Last Updated: 4:03 PM EST
Stock indices finished today’s trading session in the green. The Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 1.51%, 1.2%, and 0.69%, respectively.
Earlier today, the Census Bureau released its United States New Home Sales data for March, which came in at 693,000. For reference, forecasters were expecting a print of 668,000. This was also higher than last month’s report of 637,000.
Furthermore, house prices saw an increase. Indeed, the median sales price was $430,700 in March compared to $400,500 in February. In addition, the average sales price was $524,800, above than the $485,000 average seen in the prior month.
Moreover, Markit released its preliminary monthly report for the U.S. Services Purchasing Managers’ Index, which measures the activity levels of purchasing managers in the service sector. A number over 50 represents an expansion, whereas anything below 50 means a contraction. The report came in at 50.9, which was lower than the expected 52.
First Published: 4:17 AM EST
U.S. futures remained flat on Tuesday morning after a positive trading session yesterday. The S&P 500 Index (SPX) and Nasdaq Composite finally ended their six-day losing streak, fueled by a rebound in technology stocks. Futures on the Nasdaq 100 (NDX), S&P 500, and the Dow Jones Industrial Average (DJIA) were up by 0.05%, 0.08%, and 0.13%, respectively, at 4:00 a.m. EST, April 23.
Yesterday, the Nasdaq Composite, S&P 500, and Dow Jones closed higher by 1.11%, 0.87%, and 0.67%, respectively. Perhaps, investors saw an opportunity and rushed in to buy discounted tech stocks after a recent sell-off.
Major companies like Nvidia (NVDA) and Advanced Micro Devices (AMD) bounced back yesterday after facing pressure from concerns about inflation and expectations for interest rates to remain high.
Importantly, investors are looking forward to some key economic reports scheduled for release today. This includes preliminary readings for S&P Global Manufacturing PMI (purchasing managers index) and S&P Global Services PMI for April. Also, U.S. new home sales data will be made public today. On the corporate earnings front, Tesla’s (TSLA) Q1 results will take center stage. Some other noteworthy companies due to release earnings are PepsiCo (PEP), General Motors (GM), Visa (V), and Spotify (SPOT).
In major stock market news, Tesla stock dropped 3.4% yesterday after it lowered the price of its revamped Model 3 in China. Furthermore, Cadence Design (CDNS) stock was down 4.2% in the extended trading session following the release of mixed Q1 results. Additionally, Nucor (NUE) stock declined about 7% in after-hours trading on weaker-than-expected earnings guidance.
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 $82.21 per barrel as of the last check, as traders continued to evaluate the geopolitical situation in the Middle East.
Elsewhere, European indices opened higher today as investors looked forward to the release of the Eurozone’s Manufacturing and Services PMI data.
Asia-Pacific Markets Closed Mixed Today
Asia-Pacific markets ended the trading day on a mixed note after Japan’s PMI data showed an expansion in business activity for this month.
Hong Kong’s Hang Seng index was up 1.89%. Similarly, Japan’s Nikkei and Topix indices rose by 0.3% and 0.14%, respectively. Nevertheless, China’s Shanghai Composite and Shenzhen Component indices were trading lower by 0.74% and 0.61%, respectively.
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