Last updated: 4:05PM EST
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Stock indices finished today’s trading session with little change. Indeed, the S&P 500 (SPX) and the Nasdaq 100 (NDX) slipped 0.01% and 0.14%, respectively. On the other hand, the Dow Jones Industrial Average (DJIA) gained 0.08%.
The communications sector (XLC) was the session’s laggard, as it fell 0.6%. Conversely, the energy sector (XLE) was the session’s leader, with a gain of 0.99%.
Furthermore, the U.S. 10-Year Treasury yield decreased to 4.25%, whereas the Two-Year Treasury yield increased to 4.94%. This brings the spread between them to -69 basis points.
In addition, the market appears to be maintaining its conviction of a fed funds rate in the range of 5.25% to 5.5% for December 2023. In fact, investors are pricing in a 63.15% probability of this happening.
Last updated: 2:49PM EST
Stocks are near the flatline at the time of writing, whereas the price of oil is up, hovering above $81 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 $3.873 per gallon, up from last week’s reading of $3.841. The highest prices can be found in California, where prices are substantially higher than the national average, at $5.199 per gallon. On the other hand, Mississippi is the state with the lowest gas prices, at $3.333 per gallon.
Last updated: 12:11PM EST
Stocks are mixed so far in today’s trading. Indeed, at the time of writing, the S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) are up by 0.03% and 0.2%, respectively. Conversely, the Nasdaq 100 (NDX) is down 0.2%. Furthermore, the 10-Year Treasury yield slipped to 4.23%.
Last updated: 9:30AM EST
Stocks opened lower on Friday as investors continued to remain concerned about rate hikes, with the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) down by 0.98%, 0.55%, and 0.31%, respectively, at 9:30 a.m., EST, August 18.
First published: 5:15AM EST
Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are down by 0.16%, 0.06%, and 0.04%, respectively, at 5:00 a.m., EST, August 18.
The three major averages finished yesterday’s trading session in the red and are on track to finish the week on a negative footing. Meanwhile, bond yields continued their upswing, with the possibility of future interest rate hikes in sight. Yesterday’s reading on Initial Jobless Claims came in slightly lower than expected at 239,000, while expectations were pegged at 240,000 claims for the week ending August 12. The Fed still has a tough road ahead to fight the sticky inflation, considering the U.S. labor market remains strong, backed by a resilient consumer.
Turning to earnings, cybersecurity company Palo Alto Networks (PANW), Chinese EV maker XPeng (XPEV), and industrial machinery maker Deere (DE) will report their results today. Shares of Applied Materials (AMAT) gained in after-hours trading after reporting better-than-expected Q3FY23 results. Also, Ross Stores (ROST) stock jumped over 5% after reporting solid beat-and-raise results. Conversely, shares of luxury platform Farfetch (FTCH) nosedived nearly 37% in extended trading after missing revenue estimates.
Elsewhere, European markets are trading in the negative zone on Friday following cautionary signals from global markets.
China Evergrande Drags Asia-Pacific Markets Down
Asia-Pacific indices are trading in the red on Friday. Chinese stocks collapsed on the news that real estate behemoth Evergrande has filed for Chapter 15 bankruptcy protection with a U.S. bankruptcy court. China’s economic woes seem to be worsening without any relief in sight. The authorities need to step in with major stimulus and measures to revive the faltering economy.
Hong Kong’s Hang Seng index and China’s Shanghai Composite and Shenzhen Component indices ended lower by 2.05%, 1.00%, and 1.75%, respectively.
Similarly, Japan’s Nikkei and Topix indices finished lower by 0.55% and 0.70%, respectively. The headline inflation rate in Japan stood at 3.3% in July, while core inflation (excluding food and gas) fell to 3.1%.
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