Last updated: 4:04PM EST
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Stock indices finished today’s trading session mixed, with the Nasdaq 100 (NDX) and the S&P 500 (SPX) up by 0.11% and 0.1%, respectively, while the Dow Jones Industrial Average (DJIA) was down by 0.12%.
The Energy sector (XLE) was the session’s laggard, as it lost 1.25%. Conversely, the Real Estate sector (XLRE) was the session’s leader, with a gain of 0.58%.
Furthermore, the U.S. 10-Year Treasury yield decreased to 4.5%. On the other hand, the Two-Year Treasury yield gained slightly, as it hovers around 4.94%.
Last updated: 2:30PM EST
Stocks are mixed so far in today’s trading session. Meanwhile, asset manager VanEck on Wednesday told investors it is bullish on the commodities market. The firm, reputed for its exchange-traded funds, believes that the markets are in the early stages of a commodities supercycle.
VanEck noted that the commodities market’s upward surge started in late June as interest rates began to normalize. As a result, the firm said commodities outperformed stocks significantly and believes the pattern will hold for the remainder of the year. More importantly, it said the commodities market’s rise can be sustained beyond this year.
According to VanEck, Wall Street is currently operating under a regime marked by fundamentally higher inflation and interest rates. Additionally, the firm noted this paradigm will push investors to turn to scarce assets such as commodities.
Last updated: 11:56AM EST
Stocks are in the red so far in today’s trading. At the time of writing, the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are down 0.1%, 0.1%, and 0.12%, respectively.
Last updated: 9:30AM EST
Stocks opened higher on Wednesday morning, with the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) up by 0.9%, 0.17%, and 0.18%, respectively, at 9:30 a.m. EST, November 8.
Total mortgage application volume increased by 2.5% last week as compared to the prior week, as indicated by the Mortgage Bankers Association’s (MBA) seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgage fell to 7.61% from 7.86%, which was the biggest one-week drop in over a year.
Joel Kan, vice president and deputy chief economist at the MBA commented, “Last week’s decrease in rates was driven by the U.S. Treasury’s issuance update, the Fed striking a dovish tone in the November FOMC statement, and data indicating a slower job market.”
First published: 3:26AM EST
U.S. Futures are trending down on Wednesday morning ahead of Federal Reserve Chair Jerome Powell’s speech expected today. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are down by 0.13%, 0.10%, and 0.05%, respectively, at 3:20 a.m. EST, November 8.
Traders are witnessing one of the best multi-day winning streaks for all three major indices. Even so, any negative remarks from Powell could rattle the markets today. Meanwhile, the U.S. 10-year treasury yield is floating near 4.60% at the time of writing. And the WTI crude oil futures are going down steadily, hovering near $77.25 per barrel as of the last check.
Traders anticipate earnings from Walt Disney (DIS), Biogen (BIIB), Warner Bros Discovery (WBD), MGM Resorts (MGM), Roblox (RBLX), and Lyft (LYFT) among others today. Also, economic reports on Consumer credit and Wholesale Sales are due for release today.
In the meantime, shares of Lucid Group (LCID), Robinhood Markets (HOOD), eBay (EBAY), and Upstart (UPST) fell in extended trade yesterday following poor quarterly financial results. In contrast, shares of Rivian (RIVN), and Upwork (UPWK) gained in after-hours trading owing to solid results.
Further, Blackrock (BLK) has decided to put $550 million in energy giant Occidental Petroleum’s (OXY) Stratos project. The project is poised to become one of the largest direct air capture (DAC) facilities, extracting carbon dioxide directly from the air. Notably, ahead of its Q3FY23 results, Virgin Galactic (SPCE) announced that it is trimming its workforce to cut costs and divert funds to its ambitious Delta Class spaceship project.
Elsewhere, European indices are trading in the red on Wednesday as traders analyze the slew of mixed corporate earnings.
Asia-Pacific Markets Mostly End Lower
A majority of Asia-Pacific indices ended lower on Wednesday in response to economic data across the regions.
Hong Kong’s Hang Seng index and China’s Shanghai Composite and Shenzhen Component indexes ended down by 0.58%, 0.16%, and 0.04%, respectively.
At the same time, Japan’s Nikkei and Topix indices finished lower by 0.33% and 1.16%, respectively.
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