverage ratios for uninsured deposits at U.S. banks will decline significantly in 2023, especially among smaller banking institutions. Liquidity is likely to remain relatively tight ahead of a shift in Fed monetary policy.

Fitch Ratings: Larger U.S. banks remain stable, smaller banks have tight liquidity.

Chairman of the U.S. Commodity Futures Trading Commission (CFTC): By the summer, the CFTC will consider a proposal to address the risks, conflicts and governance issues of new market structures.

U.S. Treasury bonds continued to slide, with 10-year and 30-year U.S. bond yields reaching their highest levels of the day.

Standard Chartered CEO Bill Winters: Interest rate cuts are inevitable.

The Bank of Spain: Spain’s unemployment rate is expected to reach 11.6% in 2024 and drop to 11.3% in 2026.

Bank of Spain: The budget deficit is expected to be 3.5% of GDP this year, 2025 and 2026.

The Bank of Spain: The EU’s adjusted inflation rate is expected to be 2.7% this year (previous forecast was 3.3%), the EU’s adjusted inflation rate is expected to be 1.9% in 2025, and 1.7% in 2026.