Stock indices finished today’s trading session in the red. The Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) fell 1.75%, 1.22%, and 0.83%, respectively.
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The technology sector (XLK) was the session’s laggard, as it fell 1.9%. On the other hand, the real estate sector (XLRE) was the session’s leader but still lost 0.42%.
Furthermore, the U.S. 10-Year Treasury yield increased to 4.33%, an increase of four basis points. Similarly, the Two-Year Treasury yield also increased, as it hovers around 5.03%.
Last updated: 2:44PM EST
Stocks are in the red so far in today’s trading. Earlier today, the Federal Reserve Bank of New York released its Empire State Manufacturing Index report, which measures the relative level of general business conditions in New York State based on a survey of 200 manufacturers. A level above 0.0 indicates improving conditions, and below indicates worsening conditions.
Today’s report came in at 1.9, which was a significant beat compared to expectations of -10. This follows last month’s print of -19. It’s worth noting that over the past 12 months, conditions only improved in five of those months.
Last updated: 12:00PM EST
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 2.7%, which was lower than the expected 3% and decreased compared to the previous month.
Taking a look at consumer sentiment, results came in at 67.7, which was lower than the expected 69.1. This is also a decrease compared to last month’s reading of 69.5. However, consumer expectations came in higher than expected. September saw a print of 66.3 versus the forecast of 66. This was also an increase compared to last month’s result of 65.5.
Last updated: 9:30AM EST
Stocks opened lower on Friday as auto workers went on strike, with the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) declining by 0.44%, 0.42%, and 0.11%, respectively, at 9:30 a.m. EST, September 14.
Meanwhile, industrial production climbed by 0.4% in August, which was above a rise of 0.2% expected by economists. Capacity utilization increased by 79.7% in August as compared to 79.5% in the prior month.
First published: 4:15AM EST
Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are inching higher by 0.05%, 0.14%, and 0.20%, respectively, at 4:00 a.m. EST, September 14. In the meantime, WTI crude oil futures are also climbing higher, hovering around $90.71 as of the last check.
The Producer Price Index (PPI) data rose 0.7% in August, higher than the expected growth of 0.4%. Meanwhile, core PPI (excluding food and gas) grew 0.2%, in line with expectations. The three major averages are on track to finish the trading week on a positive footing.
Major stocks received a boost from the successful IPO of Arm Holdings (ARM) on Thursday. ARM shares surged 25% on the first trading day on the Nasdaq. Arm’s listing bodes well for the tech sector companies that are aiming to list on the stock market soon. At the same time, Adobe (ADBE) stock fell 1.7% in extended trading yesterday despite beating earnings and sales estimates in Q3FY23 results.
The Big Three automakers are facing one of the most crucial moments in time. The United Auto Workers (UAW) union went on a targeted strike at some of the important plants of Ford (F), General Motors (GM), and Stellantis (STLA) due to failure to agree on a revised labor contract. Nearly 12,700 workers will strike in total at different plants. These include GM’s midsize truck and full-size van plant in Wentzville, Missouri; Ford’s Ranger midsize pickup and Bronco SUV plant in Wayne, Michigan; and Stellantis’ Jeep plant in Toledo, Ohio.
Turning to economic data, the preliminary reading on Consumer Sentiment for September is due today, as well as data on Export and Import prices and Industrial and manufacturing production reports for August will be released today.
Elsewhere, European indices are trending higher on Friday, continuing the momentum from yesterday’s trading. The European Central Bank (ECB) increased interest rates by 25 basis points yesterday. It also hinted that this could be one of the last hikes for the year, igniting a rally in European stocks.
Asia-Pacific Markets Mostly End Higher
A majority of Asia-Pacific indices finished higher on Friday following positive economic news from China. The mainland saw data on its Retail Sales and Factory Output for August come in higher than expected.
Hong Kong’s Hang Seng index ended higher by 0.98%, while China’s Shanghai Composite and Shenzhen Component indices ended lower by 0.28% and 0.52%, respectively.
Japan’s Nikkei and Topix indices finished higher by 1.10% and 0.95%, respectively. Japan’s stocks received a boost from Softbank Group’s (SFTBY) shares, which rose 3% on the successful listing of Arm Holdings on the Nasdaq yesterday.
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