Last Updated 4:05 PM EST
Stock indices finished today’s trading session slightly in the red. The Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) fell 0.05%, 0.04%, and 0.03%, respectively.
The energy sector (XLE) was the session’s laggard, as it fell 0.63%. Conversely, the consumer discretionary sector (XLY) was the session’s leader, with a gain of 0.95%.
Furthermore, the U.S. 10-Year Treasury yield increased to 4.42%. The Two-Year Treasury yield also increased, as it hovers around 4.8%. This brings the spread between them to -38 basis points.
First Published: 5:10AM EST
U.S. futures traded near the flatline as investors geared up for key inflation data for clues on the potential interest rate cuts this year. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up by 0.14%, 0.03%, and 0.03%, respectively, at 4:26 a.m. EST, April 8.
In the previous week, all three indices declined after strong economic data, including the Manufacturing and Services Purchasing Managers’ Index and private payroll data, renewed concerns over the timing of potential interest rate cuts in 2024. Further, the S&P 500 and the Dow Jones indices closed lower by 1% and 2.3%, respectively. Meanwhile, the Nasdaq 100 experienced a 0.8% during during the period.
However, the indices recouped some losses on Friday with support from a strong jobs report. The data provided more evidence that the economy remains robust, which the market considered as good news for corporate earnings growth.
This week, investors are looking forward to several key economic reports and minutes from the March Federal Open Market Committee (FOMC) meeting. The key releases include March’s Consumer Price Index (CPI) and Producer Price Index (PPI) data. Also, a preliminary reading of the Michigan Consumer Sentiment Index for April is due later this week.
Moreover, this week marks the start of the first-quarter earnings season, with financial giants like J.P. Morgan Chase (JPM), BlackRock (BLK), and Wells Fargo (WFC) set to reveal their results on Friday. Also, Delta Airlines (DAL), CarMax (KMX), Constellation Brands (STZ), and Tilray (TLRY) will report numbers during the week.
Meanwhile, the U.S. 10-year treasury yield was up at the time of writing, floating near 4.44%. At the same time, WTI crude oil futures trended lower, hovering near $85.9 per barrel as of the last check, as geopolitical tensions in the Middle East eased to some extent.
Elsewhere, European indices opened higher today as investors awaited the release of several key economic releases for the week and looked ahead to the European Central Bank’s (ECB) policy meeting scheduled for Thursday.
Asia-Pacific Markets Ended Mixed on Monday
Asia-Pacific indices ended today’s session on a mixed note as traders remained cautious ahead of the latest inflation readings in China, due this week, to gain insights into the economic conditions and the central bank’s monetary policy.
Hong Kong’s Hang Seng index gained 0.05%. Also, Japan’s Nikkei and Topix indices rose 0.91% and 0.95%, respectively. However, China’s Shanghai Composite and Shenzhen Component indices fell by 0.72% and 1.57%, respectively.
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