Stocks finished today’s trading session mixed following today’s PPI report. Indeed, the Nasdaq 100 (NDX) and the S&P 500 (SPX) fell 0.67% and 0.1%, respectively. Conversely, the Dow Jones Industrial Average (DJIA) gained 0.3%.
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The technology sector (XLK) was the session’s laggard, losing 0.7%. Conversely, the energy sector (XLE) was the session’s leader, with a gain of 1.56%.
Furthermore, the U.S. 10-Year Treasury yield increased to 4.17%, an increase of six basis points. Similarly, the Two-Year Treasury yield also increased, as it hovers around 4.89%.
Last Updated: 3:00PM EST
Stock indices remain mixed heading into the close. On Friday, the University of Michigan released its preliminary results on consumer inflation expectations over the next five years. Consumers now expect inflation to be 2.9%, which was lower than the expected 3% and decreased compared to the previous month.
Taking a look at consumer sentiment, results came in at 71.2, which was higher than the expected 71. However, this is a decrease compared to last month’s reading of 71.6. In addition, consumer expectations came in lower than expected. August saw a print of 67.3 versus the forecast of 68.1. This was also a decrease compared to last month’s result of 68.3.
Last Updated: 12:00PM EST
Stock indices are mixed so far in today’s trading session, while WTI crude oil is up as it hovers above $83 per barrel. The commodity’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 $3.841 per gallon, up from last week’s reading of $3.831. The highest prices can be found in California, where prices are substantially higher than the national average, at $5.11 per gallon. On the other hand, Mississippi is the state with the lowest gas prices, at $3.318 per gallon.
Last updated: 9:30AM EST
Stock markets opened lower on Friday, with the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) down by 0.76%, 0.46%, and 0.21%, respectively, at 9:30 a.m., EST, August 11.
The wholesale inflation data on Friday indicated that the producer price index increased by 0.3% in July, which was the largest increase since January. Economists were expecting PPI to rise by 0.2% in July. The core producer price index, which excludes food, energy prices, and trade services, went up by 0.2% in July, as compared to a gain of 0.1% in June. This was the largest increase since February.
First published: 2:14AM EST
U.S. Futures are trending down on Friday morning, negating the positive momentum from the cooling inflation print. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are down by 0.23%, 0.12%, and 0.03%, respectively, at 5:00 a.m., EST, August 11.
July’s CPI rose 0.2% from the prior month, while inflation grew 3.2% on an annualized basis, lower than the 3.3% rise expected. Following the July inflation print, markets are expecting the Fed to keep rates unchanged at the September FOMC meeting. Traders will watch what the Producer Price Index (PPI) print tells us about wholesale prices. The PPI is due at 8:30 a.m. EST today. Further, the preliminary reading on August’s consumer sentiment data is scheduled for later today.
The Nasdaq Composite and the SPX are set to end the trading week negatively. Meanwhile, the Dow could end with a marginal gain. Notably, the WTI crude oil price is inching lower today, hovering over $82.70 per barrel as of the last check. Also, gold prices remain under pressure as bond yields continue to gain momentum and the U.S. Dollar maintains strength. There are no notable earnings scheduled for today.
Elsewhere, European indices are trading lower on Friday on the heels of mixed earnings releases. The U.K.’s second-quarter GDP surprisingly grew by 0.2%, while economists had expected it to remain flat. Meanwhile, France’s core inflation (excluding food and gas) grew 5% in July, showing steady signs of decline.
Furthermore, Swiss banker UBS Group (NYSE:UBS) announced the end of the $10.7 billion loss protection agreement and the 100 billion Swiss francs public liquidity backstop that it availed while acquiring Credit Suisse. The news pushed the shares nearly 5% higher in pre-market trading at the time of writing.
Most Asia-Pacific Markets Ended Lower on Friday
A majority of Asia-Pacific indices finished in the red on Friday. Japanese markets remained closed for trading on August 11 on account of the Mountain Day holiday.
Notably, China’s real estate stocks continue to feel the heat of the deflationary environment. Hong Kong’s Hang Seng index and China’s Shanghai Composite and Shenzhen Component indices ended lower by 0.90%, 2.01%, and 2.18%, respectively.
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