Last Updated 4:00 PM EST
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Stock indices finished today’s trading session mixed. Nasdaq 100 (NDX) fell 0.24%, while the S&P 500 (SPX) and Dow Jones Industrial Average (DJIA) gained 0.09% and 0.2%, respectively.
The technology sector (XLK) was the session’s laggard, as it fell 0.43%. Conversely, the energy sector (XLE) was the session’s leader, with a gain of 1.51%.
Furthermore, the U.S. 10-Year Treasury yield decreased to 3.51%. The Two-Year Treasury yield also decreased, as it hovers around 4.14%. This brings the spread between them to -63 basis points.
Compared to Friday, 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 5% to 5.25% decreased to 67.9% compared to Friday’s expectations of 68.6%.
In addition, the market is now also assigning a 26% probability to a range of 5.25% to 5.5%. For reference, investors had assigned a 23.4% chance Friday.
Last updated: 1:50PM EST
The Nasdaq 100 (NDX) remains under pressure so far in today’s trading session. At the time of writing, it’s down 0.5%, while the S&P 500 (SPX) and Dow Jones Industrial Average (DJIA) are near the flatline.
In addition, WTI crude oil is up today as it hovers around $79 per barrel. Following oil’s recent pullback, the price of gasoline has decreased slightly on a week-over-week basis.
Indeed, the national average for regular gas was last $3.667 per gallon, down from last week’s reading of $3.673. 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 $4.896 per gallon. On the other hand, Mississippi is the state with the lowest gas prices, at $3.139 per gallon.
Last updated: 11:00AM EST
The Nasdaq 100 (NDX) is down 0.5% at the time of writing as investors try to prepare themselves for tech earnings. Meanwhile, the S&P 500 (SPX) is down 0.1%, whereas the Dow Jones Industrial Average (DJIA) is close to the flatline.
Last updated: 9:34AM EST
Stocks were mixed at open at the start of the week as investors look forward to the earnings of tech heavyweights later this week.
The Nasdaq 100 (NDX) dipped by 0.01% while the S&P 500 (SPX) and Dow Jones Industrial Average (DJIA) inched up by 0.06% and 0.04%, respectively, at 9:34 a.m. EST, April 24.
First published: 5:40AM EST
U.S. futures are in the red on Monday morning as traders gear up for the big tech earnings scheduled for the week. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and Dow Jones Industrial Average (DJIA) are down 0.43%, 0.40%, and 0.32%, respectively, at 4:30 a.m. EST, April 24.
Mega technology giants, including Alphabet (NASDAQ:GOOGL)(NASDAQ:GOOG), Microsoft (NASDAQ:MSFT), Meta Platforms (NASDAQ:META), and Amazon (NASDAQ:AMZN) are set to report their quarterly earnings this week. Although the stock prices of tech companies have recovered during 2023, macroeconomic headwinds, including inflation, interest rates, and moderation in IT and advertising spending, could affect the results to a certain extent.
Other notable earnings this week include beverage giants Coca-Cola (NYSE:KO) and PepsiCo (NASDAQ:PEP), credit card giants Visa (NYSE:V) and Mastercard (NYSE:MA), automaker General Motors (NYSE:GM), aircraft behemoth Boeing (NYSE:BA), as well as a few oil and gas majors, including Enphase Energy (NASDAQ:ENPH), Halliburton (NYSE:HAL), Chevron (NYSE:CVX), and ExxonMobil (NYSE:XOM).
The slew of earnings releases will put investors under pressure to invest emotionally. The results so far have posted a higher number of earnings beats than misses. Meanwhile, the Federal Reserve is in a blackout period starting this week until they hold their Federal Open Market Committee (FOMC) meeting on May 2-3. Markets baked in a 25 basis point rate hike in May, followed by a long pause.
On the economic front, the U.S. GDP numbers for the first quarter of 2023 will be released on April 27. Also, traders and officials will be closely monitoring the weekly initial jobless claims to be reported on Thursday and April’s consumer confidence data set for release on April 25.
Elsewhere, European indices are trading in negative territory today as the earnings season takes full effect. Swiss lender Credit Suisse (NYSE:CS) reported its last earnings results as an independent company, clocking over $68 billion of asset outflows in March. The failed banker is due to be acquired by larger rival UBS Group (NYSE:UBS), which is set to report its Q1FY23 results on April 25.
Asia-Pacific Markets End in the Red
Most Asia-Pacific indices finished the trading session in the red today, following a mixed bag of earnings results from companies worldwide.
Hong Kong’s Hang Seng, China’s Shanghai Composite, and Shenzhen Component indices ended the trading session down 0.58%, 0.78%, and 0.76%, respectively.
At the same time, Japan’s Nikkei and Topix indices ended the day in the green, up by 0.10% and 0.11%, respectively. Following Japan’s core inflation figure for March of 3.1%, markets are now looking forward to the Bank of Japan’s monetary policy meeting due this week.
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