Last Updated: 4:00 PM EST
Stock indices finished today’s trading session in the green. The Nasdaq 100 (NDX) and the S&P 500 (SPX) gained % and %, respectively. Earlier today, 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 lower than the expected 3.1% and flat compared to the previous month.
Taking a look at consumer sentiment, results came in at 69.1, which was higher than the expected 67.4. However, this is a decrease compared to last month’s reading of 77.2. In addition, consumer expectations came in higher than expected. May saw a print of 68.8 versus the forecast of 66.5. This was also a decrease compared to last month’s result of 76.
Furthermore, the Census Bureau released its U.S. Core Durable Goods Orders report for the month of April, which measures the change in order value for long-lasting big-ticket items. This report excludes the impact of aircraft orders because they tend to be very volatile. Therefore, it is generally agreed upon that the core reading provides a better gauge of ordering trends.
Core Durable Goods Orders increased by 0.4%, which was better than the expected 0.1% on a month-over-month basis and more than the previous month. However, when including aircraft orders, growth was 0.7%, which beat expectations of -0.9%.
First Published: 3:08AM EST
U.S. futures were flat on Friday morning after the Dow Jones Industrial Average (DJIA) witnessed its worst trading session over the past year. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones were up by about 0.03%, 0.09%, and 0.02%, respectively, at 2:22 a.m. EST, May 24.
All three major indices closed lower yesterday after hotter-than-expected Purchasing Managers’ Index (PMI) data sparked concerns over interest rates staying elevated for longer. The S&P 500, the Dow Jones, and the Nasdaq Composite declined by 0.74%, 1.53%, and 0.39%, respectively.
In major stock market news, Nvidia (NVDA) gained 9.3%, driven by upbeat Q1 results. However, Boeing (BA) dropped 7.6% after the company projected negative free cash flow and a continued slowdown in aircraft deliveries for the second quarter. Also, Intuit (INTU) stock fell over 6% despite reporting better-than-expected fiscal Q3 results.
Today, the earnings calendar is light, with only a handful of companies scheduled to release their numbers, which include Booz Allen Hamilton (BAH), TransAlta (TAC), and Hudbay Minerals (HBM).
Moving to key economic reports due today, the final Consumer Sentiment Index reading for May will be released by the University of Michigan. Moreover, the Durable Goods report for April will be made public today.
Meanwhile, the U.S. 10-year Treasury yield was down, floating near 4.47%. At the same time, WTI crude oil futures trended higher, hovering near $76.88 per barrel as of the last check.
Elsewhere, European markets are expected to open lower on Friday morning as investors remain concerned about the Federal Reserve’s interest rate policy.
Asia-Pacific Markets Traded Lower on Friday
Asia-Pacific indices were trading lower in today’s session as investors assessed Japan’s inflation data.
At the time of writing, Hong Kong’s Hang Seng index was down 1.47%. Also, Japan’s Nikkei and Topix indices declined by 1.25% and 0.48%, respectively. Similarly, China’s Shanghai Composite and Shenzhen Component indices ended lower by 0.33% and 0.58%, respectively.
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