Last Updated: 4:00 PM EST
Stock indices finished today’s trading session in the red. Indeed, the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) fell 0.36%, 0.28%, and 0.08%, respectively.
Earlier today, the Census Bureau released its U.S. Core Durable Goods Orders report for the month of February, which measures the change in order value for long-lasting big-ticket items. This report excludes the impact of aircraft orders because they tend to be very volatile. Therefore, it is generally agreed upon that the core reading provides a better gauge of ordering trends.
Core Durable Goods Orders increased by 0.5%, which was better than the expected 0.4% on a month-over-month basis. However, when including aircraft orders, growth was 1.4%, which beat expectations of 1.2%.
In addition, the Conference Board released its Consumer Confidence report, which, as the name suggests, measures consumers’ confidence in the economy. This report is believed to be a leading indicator of spending patterns, as optimistic consumers are more likely to spend than pessimistic ones.
For March, consumer confidence was 104.7, lower than expectations of 106.9 and lower than last month’s reading of 104.8.
First Published: 4:29 AM EST
U.S. futures traded higher on Tuesday morning after all three major indices – the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) – closed yesterday’s trading session in the red. Futures on the Nasdaq 100, S&P 500, and Dow Jones were up by about 0.29%, 0.18%, and 0.07%, respectively, at 4:05 a.m. EST, March 26.
Interestingly, the indices are headed to close the current month in positive territory, marking the fifth consecutive month of gains. The U.S. stock market is benefitting from a rally in artificial intelligence (AI)-fueled rally in technology stocks and optimism about interest rate cuts this year.
According to Keith Lerner, co-chief investment officer at Truist Advisory Services, the market has shown remarkable resilience since the rebound from its lows in October 2023. He added that based on historical trends, the positive momentum might continue over the next twelve months but with potential pullbacks during the period.
In key economic reports due today, the Consumer Confidence data for March and the U.S. Durable Goods report for February are scheduled for release. Among the corporate earnings, GameStop (GME), McCormick (MKC), and TD Synnex (SNX) are slated to release their quarterly numbers today.
Moving to major stock market news, Intel (INTC) and AMD (AMD) dropped nearly 2% and 1%, respectively, after China restricted the usage of these companies’ processors in government PCs and servers. Also, Boeing (BA) stock closed 1.4% higher on news of its CEO stepping down. Moreover, Shares of United Airlines (UAL) dropped by 3.4% yesterday due to reports of increased scrutiny from the U.S. Federal Aviation Administration (FAA) after recent safety incidents.
Meanwhile, the U.S. 10-year treasury yield was down at the time of writing, floating near 4.24%. At the same time, WTI crude oil futures were little changed, hovering near $81.76 per barrel as of the last check. The market awaits OPEC+’s confirmation of its production cut policy amid ongoing geopolitical tensions in the Middle East and Russia.
Elsewhere, European indices are expected to open on a muted tone today, as investors are looking forward to some key economic data this week, including the Eurozone consumer confidence and the U.K. GDP forecast.
Asia-Pacific Markets Ended Higher on Tuesday
Most of Asia-Pacific indices ended today’s session in the green as investors await a fresh batch of economic data this week for clues on the monetary policy path.
Hong Kong’s Hang Seng index closed 0.86% higher. Similarly, China’s Shanghai Composite and Shenzhen Component indices rose by 0.17% and 0.28%, respectively. Meanwhile, Japan’s Nikkei index fell by 0.04% but the Topix index gained 0.11%.
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