Stock indices finished today’s trading session slightly in the green. The Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 0.15%, 0.07%, and 0.02%, respectively.
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The consumer discretionary sector (XLY) was the session’s laggard, as it fell 1.08%. On the other hand, the energy sector (XLE) was the session’s leader, with a gain of 0.8%.
Furthermore, the U.S. 10-Year Treasury yield slipped to 4.32%, a drop of two basis points. On the other hand, the Two-Year Treasury yield increased, as it hovers around 5.06%.
Last updated: 12:00PM EST
Equity markets are up so far in today’s trading session. On Monday, the National Association of Home Builders released its U.S. NAHB Housing Market Index for March. The report measures home builder sentiment by surveying around 900 companies. A reading above 50 indicates that more home builders have a positive view of market conditions than a negative one.
The bad news is that today’s number came in at 45, meaning that most have a negative view of the market. This print is lower than the 50 that was expected and five points lower than last month’s reading. This is due to mortgage rates that continue to hover above 7%, along with shortages of construction workers and buildable lots.
Last updated: 9:30AM EST
Stocks opened higher on Monday morning, with the Nasdaq 100 (NDX) inching by 0.05% while the S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) are up by 0.02% and 0.11%, respectively, at 9:30 a.m. EST, September 18.
First published: 4:17AM EST
U.S. Futures are inching higher on Monday morning as investors brace for the upcoming monetary policy decision. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up by 0.15%, 0.17%, and 0.14%, respectively, at 4:10 a.m. EST, September 18. In the meantime, WTI crude oil futures continue their upward trajectory, hovering around $91.62 as of the last check.
The Federal Open Market Committee’s (FOMC) two-day meeting resumes tomorrow. Fed Chair Jerome Powell will disclose the interest rate decision on September 20, followed by his speech. Traders largely expect the Fed to hold rates steady on Wednesday. However, the Fed’s tone (hawkish/dovish) for the future course will drive the markets for days to come.
The most noteworthy earnings events this week include results from FedEx (FDX), Darden Restaurants (DRI), AutoZone (AZO), General Mills (GIS), and FactSet (FDS). Meanwhile, important economic reports due this week include August’s Building Permits and Housing Starts, September’s S&P Global Manufacturing and Services PMI (preliminary), and Weekly Initial Jobless Claims.
Notably, the conflict between the Big Three automakers (Ford (F), General Motors (GM), and Stellantis (STLA)) and the United Auto Workers (UAW) union enters the fourth day of the strike today. It will be interesting to see how and when the automakers reach an amicable deal with the union and put an end to one of America’s largest union strikes.
Elsewhere, European indices are trading mixed as traders await the U.S. Fed’s interest rate decision. Last week, the European Central Bank (ECB) increased rates by 25 basis points and hinted at a possible pause in rate hikes at subsequent meetings.
Asia-Pacific Markets End Mixed on Monday
Most Asia-Pacific indices finished mixed on Monday as markets await the monetary policy decisions from central banks across the globe. Australia’s central bank will release its minutes from the September 5 policy meeting, while the Fed will give its interest rate decision on Wednesday. Also, the Bank of Japan (BOJ) will end its monetary policy meeting on Friday and the People’s Bank of China will release its prime loan rate decision on the same day. Japan’s markets remained closed for trading today.
Hong Kong’s Hang Seng index ended lower by 1.39%, while China’s Shanghai Composite and Shenzhen Component indices ended higher by 0.26% and 0.55%, respectively.
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