Last updated: 4:15PM EST
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Stock indices ended up finishing today’s trading session mixed. The Nasdaq 100 (NDX) and the S&P 500 (SPX) fell by 0.02% and 0.10%, respectively. Meanwhile, the Dow Jones Industrial Average (DJIA) gained 0.33%.
The energy sector (XLE) was the session’s laggard, as it fell 2.64%. Conversely, the healthcare sector (XLV) was the session’s leader, with a gain of 1.5%.
Furthermore, the U.S. 10-Year Treasury yield increased to 3.83%. The Two-Year Treasury yield also increased, as it hovers around 4.76%. This brings the spread between them to -93 basis points.
Compared to yesterday, the market is pricing in a higher chance of a higher Fed Funds rate for December 2023. In fact, the market’s expectations for a rate in the range of 5.5% to 5.75% increased to 24.13% compared to yesterday’s expectations of 14.98%.
In addition, the market is now also assigning a 14.74% probability to a range of 5% to 5.25%. For reference, investors had assigned a 23.32% chance yesterday.
Last updated: 2:10PM EST
Stocks are still higher so far in today’s trading session. At the time of writing, the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up 0.35%, 0.11%, and 0.48%, respectively.
On the contrary, WTI crude oil is down 2% today, currently hovering around $75.60 per barrel. Nonetheless, crude oil’s recent uptrend has led to prices at the pump gaining upward momentum across the country. Indeed, the national average for regular gas was last $3.566 per gallon, up from last week’s reading of $3.537.
The highest prices can be found in California, where prices are substantially higher than the national average, at $4.906 per gallon. On the other hand, Mississippi is the state with the lowest gas prices, at $3.002 per gallon.
Last updated: 9:30AM EST
Stock markets opened higher on Friday after major banks including Citigroup, Wells Fargo, and JP Morgan delivered better-than-expected calendar second-quarter earnings. The Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up 0.32%, 0.23%, and 0.47%, respectively, at 9:30 a.m., EST, July 14.
First published: 6:00AM EST
U.S. Futures are jittery on Friday morning, as traders await Q2 earnings from some of the big Wall Street banks today. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are down 0.06%, 0.09%, and 0.11%, respectively, at 6:00 a.m., EST, July 14.
June’s Producers’ Price Index (PPI) data grew slower than expected by 0.1% for both the month and on an annualized basis. The favorable inflation data from June’s CPI and PPI reports have sparked a relief rally. Markets are now anticipating a less aggressive rate hike strategy by the Federal Reserve. Accordingly, the three major averages are on track to finish the trading week on a positive note.
Following the two important inflation data sets, the Federal Reserve will enter the Blackout Period tomorrow, July 15, and will be available for comments only after the FOMC meeting scheduled for July 25-26.
Meanwhile, the earnings season kicked off on a positive note yesterday, with beverage giant PepsiCo (PEP) delivering an impressive earnings report. Similarly, airline bellwether Delta Airlines (DAL) reported better-than-expected Q2FY23 results and raised its outlook for Fiscal 2023. Notably, financial giants including JPMorgan Chase & Co. (JPM), Wells Fargo (WFC), Citigroup (C), BlackRock (BLK), and State Street (STT) are set to release their earnings before the bell today.
Elsewhere, European indices are trading mixed on Friday following the cooler-than-expected PPI print in the U.S. Also, traders are awaiting Q2 results from some of the largest American banks today.
Asia-Pacific Markets End Mixed on Friday
Asia-Pacific indices ended mixed on Friday, as the majority of traders cheered the positivity from the easing inflation print in the U.S.
Hong Kong’s Hang Seng and China’s Shanghai Composite indexes ended higher by 0.33% and 0.04%, respectively, while the Shenzhen Component index finished lower by 0.14%.
On the other hand, Japan’s Nikkei and Topix indices ended down by 0.09% and 0.17%, respectively.
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