Last Updated: 4:05PM EST
Stock indices finished today’s trading session in the red. The Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) fell 0.77%, 1.3%, and 2.09%, respectively.
The energy sector was the session’s laggard, as it lost 2.24%. Conversely, the consumer staples sector was the only sector in finished up, with a gain of 0.14%.
Meanwhile, bond yields increased, as the U.S. 10-Year Treasury yield is now hovering around 3.55%. This represents an increase of more than four basis points from the previous close.
Similar movements can be seen with the Two-Year yield, which is now at 4.24%. As a result, the spread between the 10-Year and Two-Year U.S. Treasury yields is still negative, as it currently sits at -69 basis points.
Last Updated: 2:21PM EST
The downward on stocks continues to accelerate as we head into the later stages of today’s trading session. As of 2:21 p.m. EST, the Dow Jones Industrial Average, the S&P 500, and the Nasdaq 100 are down 0.5%, 1%, and 1.7%, respectively.
In addition, WTI crude oil is down today as it hovers below $80 per barrel. Although the commodity is well off its yearly highs, 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 $3.508 per gallon, up from last week’s reading of $3.423. Still, this remains significantly lower than the all-time high of $5.016 per gallon on June 14, 2022.
The highest prices can be found in Hawaii, where prices are substantially higher than the national average, at $4.932 per gallon. On the other hand, Texas is the state with the lowest gas prices, at $3.126 per gallon.
It’ll be interesting to see if this upward trend will continue going forward as the Federal Reserve looks to raise interest rates to fight inflation while oil producers lower production in order to maintain the price.
Last updated: 11:20AM EST
Stock indices continue to fall in today’s trading session as we head into the late stages of the morning portion. As of 11:20 a.m. EST, the Dow Jones Industrial Average (DJIA) remained flat, while the S&P 500 (SPX) and the Nasdaq 100 (NDX) retreated 0.5% and 1.3%, respectively.
Last updated: 9:47AM EST
Stocks opened in the red at the start of the week as investors braced for a possible interest rate hike ahead of the Federal Reserve meeting this week and another round of key earnings.
The Dow Jones Industrial Average (DJIA) fell 0.04% while the S&P 500 (SPX) inched down 0.4%, as of 9:47 a.m. EST, Monday. Meanwhile, the Nasdaq 100 (NDX) retreated 0.9%.
First published: 6:49AM EST
Stock futures fell Monday morning ahead of an action-packed week of key earnings and the Federal Reserve’s next round of interest rate decisions.
Futures on the Dow Jones Industrial Average (DJIA) fell 0.08% while those on the S&P 500 (SPX) inched down 0.30%, as of 6:49 a.m. EST, Monday. Meanwhile, the Nasdaq 100 (NDX) futures retreated 0.53%.
Coming off a week in the green, Wall Street is looking forward to the next two-day Federal Open Market Committee (FOMC) meeting, which will commence on January 31. The Fed is expected to announce a 25 basis point hike on short-term borrowing rates on February 1. The market is likely to be volatile this week, in the hours leading up to the meeting and beyond.
Moreover, traders will also be busy this week with earnings results reported by some big names such as McDonald’s (NYSE:MCD), General Motors (NYSE:GM), Apple (NASDAQ:AAPL), Meta (NASDAQ:META), Amazon (NASDAQ:AMZN), and Alphabet (NASDAQ:GOOGL). All eyes will be on the outlook provided by the companies to better understand how the coming few months stand to look like.
On Friday, the S&P 500 ended 0.25% higher for the day, while the Dow and the Nasdaq 100 clinched gains of 0.08% and 0.96% respectively. However, with so much lined up this week, it will be interesting to see whether the rally can be sustained.
Another important market-moving event that is scheduled to take place this week is the OPEC+ meeting which is to be held virtually on February 1.
Over the weekend, China, the biggest importer of crude, announced that it will begin efforts toward consumption recovery that will improve fuel demand. However, global producers are not expected to make any changes to output and this likelihood kept oil stock prices low on Monday, despite an initial rally on the China news.
Thus, any surprise in the OPEC meeting is likely to sway the energy sector to either end of the pendulum.
Asia-Pacific Low Despite Mainland China’s Gains
Asia-Pacific markets were pressed on Monday as shares of conglomerate Adani Group remained on the roller coaster after refuting embezzlement and fraud claims from short seller firm Hindenburg. India’s Nifty 50 Index was running losses of 0.3%.
Japan’s Nikkei 225 gained 0.2% while South Korea’s Kospi and Kosdaq dipped 1.26% and 0.38% respectively.
Meanwhile, Hong Kong’s Hang Seng index traded 2.37% lower as property and technology stocks tumbled.
However, Chinese markets are headed for a bull run, as the largest listed stocks in Mainland China touched 20% in collective gains since their October lows. The Shenzhen Component climbed 1% while the Shanghai Composite gained 0.42%.
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