Last Updated 4:05 PM EST
Stock indices finished today’s trading session mixed. The Nasdaq 100 (NDX) and the Dow Jones Industrial Average (DJIA) gained 0.04% and 0.17%, respectively. Meanwhile, the S&P 500 (SPX) fell 0.21%.
The Census Bureau released its U.S. Housing Starts report today, which measures the change in new residential buildings that began construction in the reported month on an annualized basis.
In March, housing starts came in at 1.321 million versus expectations of 1.48 million. On a month-over-month basis, housing starts fell by 14.7%. This follows a 12.7% increase in last month’s report.
In addition, U.S. Building Permits missed expectations, with a print of 1.458 million compared to the forecast of 1.514 million. This was a decrease from the prior month’s report, which came in at 1.523 million, equating to a decrease of 4.3% month-over-month.
Furthermore, the Atlanta Federal Reserve updated its latest GDPNow reading, which allows it to estimate GDP growth in real-time. The “nowcast” becomes more accurate as more economic data is released throughout the quarter. Currently, it estimates that the economy will expand by about 2.9% in the first quarter. This is higher than its previous estimate of 2.8%.
First Published: 5:01 AM EST
U.S. futures traded mixed on Tuesday after yesterday’s weak trading session, as strong retail sales data reignited concerns about the Federal Reserve’s monetary policy path. Futures on the Nasdaq 100 (NDX) were up 0.02% at 3.24 a.m. EST, April 16, while those on the S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) were down by about 0.02% and 0.07%, respectively.
All major indices were in the red yesterday, with the Dow Jones down around 0.7%. Further, the S&P 500 and the Nasdaq Composite dipped 1.2% and 1.8%, respectively. The downside occurred as the benchmark 10-year U.S. Treasury yield crossed 4.6%, marking its highest level since November. This rise was driven by expectations that the Fed would maintain higher interest rates for an extended period. Also, escalating tensions in the Middle East spooked investors.
In today’s economic bulletin, investors will closely monitor March’s Industrial Production report, a key indicator of gross domestic product (GDP) growth and overall economic health.
Moreover, some of the top companies, including Bank of America (BAC), Morgan Stanley (MS), UnitedHealth (UNH), Johnson & Johnson (JNJ), and United Airlines (UAL), are scheduled to release their quarterly results today.
In major stock market news from yesterday, Tesla’s (TSLA) shares fell 5.6% on news that the company is laying off over 10% of its workforce globally. However, Goldman Sachs (GS) closed 3% higher as its Q1 results topped estimates.
Meanwhile, the U.S. 10-year treasury yield was up at the time of writing, floating near 4.63%. At the same time, WTI crude oil futures trended higher, hovering near $85.47 per barrel as of the last check, due to the possibility of increased tensions in the Middle East.
Elsewhere, European indices opened lower today due to lingering uncertainty about the U.S. Federal Reserve’s plans and ongoing geopolitical tensions.
Asia-Pacific Markets Closed Lower Today
Asia-Pacific markets ended the trading day on a negative note amid rising tension between Iran and Israel. Furthermore, investors were cautious about an uneven recovery in China’s economy, as indicated by recently released economic data. While GDP and fixed-asset investment surpassed expectations, retail sales and industrial output data came below estimates.
Hong Kong’s Hang Seng index was down 2.12%. Similarly, China’s Shanghai Composite and Shenzhen Component indices were trading lower by 1.65% and 2.29%, respectively. Nevertheless, Japan’s Nikkei and Topix indices declined by 1.94% and 2.04%, respectively.
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