Last Updated 4:05 PM EST
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Stock indices finished today’s trading session mixed. Indeed, the S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) gained 0.24% and 0.31%, respectively. On the other hand, the Nasdaq 100 (NDX) slipped 0.09%. The materials sector (XLB) was the session’s laggard, as it lost 0.56%. Conversely, the real estate sector (XLRE) was the session’s leader, with a gain of 1.13%.
Furthermore, the U.S. 10-Year Treasury yield decreased to 3.74%, a drop of more than four basis points. Similarly, the Two-Year Treasury yield also decreased, as it hovers around 4.76%.
The Atlanta Federal Reserve updated its latest GDPNow reading, which allows it to estimate GDP growth in real-time. The “nowcast” becomes more accurate as more economic data is released throughout the quarter. Currently, it estimates that the economy will expand by about 2.4% in the second quarter.
This is unchanged from its previous estimate of, which can be attributed to this morning’s housing starts report from the US Census Bureau.
Last Updated: 11:35AM EST
Stocks are in the green 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 0.4%, 0.4%, and 0.5%, respectively.
In addition, WTI crude oil is also up today as it hovers around the $76 per barrel range. Its recent uptrend has led to prices at the pump gaining upward momentum across the country. Indeed, the national average for regular gas was last $3.569 per gallon, up from last week’s reading of $3.541.
The highest prices can be found in California, where prices are substantially higher than the national average, at $4.898 per gallon. On the other hand, Mississippi is the state with the lowest gas prices, at $3.016 per gallon.
Last updated: 9:30AM EST
Stocks opened higher on Wednesday morning after the Nasdaq 100 (NDX) and the S&P 500 (SPX) are up 0.37% and 0.38%, respectively, while the Dow Jones Industrial Average (DJIA) is up by 0.51% at 9:30 a.m., EST, July 19.
The U.S. housing data indicated that housing starts had the biggest drop this year at 8% month-over-month in June to 1.434 million as compared to economists’ forecasts of 1.48 million and 1.56 million in May.
Building permits declined by 3.7% in June to 1.44 million, and both single and multi-family construction dropped in June, as home builders preferred to focus on finishing and selling existing inventory instead of constructing new houses.
First published: 4:26AM EST
U.S. futures are trending mixed on Wednesday morning, deviating from the positive momentum of yesterday’s trading. The three major averages finished Tuesday at their highest levels since April 2022. Futures on the Nasdaq 100 (NDX) and the S&P 500 (SPX) are down 0.02% and 0.01%, respectively, while those on the Dow Jones Industrial Average (DJIA) are up by 0.10% at 4:30 a.m., EST, July 19.
Large American banks are producing strong earnings, dismissing the fears from the recent banking crisis and uplifting investor sentiment towards the sector. A high-interest rate environment and a rebound in investment banking activity are boosting banks’ performances. Morgan Stanley (MS) beat estimates on both the top and bottom lines and even raised its quarterly dividends. Similarly, Bank of America (BAC) surpassed Wall Street expectations, pushing its shares higher yesterday.
Investors will turn their focus today on streaming giant Netflix’s (NFLX) Q2FY23 results. Also, EV maker Tesla (TSLA) is scheduled for an earnings release today after market close. Goldman Sachs (GS) and United Airlines (UAL) will also report their quarterly earnings today. In a surprise move, online auto seller Carvana (CVNA) rescheduled the date of its earnings report to Wednesday, July 19, from the scheduled date of August 3. The news dragged down CVNA stock by over 10% on July 18.
Turning towards the tech sector, where the artificial intelligence race is heating up. Microsoft (MSFT) hit a new record high on July 18 following the pricing release of its AI-based new Copilot system. At the same time, Meta Platforms (META) released its open-source AI model called Llama 2 to the world for commercial use, with Microsoft (MSFT) being the distributor.
On the economic front, June Housing Starts and Building Permits data will be released today, with noticeable declines expected on both accounts.
Elsewhere, European indices are trading in the green on Wednesday following a cooler-than-anticipated inflation print from the U.K. Britain’s consumer price index (CPI) showed that inflation fell to 7.9% in June from a record high of 8.7% in May. Also, core inflation (excluding food and gas) came in below expectations at 6.9% in June, below the 7.1% figure recorded in May.
Asia-Pacific Markets End in Green
A majority of Asia-Pacific indices ended in the green on Wednesday following a solid slate of earnings releases from corporate America.
Hong Kong’s Hang Seng and China’s Shenzhen Component index ended lower by 0.44% and 0.37%, respectively, while China’s Shanghai Composite index finished marginally higher by 0.03%.
On the other hand, Japan’s Nikkei and Topix indices finished the trading session higher by 1.24% and 1.19%, respectively.
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