Last Updated: 4:13 PM EST
Stock indices finished today’s trading session in the red following a slew of economic data. The Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) fell 0.44%, 0.74%, and 1.53%, respectively.
Earlier today, the Census Bureau released its United States New Home Sales data for April, which came in at 634,000. For reference, forecasters were expecting a print of 677,000. This was also 4.7% lower than last month’s report of 665,000.
Furthermore, house prices saw a decrease. Indeed, the median sales price was $433,500 in April compared to $439,500 in March. Additionally, the average sales price was $505,700, lower than the $527,400 average seen in the prior month.
In other news, the Department of Labor released its Initial Jobless Claims report, which came in better than expected. In the past week, 215,000 people filed for unemployment insurance for the first time. Expectations were for 220,000 individuals.
In addition, Markit put out its preliminary monthly report for the U.S. Services Purchasing Managers’ Index, which measures the activity levels of purchasing managers in the service sector. A number over 50 represents an expansion, whereas anything below 50 means a contraction. The report came in at 54.8, which was higher than the expected 51.2.
The same thing can be said for the U.S. Manufacturing Purchasing Managers’ Index, which exceeded estimates with a print of 50.9.
First Published: 4:11 AM EST
U.S. futures traded higher Thursday morning as investors cheered Nvidia’s (NVDA) impressive first-quarter results. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and Dow Jones Industrial Average (DJIA) were up by about 0.84%, 0.52%, and 0.08%, respectively, at 3:43 a.m. EST, May 23.
The three major indices ended yesterday’s trading on a negative footing. This could be due to investors’ skepticism over the Federal Open Market Committee’s (FOMC) meeting minutes announced yesterday. The Fed gave no indications of interest rate cuts anytime soon and expressed concerns over stubborn inflation.
In after-hours action, NVDA stock gained over 6% as investors were impressed with a 262.2% year-over-year increase in revenue. Backed by a strong demand for its artificial intelligence (AI) products, the company provided upbeat Q2 sales guidance, indicating another stellar quarter of growth. Further, Snowflake (SNOW) climbed 4% higher after the company provided a better-than-expected outlook for Fiscal 2025.
Among the key economic reports due today, S&P Global will release its Purchasing Managers Index for the Manufacturing and Service sectors for May. Also, New Home Sales data for April will be made public today. Moreover, Weekly Jobless Claims data for the week ended May 18 will be released today.
Additionally, companies such as BJ’s Wholesale (BJ), Weibo (WB), Medtronic (MDT), Intuit (INTU), NetEase (NTES), and Ralph Lauren (RL) are slated to report earnings later today.
Meanwhile, the U.S. 10-year Treasury yield was down, floating near 4.43%. At the same time, WTI crude oil futures trended lower, hovering near $77.26 per barrel as of the last check.
Elsewhere, European markets opened higher on Thursday morning as investors evaluated the Fed’s meeting minutes from last month.
Asia-Pacific Markets End Mixed on Thursday
Asia-Pacific indices ended today’s trading session on a mixed note after the U.S. central bank disclosed concerns over sticky inflation and geopolitical tensions between China and Taiwan.
Japan’s Nikkei and Topix indices gained 1.26% and 0.64%, respectively. However, China’s Shanghai Composite and Shenzhen Component indices ended lower by 1.33% and 1.56%, respectively. At the time of writing, Hong Kong’s Hang Seng index was down 1.75%.
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