Last Updated: 4:00 PM EST
Stock indices finished today’s trading session in the red. The Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) fell 0.94%, 0.72%, and 1%, respectively. Furthermore, the U.S. 10-Year Treasury yield jumped to 4.36%, an increase of five basis points. On Tuesday, the Bureau of Labor Statistics released its JOLTs Job Openings report, which helps measure job vacancies in the U.S.
The number came in at 8.756 million job openings for February, below the expected 8.76 million. However, this is higher than the previous report, which saw 8.748 million job openings.
In addition, the U.S. Census Bureau released its Factory Orders report, which measures the change in the total value of new purchase orders placed with manufacturers. During February, factory orders increased by 1.4% on a month-over-month basis. This beat expectations of a 1.1% increase.
When excluding transportaion, factory orders increased by 1.1%, which was an improvement from the previous report of -0.6%.
First Published: 5:07 AM EST
U.S. futures traded lower on Tuesday morning as the latest economic data dampened hopes for a near-term interest rate cut from the Federal Reserve. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were down by about 0.25%, 0.18%, and 0.37%, respectively, at 4:35 a.m. EST, April 2.
The manufacturing data released yesterday showed that the Manufacturing Purchasing Managers’ Index (PMI) increased to 50.3% in March, above the economists’ estimates of 48.1%. It should be noted that the index crossed the 50% mark for the first time in 17 months, signifying expansion in the manufacturing sector. The robust data has raised concerns among some investors that the Federal Reserve might be less inclined to implement interest rate cuts in the near future.
Yesterday, the three major U.S. indices witnessed a mixed trend. The S&P 500 and the Dow Jones indices fell by 0.2% and 0.6%, respectively, kicking off the new quarter in the red. Meanwhile, the Nasdaq 100 Index rose 0.1%.
Turning to major economic reports due for release today include February’s U.S. Factory Orders and JOLTS (Job Openings and Labor Turnover Survey). On the corporate earnings front, Dave & Buster’s Entertainment (PLAY), Paychex (PAYX), and Cal-Maine Foods (CALM) are scheduled to report their quarterly numbers today. Furthermore, investors are looking forward to the release of EV giant Tesla’s (TSLA) quarterly delivery numbers.
Meanwhile, the U.S. 10-year treasury yield was down at the time of writing, floating near 4.31%. At the same time, WTI crude oil futures trended higher, hovering near $84.66 per barrel as of the last check, buoyed by rising geopolitical tensions in the Middle East and tightening supply from Mexico.
Elsewhere, European indices opened higher today as investors eagerly await the release of Eurozone S&P Global Manufacturing PMI, German inflation, and U.K. house price reports.
Asia-Pacific Markets Ended Mixed on Tuesday
Asia-Pacific indices ended today’s session on a mixed note as traders pulled back on bets for the interest rate cut in June after the unexpected growth in U.S. manufacturing activity.
Hong Kong’s Hang Seng index rallied 2.36% higher. However, China’s Shanghai Composite and Shenzhen Component indices fell by 0.08% and 0.62%, respectively. Meanwhile, Japan’s Nikkei index was up 0.09%, while the Topix index declined by 0.25%.
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