Last updated: 4:03PM EST
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Stock indices finished today’s trading session in the green, as the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) saw fractional gains to end the week.
The healthcare sector (XLV) was the session’s laggard, as it lost 0.2%. Conversely, the energy sector (XLE) was the session’s leader, with a gain of 2.11%.
Furthermore, the U.S. 10-Year Treasury yield was also little changed at 4.45%, whereas the Two-Year Treasury yield increased seven basis points to 4.91%.
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% in the fourth quarter.
This is lower than its previous estimate of 2.2%, which can be attributed to recent releases from the U.S. Bureau of Labor Statistics, the U.S. Census Bureau, and the Federal Reserve Board of Governors.
Last updated: 9:30AM EST
Stocks were mixed at the open on Friday morning. Indeed, the Nasdaq 100 (NDX) was down by 0.05%, while the S&P 500 (SPX) declined by 0.01%, and the Dow Jones Industrial Average (DJIA) gained 0.06%, at 9:30 a.m. EST, November 17.
New home construction rose by 1.9% in October over September, as indicated by housing starts, to a seasonally adjusted annual rate of 1.37 million. Economists had expected housing starts to come in at a seasonally adjusted annual rate of 1.35 million.
In addition, construction increased for single-family and large multifamily projects. In fact, one-unit building construction rose by 0.2% to a seasonally adjusted annual rate of 970,000. On the other hand, construction of multifamily units gained about 5% to a seasonally adjusted rate of 382,000.
First published: 3:08AM EST
U.S. Futures are trending mixed on Friday morning as traders look past the cooling inflation data. Futures on the Nasdaq 100 (NDX) are down by 0.06%, while those on the S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) are up by 0.08% and 0.07%, respectively, at 3:05 a.m. EST, November 17.
The three major indices are on track to finish the week on a positive footing thanks to the cooling data from both the Consumer Price Index (CPI) and Producer Price Index (PPI) for October. Plus, the higher-than-expected weekly jobless claims data released yesterday added to investor optimism about a cooling labor market.
Meanwhile, the U.S. 10-year treasury yield is floating near 4.45% at the time of writing. And the WTI crude oil futures are considerably down, hovering near $72.93 per barrel as of the last check.
Shares of ChargePoint (CHPT) collapsed 30% in extended trade yesterday on news of CEO rejig and cautionary sales forecast. Also, Applied Materials (AMAT) stock fell 7.6% in Thursday’s after-market trading as the firm is being probed by the Justice Department. At the same time, AMAT delivered better-than-expected Q4 financials and a Q1 Fiscal 2024 outlook.
On the contrary, Gap (GPS) stock soared 17.1% in extended trading yesterday after exceeding Q3FY23 earnings expectations. Traders will look today at results from BJ’s Wholesale (BJ) and Spectrum Brands (SPB), while data on Housing Starts and Building Permits will also be released today.
Elsewhere, European markets began the day’s trading in the green as traders anticipate Britain’s retail sales data and the final reading of the Eurozone’s inflation print for October.
Asia-Pacific Markets End Mixed on Friday
Asia-Pacific indices ended mixed on Friday as Chinese stocks were dragged down by tech giant Alibaba’s (BABA) news. Alibaba has decided to call off its cloud business spin-off, citing reasons for the U.S. chip export ban. BABA stock lost 9% on the NYSE yesterday, and its Hong Kong-listed shares plunged nearly 10% today.
Moreover, markets are digesting the dialogue between U.S. President Joe Biden and China President Xi Jinping held in the U.S. on November 16.
Hong Kong’s Hang Seng index ended lower by 2.1%, while China’s Shanghai Composite and Shenzhen Component indexes ended higher by 0.11% and 0.25%, respectively.
At the same time, Japan’s Nikkei and Topix indices finished higher by 0.48% and 0.95%, respectively.
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