Stock indices finished today’s trading session mixed. Indeed, the Nasdaq 100 (NDX) gained 0.11%, while the S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) fell 0.42% and 0.56%, respectively.
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The materials sector (XLB) was the session’s laggard, as it fell 1.83%. Conversely, the energy sector (XLE) was the session’s leader, with a gain of 0.54%.
Furthermore, the U.S. 10-Year Treasury yield saw a slight increase to 4.19%, a one basis point jump. Similarly, the Two-Year Treasury yield was also little changed, as it hovers around 4.88%.
Last updated: 2:37PM EST
Stocks are mixed so far in today’s trading session. In addition, WTI crude oil is up today as it hovers above $86 per barrel. Interestingly, its recent uptrend has not led to prices at the pump gaining upward momentum across the country.
Indeed, the national average for regular gas was last $3.811 per gallon, down from last week’s reading of $3.823. The highest prices can be found in California, where prices are substantially higher than the national average, at $5.326 per gallon. On the other hand, Mississippi is the state with the lowest gas prices, at $3.286 per gallon.
Last updated: 11:52AM EST
On Tuesday, the U.S. Census Bureau released its Factory Orders report, which measures the change in the total value of new purchase orders placed with manufacturers. During July, factory orders decreased by 2.1% on a month-over-month basis. This beat expectations of a 2.5% drop.
However, when excluding transportation, factory orders increased by 0.8%, which was an improvement from the previous report of 0.3%
Last updated: 9:30AM EST
Stocks were mixed at open after the Labor Day weekend, with the Nasdaq 100 (NDX) and the S&P 500 (SPX) down by 0.36% and 0.15%, respectively, while the Dow Jones Industrial Average (DJIA) was down by 0.06% at 9:30 a.m. EST, September 5.
Meanwhile, Federal Reserve Governor Christopher Waller has been forceful about the Central Bank raising interest rates to bring down inflation. Waller stated on Tuesday that the recent economic data suggests that “There is nothing that is saying we need to do anything imminent, anytime soon, so we can just sit there [and] wait for the data.”
Amidst this economic turmoil, Goldman Sachs Chief Economist Jan Hatzius seems convinced that the chances of the U.S. economy going into a recession over the next year have fallen to 15%. Hatzius has kept his baseline U.S. GDP forecast at 2% through to the end of next year.
The economist commented that while there are “fundamental reasons to expect a deceleration in [the fourth quarter], including the resumption of student loan payments and a near-term hit to housing from the recent increase in mortgage rates…But we expect the slowdown to be shallow and short-lived.”
First published: 4:32AM EST
U.S. Futures are down on Tuesday morning, beginning the short trading week on a negative footing. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are down by 0.34%, 0.35%, and 0.32%, respectively, at 4:00 a.m. EST, September 5.
Traders are bracing for a tough September after witnessing mixed trading sessions throughout August. Investors seem to be booking profits after the AI-fueled rally lifted overall stock market sentiment worldwide in the first six months of 2023. Importantly, markets await the Federal Reserve’s FOMC meeting, scheduled for September 19-20. A weakening labor market is lifting investors’ hopes that the Fed could pause rates at the upcoming meeting.
This Thursday, traders will keenly listen as several Federal Reserve officials share their views on the state of the economy and the future course of monetary policy. With fewer earnings releases and economic reports scheduled, we expect relatively lower volatility in the markets this week.
Notable companies reporting earnings today include cybersecurity firm Zscaler (ZS), and technology firms Gitlab (GTLB) and Asana (ASAN). Further, July’s Factory Orders data will also be published today.
Elsewhere, European indices are trading in the red today, following European Central Bank (ECB) President Christine Lagarde’s speech yesterday. Lagarde noted that central banks worldwide need to be razor-focused on achieving their targeted inflation rates, with economic factors showing mixed signs of improvement.
Asia-Pacific Markets Ended Mixed on Tuesday
Asia-Pacific indices ended mixed on Tuesday, following some economic releases from across the nations. Australia’s central bank held rates steady at 4.1%, in line with expectations. Meanwhile, purchasing managers’ index readings from China, India, and Hong Kong kept investors jittery.
Hong Kong’s Hang Seng index and China’s Shanghai Composite and Shenzhen Component indices closed lower by 2.06%, 0.71%, and 0.67%, respectively.
On the contrary, Japan’s Nikkei and Topix indices finished higher by 0.30% and 0.17%, respectively.
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