Stock Market News Today, 02/08/24 – Indices Rise; GDPNow Estimates 3.4% Growth
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Stock Market News Today, 02/08/24 – Indices Rise; GDPNow Estimates 3.4% Growth

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GDPNow estimates that the economy will expand by about 3.4% in the first quarter.

Last Updated: 4:02PM EST

Stock indices finished today’s trading session in the green, as the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) gained 0.13%, 0.06%, and 0.16%.

Furthermore, the U.S. 10-Year Treasury yield increased to 4.16%, an increase of four basis points. Similarly, the Two-Year Treasury yield also increased, as it hovers around 4.46%.

Earlier today, the Atlanta Federal Reserve updated its latest GDPNow reading, which allows it to estimate GDP growth in real time. The “nowcast” becomes more accurate as more economic data is released throughout the quarter. Currently, it estimates that the economy will expand by about 3.4% in the first quarter.

This was unchanged from the previous estimate, which can be attributed to this morning’s wholesale trade report from the U.S. Census Bureau.

Last Updated: 3:53AM EST

U.S. futures were muted on Thursday morning following yesterday’s strong trading session. Futures on the Dow Jones Industrial Average (DJIA) gained 0.04% at 3:29 a.m. EST, February 8, while the S&P 500 (SPX) and the Nasdaq 100 (NDX) fell 0.04% and 0.05%, respectively.

All three major indices—the Nasdaq 100, the S&P 500, and the Dow Jones—closed higher on Wednesday, with NDX and SPX hitting new all-time highs. Importantly, the S&P 500 index hovered near the new milestone of 5,000. A rally in tech stocks, coupled with a strong corporate earnings season, supported the upside. 

Yesterday, Disney stock (DIS) gained about 7% in after-hours trading on better-than-expected Q1 earnings and an upbeat outlook. Also, shares of Arm (ARM) surged 20% on strong AI chip demand.

Meanwhile, the U.S. 10-year treasury yield is up, floating near 4.11% at the time of writing. Also, the WTI crude oil futures are hovering up near $74.16 per barrel as of the last check, driven by escalating geopolitical tensions in the Middle East and a weak U.S. dollar.

Turning to key economic reports, U.S. Initial Jobless Claims data (for the week ended February 3), which determines the number of people claiming unemployment benefits, will be released today. This data helps gauge the health of the labor market. On the corporate earnings front, Affirm (AFRM), AstraZeneca (AZN), ConocoPhillips (COP), Philip Morris (PM), and Cloudflare (NET) are scheduled to release quarterly results later today.

Elsewhere, European indices are poised for a higher opening on Thursday as investors await earnings reports from some of the major companies, including Unilever (GB:ULVR), Societe Generale (FR:GLE), and Maersk (DE:DP4H), among others.

Asia-Pacific Markets End in Green on Thursday

Most of the Asia-Pacific indices ended today’s trading session on a positive note. Chinese indices posted gains as the decline in consumer prices bolstered hopes for further monetary easing. Also, Japan’s stock market rallied on the news that the central bank was unlikely to raise interest rates.

Hong Kong’s Hang Seng index closed 1.27% lower. On the other hand, China’s Shanghai Composite and Shenzhen Component indices ended higher by 1.28% and 1.29%, respectively. Additionally, Japan’s Nikkei and Topix indices finished up by 2.06% and 0.5%, respectively.

Interested in more economic insights? Tune in to our LIVE webinar.

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