Last Updated 4:04 PM EST
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Stock indices finished the trading week with a bang as the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 1.85%, 0.99%, and 0.5%, respectively. The real estate sector (XLRE) was the session’s laggard, as it lost 0.26%. Conversely, the communications sector (XLC) was the session’s leader, with a gain of 1.96%.
Furthermore, the U.S. 10-Year Treasury yield slipped to 3.96%, while the Two-Year Treasury yield also fell, as it hovers around 4.88%.
In addition, 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, its initial for the third quarter indicates an increase of 3.5%.
Last Updated at 2:30PM EST
Major indices are in the green heading into the final 90 minutes of today’s trading session as stocks look to close another winning week. In addition, WTI crude oil is higher today, as it hovers around the mid-$80 per barrel range. The commodity’s recent uptrend has caused prices at the pump to increase when compared to last week.
Indeed, the national average for regular gas was last $3.732 per gallon, up from last week’s reading of $3.587. The highest prices can be found in California, where prices are substantially higher than the national average, at $4.954 per gallon. On the other hand, Mississippi is the state with the lowest gas prices, at $3.209 per gallon.
Last updated: 12:20PM EST
Stocks are in the green so far in today’s trading. On Friday, the University of Michigan released its results on consumer inflation expectations over the next five years. Consumers now expect inflation to be 3%, which remained flat compared to the previous month.
Taking a look at consumer sentiment, results came in at 71.6, which was lower than the expected 72.6. Nevertheless, this is an increase compared to last month’s reading of 64.4. In addition, consumer expectations were also lower than expected. July saw a print of 68.3 versus the forecast of 69.4. This was also an increase compared to last month’s result of 61.5.
Last updated: 9:30AM EST
Stocks opened higher on Friday morning after inflation slowed down to its slowest pace in almost two years after inflation ticked higher by 0.2% in June, in line with economists’ forecasts. Core personal spending (excluding food and energy prices) rose by 4.1% on an annualized basis, still more than the Fed’s inflation target rate of 2%.
The Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up by 1.1%, 0.8%, and 0.6%, respectively, at 9:30 a.m. EST, July 28.
First published: 4:15AM EST
U.S. Futures are trending higher on Friday morning as traders await data on the Fed’s favorite inflation gauge. The Personal Consumption Expenditures (PCE) price index is due later today. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up by 0.70%, 0.42%, and 0.29%, respectively, at 4:00 a.m. EST, July 28. The Dow snapped its 13-day winning streak with a 0.7% fall on July 27, while the SPX and the Nasdaq Composite finished 0.6% lower. The three major averages are set to finish the week almost close to the flatline.
Experts expect June PCE to increase 0.2% month-over-month and 4.2% on an annualized basis. Following the 25 basis point rate hike on July 26, the Fed has stated that any future rate hike decision will be data-driven. Should the PCE come in hotter than expected, it could possibly push the Fed for another hike soon.
Elsewhere, the European Central Bank (ECB) raised interest rates by 25 bps in the eurozone on July 27 and hinted at the possibility of a pause in September. On the other hand, the Bank of Japan (BOJ) held policy rates steady at -0.1%, as expected, today.
Returning to earnings from corporate America, energy companies ExxonMobil (XOM) and Chevron (CVX), pharma company AstraZeneca (AZN), as well as consumer goods giants Procter & Gamble (PG) and Colgate Palmolive (CG), will report their quarterly earnings today.
The earnings season has managed to keep investor sentiment high so far. Strong financial performance from companies across sectors, despite the tough macro background, is helping traders keep the market momentum going. Yesterday, shares of chip maker Intel (INTC) jumped in after-hours trading after reporting a solid quarterly beat. Similarly, shares of TV streaming platform Roku (ROKU) surged in extended trading after beating Q2 expectations on both the top and bottom lines.
Elsewhere, European indices are trading mixed this morning amid the ongoing earnings season.
Asia-Pacific Markets Close Mixed on Friday
Asia-Pacific indices finished mixed on Friday. The BOJ’s monetary policy decision and the announcement of “yield curve control” dragged down major Japanese indices.
Following the news, Japan’s Nikkei ended down 0.40% after plunging nearly 2.5% in intraday trading. Also, the Topix index finished down by 0.20% after falling 1.7% in intraday trading.
On the other hand, Hong Kong’s Hang Seng and China’s Shanghai Composite and Shenzhen Component indices finished higher by 1.36%, 1.84%, and 1.62%, respectively.
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