Stocks finished today’s trading session in the red as the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) fell by 0.62%, 0.37%, and 0.51%, respectively.
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The utilities sector (XLU) was the session’s laggard, as it lost 1.53%. Conversely, the energy sector (XLE) was the session’s leader, with a gain of 0.13%.
Furthermore, the U.S. 10-Year Treasury yield increased to 4.71%, a jump of 14 basis points. Similarly, the Two-Year Treasury yield also increased, as it hovers around 5.07%.
Last updated: 2:42PM EST
Stocks are in the red at the time of writing as the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are down by 0.6%, 0.9%, and 0.8%, respectively.
Last updated: 11:36AM EST
Stocks are mixed so far in today’s trading as inflation came in hotter than expected (see previous update). In addition, WTI crude oil is higher today, as it hovers around the $84 per barrel range at the time of writing. However, the commodity’s overall downtrend from its recent highs has caused prices at the pump to decline when compared to last week.
Indeed, the national average for regular gas was last $3.646 per gallon, down from last week’s reading of $3.768. The highest prices can be found in California, where prices are substantially higher than the national average, at $5.702 per gallon. On the other hand, Georgia is the state with the lowest gas prices, at $3.104 per gallon.
Last updated: 9:30AM EST
Stocks opened in the green on Thursday morning after the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up by 0.06%, 0.04%, and 0.01%, respectively, at 9:30 a.m. EST, October 12.
The all-important Consumer Price Index (CPI) data released today indicated that inflation rose at a slower pace by 0.4% in September as compared to an increase of 0.6% in August. However, this figure was still higher than economists’ forecasts of 0.3%.
On a yearly basis, inflation remained steady at 3.7% as compared to forecasts of a rise of 3.6%. Core inflation (excluding food and energy prices) climbed 0.3% in September for the second straight month, in line with estimates.
On an annual basis, core inflation declined to 4.1% from 4.3%, again meeting expectations. Overall, rising property prices made up 50% of the increase in inflation, while higher gasoline prices were another major contributor. The energy index climbed by 1.5% in September, while the food index rose by 0.2%.
Meanwhile, initial jobless claims for the week ended October 7 came in at 209,000, unchanged from the previous week’s level, which was revised up from 207,000. Jobless claims came in slightly lower than economists’ forecasts of 210,000.
Continuing jobless claims came in at 1.7 million as compared to estimates of 1.68 million and prior figures of 1.67 million.
First published: 4:19AM EST
U.S. Futures are moving higher on Thursday morning as traders anticipate the all-important Consumer Price Index (CPI) data due today. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up by 0.24%, 0.20%, and 0.12%, respectively, at 4:15 a.m. EST, October 12.
Notably, WTI crude oil futures are hovering near $83.71 per barrel as of the last check. Also, the U.S. 10-year treasury yield is steadily dropping, floating near 4.57% at the time of writing.
Experts predict that headline inflation could have risen 0.3% in September, lower than August’s 0.6% growth. Also, on an annualized basis, CPI is expected to grow by 3.6%. September’s Producer Price Index (PPI) data released yesterday came in higher than expected at 0.5%. The inflation figures could direct the Federal Reserve’s interest rate trajectory at the FOMC meeting at month’s end.
Meanwhile, traders will also watch the Weekly Initial Jobless Claims Report due today and listen intently to various Federal Reserve officials’ speeches. At the same time, the September quarter-ending earnings season begins today with some notable companies reporting. These include airlines’ bellwether Delta Air Lines (DAL), pharmacy chain Walgreens Boots Alliance (WBA), and pizza giant Domino’s Pizza (DPZ).
A Wall Street Journal report noted that experts are predicting Q3 earnings to come in higher than the prior year period and reflect better performances than the Q2 earnings season. This is despite the high interest rate environment, which some predict has peaked.
Turning to stocks, tech giant Microsoft (MSFT) has opposed the U.S. Internal Revenue Service (IRS) demand for payment of $28.9 billion in back taxes. The tech giant claims that it has followed fair accounting practices and is even ready to challenge the IRS decision in court. In the meantime, legacy carmaker Ford (F) is in big trouble as the United Auto Workers (UAW) union expanded its strike to the company’s pickup truck plant in Kentucky. About 8,700 workers at Ford’s largest plant went on strike on Wednesday evening, with the UAW accusing the company of refusing to make further progress in contract negotiations.
Elsewhere, European indices are trading in the green today following the U.K.’s GDP data. Britain’s economy grew 0.2% month-over-month in August, in line with expectations.
Asia-Pacific Markets End Higher on Thursday
Asia-Pacific indices ended higher today, following the positivity in the U.S. counterparts. Also, markets worldwide are awaiting the U.S. inflation print due today. Meanwhile, shares of China’s largest four banks received a boost today. China’s sovereign wealth fund increased investments in the four banks, representing a move of confidence in the nation’s economic revival.
Hong Kong’s Hang Seng index and China’s Shanghai Composite and Shenzhen Component indices ended higher by 1.93%, 0.94%, and 0.83%, respectively.
Similarly, Japan’s Nikkei and Topix indices ended up by 1.75% and 1.50%, respectively.
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