Last Updated 4:03 PM EST
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Stock indices finished today’s trading session mixed. The S&P 500 (SPX) and the Nasdaq 100 (NDX) fell 0.25% and 1.01%, respectively. Meanwhile, the Dow Jones Industrial Average (DJIA) gained 0.24%.
The consumer discretionary sector (XLY) was the session’s laggard, as it lost 2.04%. Conversely, the utilities sector (XLU) was the session’s leader, with a gain of 2.02%. In addition, WTI crude oil gained as it hovers around the mid-$77 per barrel range.
Furthermore, the U.S. 10-Year Treasury yield decreased to 3.3%, a decrease of more than four basis points. Similarly, the Two-Year Treasury yield also decreased, as it hovers around 3.81%.
The Atlanta Federal Reserve updated its latest GDPNow reading, which allows it to estimate GDP growth in real time. The “nowcast” becomes more accurate as more economic data is released throughout the quarter. Currently, it estimates that the economy will expand by about 1.5% in the first quarter.
This is lower than its previous estimate of 1.7%, which can be attributed to recent releases from the U.S. Census Bureau, the U.S. Bureau of Economic Analysis, and the Institute for Supply Management.
Nevertheless, inflation continues to be a problem around the world. Therefore, it’ll be interesting to see what the actual GDP growth will be and how it’ll change going forward as higher rates start to impact the economy.
Last updated: 12:40PM EST
Equity markets are mixed so far in today’s trading session. As of 12:40 p.m. EST, the S&P 500 (SPX) and the Nasdaq 100 (NDX) are down 0.6% and 1.4%, respectively. Meanwhile, the Dow Jones Industrial Average (DJIA) is up 0.1%.
Last updated: 11:08AM EST
Equity markets are mixed so far in today’s trading session. As of 11:08 a.m. EST, the S&P 500 (SPX) and the Nasdaq 100 (NDX) are down 0.5% and 1.4%, respectively. Meanwhile, the Dow Jones Industrial Average (DJIA) is up 0.1%.
On Wednesday, the Institute for Supply Management released its monthly report for the ISM Non-Manufacturing Purchasing Managers’ Index, which measures the overall economic condition of the non-manufacturing sector.
A number over 50 represents an expansion, whereas anything below 50 signals a contraction. The report came in at 51.2, worse than the expected 54.5 and lower than last month’s reading of 55.1.
It’s worth noting that this indicator has been in an overall downtrend since peaking in December 2021, when it hit a high of 69.1. If this trend continues, it might not take long before the non-manufacturing sector enters into a period of sustained contraction.
Furthermore, the ISM Non-Manufacturing Employment report came in at 51.3, which also missed expectations of 53.
Last updated: 9:53AM EST
The latest ADP jobs report indicated a weakening jobs growth market as company payrolls increased by just 145,000 for the month of March, below the consensus estimates of 210,000, and declined from 261,000 in February. This indicated that the first quarter hiring was an average of just 175,000 jobs per month, down from 216,000 at the end of the fourth quarter and a steep fall from an average of 397,000 in the first quarter of last year.
Meanwhile, the U.S. trade deficit data indicated that the trade deficit continued to widen in March to $70.5 billion, up by $1.9 billion from January and more than economists’ estimates.
The Nasdaq 100 (NDX) and S&P 500 (SPX) were down by 0.7% and 0.2%, respectively while the Dow Jones Industrial Average (DJIA) was up by 0.4% at 9:53 a.m. EST, April 5.
First published: 5:15AM EST
U.S. futures are trading lower on Wednesday morning, following the negative finish by major U.S. indices yesterday. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are down 0.20%, 0.17%, and 0.09%, respectively, at 5:15 a.m. EST, April 5.
February’s Job Openings and Labor Turnover Survey (JOLTS) report came in at 9.931 million, below the expected 10.4 million. This pushed the markets down as fears of higher unemployment rates triggered a negative sentiment. On the other hand, this also means that the Federal Reserve’s monetary policy is achieving the desired results in the job markets. At the same time, the sudden announcement by the OPEC+ alliance to cut oil production by 1.16 million barrels per day until 2023 continues to drive oil stocks.
On the economic front, March’s S&P/Markit Services PMI, February’s Factory Orders, and the widely popular Employment Report for March are due to be released this week. After a lower-than-expected jobs opening report for February, it will be interesting to see how the employment numbers for March show up.
Elsewhere, Johnson & Johnson (NYSE:JNJ) opted for bankruptcy filing and offered to pay $8.9 billion to settle all current and future talc claims. JNJ stock is up over 3% in pre-market trading as of the last check on the news.
Meanwhile, European indices are trading mixed today as traders digest the OPEC+ production cuts and reel from the two-year low U.S. job opening report. Markets remain uncertain about the future course of the economic landscape.
Asia-Pacific Markets Trade Mixed
Asia-Pacific indices finished the trading session mixed today with news of New Zealand’s central bank surprisingly raising rates by 50 basis points to curb inflation. The Chinese and Hong Kong markets remained closed today on account of a holiday.
Despite economic data suggesting that Japan’s services sector is expanding, the country’s major indices closed in negative territory. Both the Nikkei and Topix indices ended the day down by 1.68% and 1.92%, respectively.
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