Last Updated: 4:00 PM EST
Stock indices finished today’s trading session mixed after the fourth-quarter GDP growth estimate for 2023 was revised upward from 3.2% to 3.4%. The Nasdaq 100 (NDX) fell by 0.14%, while the S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) gained 0.11% and 0.12%, respectively.
Earlier today, the University of Michigan released its results on consumer inflation expectations over the next five years. Consumers now expect inflation to be 2.8%, which was lower than the expected 2.9%.
Taking a look at consumer sentiment, results came in at 79.4, which was higher than the expected 76.5. This is also an increase compared to last month’s reading of 76.9.
In addition, the Department of Labor released its Initial Jobless Claims report, which came in better than expected. In the past week, 210,000 people filed for unemployment insurance for the first time. Expectations were for 212,000 individuals.
First Published: 4:51 AM EST
U.S. futures edged lower on Thursday morning after hitting record highs multiple times so far in Q1 of 2024. Notably, futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were down by about 0.06%, 0.08%, and 0.1%, respectively, at 4:30 a.m. EST, March 28.
In yesterday’s trading session, all three major indices closed higher, with the Dow Jones registering the biggest daily gain of 2024 thus far, rising by 1.22%. Furthermore, the SPX index climbed by 0.86%. Meanwhile, the Nasdaq 100 index witnessed a modest increase of 0.51%, as Nvidia (NVDA) stock declined by 2.5%, marking the second straight session in the red.
Investors should note that today marks the final trading session for the month of March. The market will remain closed tomorrow in observance of Good Friday. Notably, the three key indices are on track to close higher for the second consecutive quarter and fifth consecutive month.
Several key economic reports are due for release today, including the Initial Jobless Claims data for the week ended March 23 and the final estimate for the Gross Domestic Product growth rate. Additionally, the University of Michigan’s U.S. Consumer Confidence reading will be made public today.
Among the major corporate earnings, Walgreens Boots Alliance (WBA), Vuzix (VUZI), and Semtech (SMTC) will release their quarterly results today.
Meanwhile, the U.S. 10-year treasury yield was up at the time of writing, floating near 4.21%. At the same time, WTI crude oil futures trended higher, hovering near $81.76 per barrel as of the last check on encouraging US crude inventory data and expectations of OPEC+ production cuts to tighten the supply.
Elsewhere, European indices opened higher today, as investors are looking forward to the release of the U.K. GDP estimate revision report.
Asia-Pacific Markets Ended Mixed on Thursday
Asia-Pacific indices ended today’s session on a mixed note. China’s central bank’s potential resumption of treasury bond purchases is a positive development. However, speculation of potential government intervention to bolster the Japanese Yen exerted downward pressure on the stock market.
Hong Kong’s Hang Seng index closed 0.91% higher. Similarly, China’s Shanghai Composite and Shenzhen Component indices rose by 0.59% and 1.31%, respectively. However, Japan’s Nikkei and Topix indices fell by 1.46% and 1.73%, respectively.
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