Last Updated: 4:00 PM EST
Stock indices finished today’s trading session in the green. Indeed, the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 0.39%, 0.87%, and 1.22%, respectively. Furthermore, the U.S. 10-Year Treasury yield fell to 4.19%, a decrease of four basis points. Similarly, the Two-Year Treasury yield slipped, as it hovers around 4.57%.
On Wednesday, the Mortgage Bankers Association released its weekly report for the U.S. 30-Year mortgage rate. The mortgage rate decreased to 6.93% compared to last week’s reading of 6.97%.
Despite the slight drop in rate, the number of mortgage applications fell week-over-week by -0.7%, following last week’s decrease of -1.6%.
In addition, mortgage application volume is down substantially on a year-over-year basis, with the Mortgage Market Index at 196.8 compared to 227.3 on March 29, 2023.
First Published: 4:36 AM EST
U.S. futures edged higher on Wednesday morning after all three major indices – the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) – closed lower for two consecutive days. Futures on the Nasdaq 100, S&P 500, and Dow Jones were up by about 0.23%, 0.26%, and 0.28%, respectively, at 4:26 a.m. EST, March 27.
Following a robust rally that drove the major indices to achieve multiple record highs so far in 2024, stocks exhibited a moderation in momentum this week. Perhaps, investors await clues about the path of the Federal Reserve’s monetary policy ahead of February’s Personal Consumption Expenditures (PCE) price index report, a key inflation measure, due for release on Friday.
In major stock market news, Tesla (TSLA) stock gained 2.9% after CEO Elon Musk disclosed plans to offer its U.S. customers a one-month trial of its Full Self-Driving technology. Further, Krispy Kreme (DNUT) surged by 39.4% on Tuesday after the company entered into a partnership with McDonald’s (MCD). Moreover, Trump Media & Technology Group (DJT) made a successful Wall Street debut yesterday with shares closing over 16% higher yesterday.
Among the corporate earnings due today, investors can expect several companies, including Cintas (CTAS), Paychex (PAYX), Jefferies (JEF), and H.B. Fuller (FUL) to report their quarterly numbers.
Meanwhile, the U.S. 10-year treasury yield was down at the time of writing, floating near 4.23%. At the same time, WTI crude oil futures trended lower, hovering near $80.94 per barrel as of the last check, as higher U.S. crude inventories sparked demand concerns.
Elsewhere, European indices opened mixed today, as investors await the release of consumer and economic confidence data for the region and the U.K. GDP expectations.
Asia-Pacific Markets Ended Mixed on Wednesday
Asia-Pacific indices ended today’s session on a mixed note as traders evaluated several key economic reports in the region, including Australia’s monthly CPI indicator and China’s industrial profits data.
Hong Kong’s Hang Seng index closed 1.31% lower. Similarly, China’s Shanghai Composite and Shenzhen Component indices fell sharply by 1.26% and 2.4%, respectively. However, Japan’s Nikkei and Topix indices rose by 0.9% and 0.66%, respectively.
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