Last Updated 4:01 PM EST
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Stock indices finished today’s trading session in the green. The Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) gained 0.01%, 0.36%, and 0.74%, respectively.
The energy sector (XLE) was the session’s laggard, as it fell 1.51%. Conversely, the communications sector (XLC) was the session’s leader, with a gain of 1.27%.
Furthermore, the U.S. 10-Year Treasury yield decreased to 3.3%. However, the Two-Year Treasury yield increased, as it hovers around 3.83%. This brings the spread between them to -53 basis points.
Compared to yesterday, the market is pricing in a higher chance of a higher Fed Funds rate for June 2023. In fact, the market’s expectations for a rate in the range of 4.75% to 5% decreased to 47.8% compared to yesterday’s expectations of 54%.
In addition, the market is now also assigning a 44.1% probability to a range of 5% to 5.25%. For reference, investors had assigned a 34.7% chance yesterday.
Last updated: 2:10PM EST
Stocks are up so far in today’s trading session. As of 2:10 p.m. EST, the S&P 500 (SPX) and the Nasdaq 100 (NDX) are up 0.3% and 0.8%, respectively. On the other hand, the Dow Jones Industrial Average (DJIA) is flat.
In addition, WTI crude oil is also up today as it hovers above $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 $3.553 per gallon, up from last week’s reading of $3.488. 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 California, where prices are substantially higher than the national average, at $4.851 per gallon. On the other hand, Mississippi is the state with the lowest gas prices, at $3.082 per gallon.
Last updated: 12:02PM EST
The Nasdaq 100 (NDX) is in the green halfway into today’s trading session after starting the day off in the red, along with the S&P 500 (SPX). Meanwhile, the Dow Jones Industrial Average (DJIA) remains negative but is trending toward the flatline. As of 12:02 p.m. EST, the former are up 0.5% and 0.2%, respectively, while the latter is down 0.1%.
Last updated: 11:20AM EST
Stocks are down so far in today’s trading session. As of 11:20 a.m. EST, the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) are down 0.3%, 0.2%, and 0.1%, respectively.
Last updated: 9:39AM EST
The latest jobless claims data for the week ending April 1 indicated that new jobless claims dropped to 228,000 from a revised 246,000 in the prior week and higher than the 200,000 that economists were expecting. The jobless claims data exceeded the 200,000 level for the ninth week in a row, fueling fears of a recession as this indicated that the labor market could be under pressure.
The Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were all down 0.64%, 0.4%, and 0.25%, respectively, at 9:39 a.m. EST, April 6.
First published: 6:11AM EST
U.S. futures are trading lower on Thursday morning, following the weak jobs data and investors’ concern about the growing probability of a recession. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are down 0.12%, 0.02%, and 0.01%, respectively, at 4:30 a.m. EST, April 6.
Markets are digesting the weak economic datasets released over the past two days. The ISM Non-Manufacturing Purchasing Managers’ Index released yesterday showed a sharp decline in the services sector, at 51.2, lower than the expected 54.5, indicating a contraction in the sector. Also, U.S. ADP private payrolls grew a modest 145,000 in March, way lower than the expected 210,000, indicating a slowdown in the economy. Similarly, the JOLTS jobs opening report for February, released on April 4, came in below 10 million for the first time in two years.
The Federal Reserve is burdened with the challenging task of taming inflation while also ensuring that the monetary policy does not cause extreme pain to the economy. Traders worry that the declining job market data are indicative of future pain in the labor market, with global layoffs making daily news headlines. Today, the weekly initial jobless claims data will be released, giving more cues into the health of the labor market. Although the markets remain closed for Good Friday on April 7, the data on non-farm payrolls, the unemployment rate, and hourly wages will be released tomorrow.
Meanwhile, European indices also traded mixed today owing to the economic uncertainty surrounding the global markets.
Asia-Pacific Markets End in the Red
Most Asia-Pacific indices finished the trading session in negative territory today, following a weak ADP private payroll report from the U.S. Elsewhere, the Reserve Bank of India (RBI) left the benchmark interest rate unchanged at 6.50%, against the wider expectation of a 25 basis point hike.
Hong Kong’s Hang Seng and China’s Shanghai Composite indices ended marginally near the flat line, while the Shenzhen Component index closed 0.35% today.
At the same time, Japan’s Nikkei and Topix indices ended the day down by 1.10% and 0.91%, respectively.
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