Last Updated: 4:00PM EST
Stock indices finished today’s trading session in the red. Indeed, the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) fell 0.34%, 0.3%, and 0.41%, respectively. Furthermore, the U.S. 10-Year Treasury yield rose to 4.25%, an increase of five basis points. Similarly, the Two-Year Treasury yield also gained, as it hovers around 4.63%.
Earlier today, the Census Bureau released its United States New Home Sales data for February, which came in at 662,000. For reference, forecasters were expecting a print of 675,000. In addition, this was lower than last month’s report of 664,000.
Furthermore, house prices decreased. Indeed, the median sales price was $400,500 in February, compared to $420,700 in January. In addition, the average sales price was $485,000, well below the $543,300 average seen in the prior month.
First Published: 5:28 AM EST
U.S. futures trended lower on Monday morning as investors turned their attention to the final trading week of March. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were down by about 0.17%, 0.12%, and 0.12%, respectively, at 5.27 a.m. EST, March 25.
In the previous week, all three indices witnessed strong gains on renewed optimism about three potential interest rate cuts in 2024 and the excitement over artificial intelligence-fueled rally within the technology sector. Further, the S&P 500 and the Dow Jones indices closed higher by 2.3% and 2%, respectively. Meanwhile, the Nasdaq 100 experienced a 2.9% gain during the period.
While the market celebrates potential rate cut hopes, some economists remain cautious about any unforeseen economic disruptions in the near term.
According to Stephanie Lang, chief investment officer at Homrich Berg, any unanticipated deviation in upcoming inflation data from the Federal Reserve’s expectations could prompt a shift in the Fed’s policy stance towards a more hawkish approach. Lang believes this could ultimately slow down economic growth.
Turning to this week’s economic reports, the U.S. New Home Sales report is due for release today. Additionally, investors await the final estimate for the fourth-quarter gross domestic product (GDP) report on Thursday. Furthermore, February’s Core Personal Consumption Expenditures (PCE) data, the Federal Reserve’s preferred inflation measure, will be released on Friday.
On the earnings front, GameStop (GME), Cintas (CTAS), Walgreens Boots Alliance (WBA), Carnival (CCL), and Paychex (PAYX) will announce results this week.
Meanwhile, the U.S. 10-year treasury yield was down at the time of writing, floating near 4.22%. At the same time, WTI crude oil futures trended up, hovering near $81.13 per barrel as of the last check on escalating geopolitical tensions following recent attacks in Russia.
Elsewhere, European indices opened mixed today after a strong trading session last week.
Asia-Pacific Markets Ended Lower on Monday
Asia-Pacific indices ended today’s session in the red as investors evaluated inflation reports from several regions, including Singapore and Malaysia, for clues on the monetary policy path.
Japan’s Nikkei and Topix indices fell 1.16% and 1.26%, respectively. Further, Hong Kong’s Hang Seng index closed 0.16% lower. Similarly, China’s Shanghai Composite and Shenzhen Component indices fell by 0.71% and 1.49%, respectively.
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