Last updated: 4:00PM EST
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Stock indices finished today’s trading session in the green, as the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 1.27%, 1.37%, and 1.4%, respectively. This comes after dovish remarks from the Federal Reserve.
The technology sector (XLK) was the session’s laggard, as it gained 0.89%. Conversely, the utilities sector (XLU) was the session’s leader, with a gain of 3,78%.
Furthermore, the U.S. 10-Year Treasury yield is currently sitting at 4.03%, while the Two-Year Treasury yield hovers around 4.45%.
Last updated: 9:30AM EST
Stocks opened higher on Wednesday morning, with the Nasdaq 100 (NDX) and the S&P 500 (SPX) up by 0.25% and 0.07%, respectively, while the Dow Jones Industrial Average (DJIA) gained 0.02% at 9:30 a.m. EST, December 13.
The Producer Price Index (PPI) data flatlined in November and was below economists’ forecasts of a 0.1% increase. Lower gasoline prices gave a big assist to the flat inflation report, but prices in other major categories also remained little changed.
First published: 3:51AM EST
U.S. Futures were inching higher on Wednesday morning as traders await the Federal Open Market Committee’s (FOMC) interest rate decision today. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up by 0.21%, 0.11%, and 0.08%, respectively, at 3:02 a.m. EST, December 13.
Although markets at large expect the Federal Reserve to keep the interest rate steady, any cues on the Fed’s future course will drive market movement. Fed Chair Jerome Powell’s speech will take prime focus today as he shares insights into the U.S. economy’s health. Currently, the federal funds rate is at a 22-year high, between 5.25% and 5.50%.
Another key economic release scheduled for today is November’s Producer Price Index (PPI) by the Bureau of Labor Statistics. As PPI measures production costs for consumer goods, which directly impact retail prices, it acts as a leading indicator for inflationary trends.
Meanwhile, WTI crude oil futures are trending down today, near $68.09 as of the last check. Investors are cautious in anticipation of key interest rate decisions and oversupply concerns flagged by the U.S. Energy Information Administration’s latest Short-Term Energy Outlook report. The report revised its 2023 supply forecast upward by 300,000 barrels per day.
Elsewhere, European indices are anticipated to trade in positive territory on Wednesday morning, ahead of the UK gross domestic product and eurozone industrial production data releases later in the day. Also, investors are eagerly looking forward to the Fed’s final monetary policy decision for 2023.
Asia-Pacific Markets End Mixed on Wednesday
Asia-Pacific indices ended mixed on Wednesday. Chinese indices declined following the Asian Development Bank’s unchanged growth forecast of 4.5% for the next year. On the other hand, Japanese indices closed higher, fueled by a surge in business confidence among major manufacturers, reaching a near two-year high.
Hong Kong’s Hang Seng index and China’s Shanghai Composite and Shenzhen Component indices ended down by 0.88%, 1.15%, and 1.54%, respectively.
Meanwhile, Japan’s Nikkei and Topix indices finished higher by 0.25% and 0.08%, respectively.
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