Last Updated: 4:02 PM EST
Stock indices finished today’s trading session in the red amid new economic data. The Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) fell 1.65%, 1.2%, and 0.65%, respectively.
Earlier today, the Census Bureau released its retail sales report, which calculates the change in sales spending at retailers. Overall, spending jumped by 4.02% year-over-year and 0.7% month-over-month. Economists had forecast a 0.4% month-over-month increase.
When looking at the core retail figure, which removes automobile spending, sales increased by 1.1% month-over-month, beating estimates of 0.5%.
As a result of today’s report, the U.S. 10-Year Treasury yield jumped to 4.62%, an increase of nine basis points.
First Published: 5:08 AM EST
Monday morning saw a rebound in U.S. futures after Friday’s sell-off, prompted by concerns over inflation and escalating geopolitical woes. Notably, futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up by about 0.51%, 0.47%, and 0.38%, respectively, at 3.24 a.m. EST, April 15.
On Friday, macro and geopolitical concerns, along with lackluster earnings from major U.S. banks, dampened investor sentiment. The Nasdaq 100, S&P 500, and the Dow Jones Industrial Average closed down by 1.66%, 1.46%, and 1.24%, respectively.
Yet, in the most recent quarterly survey conducted by the Wall Street Journal, economists expressed optimism about the economic outlook, leading to a reduction in the likelihood of a recession within the next year from 39% to 29%. Furthermore, economists now believe the economy can better withstand higher interest rates.
Turning to this week’s economic reports, March’s retail sales data is due for release today. Additionally, investors await the release of the industrial production data on Tuesday.
On the earnings front, Goldman Sachs (GS), Bank of America (BAC), Netflix (NFLX), Johnson & Johnson (JNJ), and Procter & Gamble (PG), among others, will announce results this week.
Meanwhile, the U.S. 10-year treasury yield was up at the time of writing, floating near 4.6%. At the same time, WTI crude oil futures trended lower, hovering near $85.08 per barrel as of the last check.
Elsewhere, European indices opened in the green amid rising Middle East tensions after Iran attacked Israel.
Asia-Pacific Markets Remained Mixed Today
Asia-Pacific indices remained mixed as investors evaluated the impact of rising tensions in the Middle East. Further, investors await the release of Japan’s March trade data and inflation numbers, which are set to be released on Wednesday and Friday, respectively.
Notably, China’s Shanghai Composite and Shenzhen Component indices rose by 1.26% and 1.53%, respectively. On the other hand, Hong Kong’s Hang Seng index was down 0.53%. Similarly, Japan’s Nikkei and Topix indices fell 0.74% and 0.23%, respectively.
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