Stock indices finished today’s trading session in the green, as the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 1.6%, 1.11%, and 0.54%, respectively.
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The financial sector (XLE) was the session’s laggard, as it lost 0.29%. Conversely, the technology sector (XLK) was the session’s leader, with a gain of 1.82%.
Furthermore, the U.S. 10-Year Treasury yield decreased to 4.19%, equating to a 14 basis point drop. The Two-Year Treasury yield also fell, as it hovers around 4.96%.
Last updated: 1:45PM EST
Stocks are in the green so far in today’s trading session. On Tuesday, Markit released its preliminary monthly report for the U.S. Manufacturing Purchasing Managers’ Index, which measures the activity levels of purchasing managers in the manufacturing sector. A number over 50 represents an expansion, whereas anything below 50 means a contraction. The report came in at 47, which was lower than the expected 49.3.
It’s worth noting that this indicator is also lower than last month’s reading of 49 and has been in an overall downtrend ever since its peak in August 2021, when it hit a high of 63.4.
Furthermore, the preliminary results for the U.S. Services Purchasing Managers’ Index, which measures the activity levels of purchasing managers in the service sector, came in at 51, which was lower than the expected 52.3.
Last updated: 10:58AM EST
Earlier today, the Census Bureau released its United States New Home Sales data for July, which came in at 714,000. For reference, forecasters were expecting a print of 705,000. This was also higher than last month’s report of 684,000.
In addition, house prices saw an increase. Indeed, the median sales price was $436,700 in July compared to $415,400 in June, and the average sales price was $513,000, higher than the $494,700 average seen in the prior month.
Furthermore, U.S. Building Permits also beat expectations, with a print of 1.443 million compared to the forecast of 1.442 million. This was an increase from the prior month’s report, which came in at 1.441 million, equating to an increase of 0.1% month-over-month.
Last updated: 9:30AM EST
Stocks opened higher on Wednesday morning, with the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) up by 0.36%, 0.31%, and 0.18%, respectively, at 9:30 a.m., EST, August 23.
Meanwhile, the Mortgage Banker’s Association applications composite index fell by 4.2% on an unadjusted basis in the week ending August 18, its lowest level in the past 28 years. The 30-year fixed mortgage rate was at 7.31% in the week ending August 18, as compared to 7.16% in the prior week.
First published: 4:39AM EST
U.S. Futures are in the green this morning as traders anticipate earnings from AI behemoth Nvidia (NVDA). Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are higher by 0.71%, 0.51%, and 0.37%, respectively, at 4:20 a.m., EST, August 23. Notably, WTI crude oil is inching lower today, hovering over $79.15 per barrel as of the last check.
Nvidia has been one of the major beneficiaries of the AI race. It remains to be seen if the chip giant’s Q2 results live up to the optimism. Also reporting today is software company Snowflake (SNOW), with expectations running high on whether it can continue its winning streak in Q2.
Rating agency Standard & Poor’s downgraded five U.S. regional banks on Monday night. The agency cited “tough operating conditions,” including interest rates, loan-to-deposit ratios, and commercial real estate exposure, as reasons for the “stable” outlook. As per a Financial Times report, global stocks are poised to lock in the worst month of the year so far. The first half of 2023 saw material gains in stock prices, but rising interest rates in the U.S. and the faltering Chinese economy are dampening investor sentiment.
Retailers reported mixed performances yesterday, dragging down stocks at Macy’s (M) and Dicks Sporting Goods (DKS). Meanwhile, shares of Lowe’s (LOW) and Urban Outfitters (URBN) rose on solid performances. Reporting today is another set of retailers, including Peloton (PTON), Foot Locker (FL), and Kohl’s (KSS).
On the economic front, we will receive data on August’s S&P Global Manufacturing and Services PMIs, MBA Mortgage Applications, Build Permits, and New Home Sales.
Elsewhere, European markets are trading higher on Wednesday morning. The eurozone’s purchasing managers’ index (PMI) came in lower than expected owing to softer service activity.
Asia-Pacific Markets Finish Mixed on Wednesday
Asia-Pacific indices finished the trading session mixed on Wednesday following a slew of economic releases. Australia’s flash PMI contracted in August, while Japan’s reading showed an improvement over July. At the same time, Singapore’s core inflation grew by 3.8% in July, in line with consensus.
Hong Kong’s Hang Seng index ended higher by 0.31%, while China’s Shanghai Composite and Shenzhen Component indices ended down by 1.34% and 2.14%, respectively.
On the other hand, Japan’s Nikkei and Topix indices finished higher by 0.48% and 0.50%, respectively.
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