Last Updated 4:04 PM EST
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Stock indices finished today’s trading session in the green. The Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 0.56%, 0.52%, and 0.4%, respectively.
Furthermore, the U.S. 10-Year Treasury yield increased to 4.65%, an increase of two basis points. Similarly, the Two-Year Treasury yield also increased, as it hovers around 4.96%.
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 5.1% in the third quarter.
This is higher than its previous estimate of 4.9%, which can be attributed to recent releases from the U.S. Bureau of Labor Statistics and this morning’s wholesale trade report from the U.S. Census Bureau.
Last updated: 12:09PM EST
Stocks are in the green so far in today’s trading. Earlier today, Atlanta Fed President Raphael Bostic commented that while the Federal Reserve’s policy rate is aligned to achieve the 2% inflation goal, it might need adjustment if unforeseen economic shifts occur. Speaking at a forum by the American Bankers Association, Bostic feels the rates are presently adequate. He underscored the aim of reverting inflation to 2%, expecting economic moderation rather than a recession as demand aligns with supply.
On another note, a September 2023 survey by the Federal Reserve Bank of New York highlighted U.S. consumers’ stable inflation anticipations, hinting they aren’t anticipating another post-pandemic-like inflation surge. The study also spotlighted households’ financial outlook, showing a slight rise in expected income growth and steady spending growth predictions. Lastly, perceptions about credit access indicated a tightening trend, and while concerns over rising unemployment grew, fears of individual job losses subsided.
Last updated: 9:30AM EST
Stocks opened higher on Tuesday morning, with the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) up by 0.18%, 0.21%, and 0.20%, respectively, at 9:30 a.m. EST, October 10.
First published: 4:14AM EST
U.S. Futures are inching higher on Tuesday morning as markets assess the ongoing war between Hamas and Israel and the impact on macro factors. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up by 0.12%, 0.07%, and 0.08%, respectively, at 4:10 a.m. EST, October 10.
The three major averages finished yesterday’s trading session on a positive footing following dovish remarks from Federal Reserve officials. In the meantime, WTI crude oil futures were floating near $85.79 per barrel as of the last check. Also, the U.S. 10-year treasury yield was 4.66% at the time of writing. The war has propelled Defense stocks and shares of Oil companies to levels not seen for a long time. Notably, energy giant Chevron (CVX) is caught in the ongoing Israel-Hamas war’s crossfire, as the Israeli government has ordered the company to temporarily suspend production at the Tamar gas field.
Meanwhile, beverage king PepsiCo (PEP) is scheduled to release its Q3FY23 results before the bell today. Pepsi’s quarterly performance is expected to benefit from its pricing power, while volumes may remain subdued due to consumer concerns about inflationary pressures. Also, traders await data from the NFIB Business Optimism Index and August’s Wholesale Sales report later today.
Further, Sonos (SONO) stock declined more than 2% yesterday after losing a patent dispute against Alphabet’s (GOOGL) Google. Judge William Alsup of the Northern District of California ruled that two of Sonos’ patents are not enforceable. Also, the Writers Guild of America (WGA) ratified a new three-year contract with Hollywood Studios, with 99% voting in favor of the contract. The revised pay under the renewed contract is expected to balloon the expenses of these media companies. Even so, the companies are happy that the strike has ended and work has resumed normalcy.
Elsewhere, European indices are heading higher on Tuesday, following their U.S. counterparts. Markets are concerned about the impacts that the war could have on oil supply and the overall macroeconomic environment.
Asia-Pacific Markets End Mixed on Tuesday
Asia-Pacific indices ended mixed today owing to geopolitical concerns relating to the war. However, dovish remarks from the Fed officials yesterday breathed some positivity into the markets. Moreover, Chinese real estate developer Country Garden Holdings cautioned that it may not be able to repay all of its debt. The news dragged down shares of Chinese companies.
Hong Kong’s Hang Seng index ended higher by 0.95%. At the same time, China’s Shanghai Composite and Shenzhen Component indices ended down by 0.70% and 0.56%, respectively.
Notably, Japan’s Nikkei and Topix indices ended considerably higher by 2.43% and 2.12%, respectively.
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