Last Updated: 4:07PM EST
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Stock indices finished today’s trading session mixed. Indeed, the Nasdaq 100 (NDX) gained 0.5%, while the S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) fell 0.48% and 1.12%, respectively.
The Energy sector (XLE) was the session’s top loser, as it fell 2.34%. Conversely, the Consumer Discretionary sector (XLY) was the session’s leader, with a gain of 1.03%.
Furthermore, the U.S. 10-Year Treasury yield saw a slight decrease to 4.84%. Similarly, the Two-Year Treasury yield was also little changed, as it hovers around 5.01%.
Last Updated: 2:30PM EST
Stocks are mixed so far in Friday’s afternoon trading session. In addition, WTI crude oil is up as it hovers above $85 per barrel. Despite the commodity’s recent uptrend, prices at the pump are gaining downward momentum across the country.
Indeed, the national average for regular gas was last $3.518 per gallon, down from last week’s reading of $3.558. The highest prices can be found in California, where prices are substantially higher than the national average, at $5.327 per gallon. On the other hand, Georgia is the state with the lowest gas prices, at $2.984 per gallon.
Last Updated: 11:36AM EST
Stock indices are mixed so far in today’s trading session. On Friday, the University of Michigan released its results on consumer inflation expectations over the next five years. Consumers now expect inflation to be 3%, which was as expected and an increase compared to the previous month.
Taking a look at consumer sentiment, results came in at 63.8, which was higher than the expected 63. This is a decrease compared to last month’s reading of 68.1.
In addition, consumer expectations came in lower than expected. October saw a print of 59.3 versus the forecast of 60.7. This was also a decrease compared to last month’s result of 66.
Last updated: 9:30AM EST
Stocks were mixed at open on Friday morning after inflation data, with the Nasdaq 100 (NDX) and the S&P 500 (SPX) up by 1.03% and 0.38%, respectively, while the Dow Jones Industrial Average (DJIA) down by 0.13% at 9:30 a.m. EST, October 27.
The personal consumption expenditure (PCE) index, a key measure of inflation, rose by 0.4% in September, at the same pace as in August but slightly higher than forecasts of 0.3%. Core PCE (excluding food and energy prices) increased by 0.3% for the month, above a rise of 0.1% in August but in line with economists’ estimates.
On a year-over-year basis, core PCE was up by 3.7%, in line with consensus estimates but slightly lower than an increase of 3.8% in August.
Personal spending continued to rise, up by 0.7% in September and better than the forecast of an increase of 0.5%, while personal income rose by 0.3% month-over-month.
According to a CNBC report, citing CME data, traders are pricing in a near 100% chance that the central bank will hit a pause on rate hikes when the Fed meets next week.
First published: 4:50AM EST
U.S. Futures are in the green on Friday morning as traders cheered the solid results from Amazon.com (AMZN) reported after-hours yesterday. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up by 0.90%, 0.60%, and 0.33%, respectively, at 4:50 a.m. EST, October 27.
Remarkably, the stronger-than-expected Q3 GDP figures and higher-than-expected weekly initial jobless claims also boosted investor sentiment. In the meantime, the U.S. 10-year treasury yield is up, floating near 4.87% at the time of writing. And the WTI crude oil futures are hovering near $84.44 per barrel as of the last check.
The three major averages are on track to finish the trading week on a negative footing. Even so, traders await the Personal Consumption Expenditure (PCE) figures, which could propel the markets today. The PCE is the Federal Reserve’s favorite inflation gauge. Experts predict inflation to have grown by 0.3% in September, while the annualized reading is pegged at 3.4%.
On the earnings front, oil giants Chevron (CVX) and Exxon Mobil (XOM) are slated to report their results today, along with Colgate Palmolive (CL) and AbbVie (ABBV), among others. Further, Ford Motor (F) stock slipped 3.2% in extended trade yesterday after the automaker withdrew guidance for 2023 owing to the UAW strike and also pulled back on its EV ambitions.
On the contrary, Intel (INTC) stock jumped 7.7% in after-hours trading after beating Q3 estimates and issuing a solid forecast. Shares of Chipotle (CMG) also spiked 3.8% in extended trade after the company beat earnings estimates thanks to increased pricing power.
Elsewhere, a majority of European indices are trading higher on Friday following a mixed bag of corporate earnings. Investor sentiment also remains muted as the European Central Bank (ECB) held interest rates constant yesterday but said it was too soon to comment on interest rate cuts.
Asia-Pacific Markets End Higher on Friday
Asia-Pacific indices ended higher on Friday. Hong Kong’s Hang Seng index and China’s Shanghai Composite and Shenzhen Component indices ended up by 2.08%, 0.99%, and 2.14%, respectively.
Similarly, Japan’s Nikkei and Topix indices finished higher by 1.27% and 1.37%, respectively.
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