Last Updated: 4:00PM EST
Stock indices finished today’s trading session in the green amid some positive economic data. The Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 0.44%, 0.32%, and 0.68%, respectively.
Earlier today, Markit released its preliminary monthly report for the U.S. Manufacturing Purchasing Managers’ Index, which measures the activity levels of purchasing managers in the manufacturing sector. A number over 50 represents an expansion, whereas anything below 50 means a contraction.
The report came in at 52.5, which was higher than the expected 51.8. It’s worth noting that this indicator has been in an uptrend over the past few months.
In addition, the National Association of Realtors released its U.S. Existing Home Sales report, which measures the change in sales of existing residential buildings during the previous month on an annualized basis.
Existing home sales came in at 4.38 million for the month of February, above the expected 3.95 million. As a result, existing home sales increased month-over-month by 9.5% after a 3.1% increase in January.
First Published: 4:58 AM EST
U.S. futures inched higher on Thursday morning after the Federal Reserve maintained the benchmark interest rate, signaling potential rate cuts in the upcoming days. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up by about 0.8%, 0.45%, and 0.32%, respectively, at 4:40 a.m. EST, March 21.
While the Fed kept rates unchanged, it raised expectations for real GDP growth in 2024 to 2.1% from the 1.4% forecast in December.
Buoyed by these positives, both the S&P 500 and Dow Jones indices reached a record high in yesterday’s trading session and gained 0.89% and 1.03%, respectively. Further, the Nasdaq 100 index closed 1.15% higher.
In major stock-related news, Microsoft (MSFT), Meta Platforms (META), Elon Musk’s X, and Match (MTCH) have joined Epic Games in its battle against Apple’s (AAPL) app store policies. Further, Micron (MU) stock gained 16% in the extended trading session on upbeat Q2 results. On the contrary, discount retailer Five Below (FIVE) tanked 12% on lower-than-expected Q4 results.
Investors are looking ahead to the release of the Manufacturing Purchasing Manager’s Index (PMI) for March. On the corporate earnings front, Accenture (ACN), Darden Restaurants (DRI), Lululemon (LULU), FedEx (FDX), and Nike (NKE) are among the key companies to report results today.
Meanwhile, the U.S. 10-year treasury yield was down at the time of writing, floating near 4.25%. At the same time, WTI crude oil futures trended higher, hovering near $81.87 per barrel as of the last check, after the reports signaled lower U.S. oil and gasoline inventories.
Elsewhere, European indices opened higher today as investors await the interest rate decisions from the Bank of England, Norges Bank, and the Swiss National Bank.
Asia-Pacific Markets Ended Mixed on Thursday
Asia-Pacific indices ended today’s session on a mixed note. The Hong Kong and Japanese markets witnessed strong gains on optimism over potential rate cuts in 2024.
Hong Kong’s Hang Seng index closed higher by 1.93%. Also, Japan’s Nikkei and Topix indices gained 2.03% and 1.64%, respectively. However, China’s Shanghai Composite and Shenzhen Component indices ended down by 0.08% and 0.36%, respectively.
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