Stock indices finished today’s trading session mixed. Indeed, the Dow Jones Industrial Average (DJIA) fell 0.11%, while the Nasdaq 100 (NDX) and the S&P 500 (SPX) gained 1.65% and 0.69%, respectively.
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The real estate sector (XLRE) was the session’s laggard, as it lost 0.88%. Conversely, the technology sector (XLK) was the session’s leader, with a gain of 1.92%.
Furthermore, the U.S. 10-Year Treasury yield increased to a 52-week high of 4.34%, an increase of nine basis points. Similarly, the Two-Year Treasury yield also increased, as it hovers around 5%.
Last updated: 2:24PM EST
Stocks remain mixed at the time of writing, with the Dow Jones Industrial Average (DJIA) being the index in the red. However, a concerning economic trend has emerged – auto loan delinquencies are increasing as car prices are becoming unsustainable, according to the Wall Street Journal. Indeed, the financial burden for average Americans to afford a new car has intensified, requiring 42 weeks of income, up from 33 pre-pandemic.
In fact, the used-car sector has seen a 30% price increase to an average of $27,000. Coupled with rising interest rates—9.5% for new cars and 13.7% for used—loan delinquencies have reached their highest levels since 2006, despite a strong job market. Although auto manufacturers and dealers benefit currently, there are underlying concerns about the market’s sustainability. Given the looming expiration of the student loan moratorium and the financial strain on recent car buyers, industry stakeholders must remain vigilant.
Last updated: 11:17AM EST
Stock indices are mixed so far in today’s trading session as the Dow Jones Industrial Average (DJIA) is down while the Nasdaq 100 (NDX) is up. Meanwhile, the S&P 500 (SPX) is near the flatline. In addition, WTI crude oil is also down today as it hovers around the mid-$80 per barrel. Nevertheless, 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 $3.865 per gallon, up from last week’s reading of $3.851. The highest prices can be found in California, where prices are substantially higher than the national average, at $5.255 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
Stocks opened higher on Monday, with the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) up by 0.8%, 0.5%, and 0.15%, respectively, at 9:30 a.m., EST, August 21.
First published: 4:05AM EST
U.S. Futures are inching higher on Monday morning following updates from the Chinese authorities. All three major averages ended the last week in the negative zone. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up by 0.34%, 0.22%, and 0.18%, respectively, at 4:00 a.m., EST, August 21.
This week, traders look forward to earnings from Nvidia (NVDA), one of the major beneficiaries of the AI race. Nvidia reports Q2FY24 results on August 23, after the markets close. Wall Street expects the chip giant to post adjusted earnings of $2.08 per share on revenues of $11.14 billion, showing a significant jump over the prior-year quarter’s figures.
Today, Zoom Video Communications (ZM) will report its Q2FY24 results after the bell. Additionally, this week will also see results from several retailers, including Lowe’s (LOW), BJ’s Wholesale (BJ), Dicks Sporting Goods (DKS), Macy’s (M), Urban Outfitters (URBN), and Kohls (KSS), among others.
At the same time, Fed Chair Jerome Powell’s speech at the Jackson Hole conference will be consequential from an economic perspective. Markets will closely follow any clues on the future of monetary policy and the overall health of the U.S. economy.
On the economic front, traders expect data from the Existing Home Sales, MBA Mortgage Applications, Build Permits, New Home Sales, August’s S&P Global Manufacturing and Services PMIs, Weekly Initial Jobless Claims, and Durable Goods orders.
Elsewhere, European markets are trading in the green on Monday morning, following news of China’s stimulus measures.
Asia-Pacific Markets Mixed on Monday
Asia-Pacific indices finished mixed on Monday after China’s rate cuts came in lower than anticipated. The Chinese authorities are laying down measures to boost the faltering economy. Several officials from the central and regional government levels met via videoconferencing on August 18. The discussion revolved around steps to regain financial stability, resolve debt issues, and restore the real estate sector. Meanwhile, the People’s Bank of China (PBOC) lowered its one-year prime lending rate by 10 basis points but held its five-year rate at 4.2%.
Hong Kong’s Hang Seng index and China’s Shanghai Composite and Shenzhen Component indices ended lower by 1.81%, 1.24%, and 1.32%, respectively.
On the other hand, Japan’s Nikkei and Topix indices finished higher by 0.37% and 0.19%, respectively.
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