Last Updated: 4:15 PM EST
Stock indices finished today’s trading session mixed as investors await tomorrow’s key inflation data. The Nasdaq 100 (NDX) and the S&P 500 (SPX) gained 0.39% and 0.14%, respectively. On the other hand, the Dow Jones Industrial Average (DJIA) slipped slightly by 0.02%.
The financial sector (XLF) was the session’s laggard, as it fell 0.57%. Conversely, the real estate sector (XLRE) was the session’s leader, with a gain of 1.29%.
Furthermore, the U.S. 10-Year Treasury yield decreased to 4.35%. The Two-Year Treasury yield also decreased, as it hovers around 4.74%. This brings the spread between them to -39 basis points.
First Published: 5:00 AM EST
U.S. futures held steady on Tuesday morning as investors awaited key inflation data due this week to gain insights into the Federal Reserve’s monetary policy. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are down by 0.03%, 0.06%, and 0.12%, respectively, at 4:24 a.m. EST, April 9.
The major U.S. stock indices kicked off the week on a dull note. The Dow Jones, Nasdaq 100, and S&P 500 all dipped slightly, falling by 0.03%, 0.05%, and 0.04%, respectively. This muted response comes amidst rising U.S. government bond yields, which hit a new four-month high on Monday. Investors appear to be adopting a cautious approach ahead of the Consumer Price Index (CPI) report scheduled for release on Wednesday.
Concerns continue to mount over the inflation scenario. Comerica Bank (CMA) anticipates a hot CPI and Producer Price Index (PPI) report due to rising gasoline and food prices. This aligns with Apollo Global Management’s (APO) chief economist, Torsten Slok, who predicts no rate cuts in 2024 due to strong economic data. It should be noted that a hotter-than-expected inflation report could prompt the Fed to maintain higher interest rates for a longer period, potentially dampening market sentiment.
In key stock market news, EV giant Tesla (TSLA) gained about 5% yesterday on plans to unveil its new robotaxi in August. Furthermore, crypto stocks such as Coinbase and MicroStrategy rose nearly 7% and 5% after Bitcoin (BTC-USD) prices surpassed the $72,000 level.
Meanwhile, the U.S. 10-year treasury yield was down at the time of writing, floating near 4.41%. At the same time, WTI crude oil futures trended higher, hovering near $86.68 per barrel as of the last check, as geopolitical tensions in the Middle East rose.
Elsewhere, European indices opened lower today as investors looked forward to the release of key U.S. inflation data and the European Central Bank meeting scheduled this week.
Asia-Pacific Markets Ended Higher on Tuesday
Asia-Pacific indices ended today’s session in the green as traders celebrated the Consumer Confidence Index (CCI) report from Japan. Notably, the CCI rose to its highest level since May 2019.
Hong Kong’s Hang Seng index gained 0.57%. Also, Japan’s Nikkei and Topix indices rose 1.08% and 0.97%, respectively. Similarly, China’s Shanghai Composite and Shenzhen Component indices closed higher by 0.05% and 0.58%, respectively.
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