Last Updated 4:00 PM EST
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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 0.32%, 0.59%, and 0.78%, respectively.
The consumer discretionary sector (XLY) was the session’s laggard, as it fell 1.55%. Conversely, the consumer staples sector (XLP) was the session’s leader, with a gain of 0.24%.
Furthermore, the U.S. 10-Year Treasury yield decreased to 3.55%. The Two-Year Treasury yield also decreased, as it hovers around 4.16%. This brings the spread between them to -61 basis points.
Compared to yesterday, the market is pricing in a higher chance of a lower Fed Funds rate for June 2023. In fact, the market’s expectations for a rate in the range of 5% to 5.25% increased to 63.7% compared to yesterday’s expectations of 59%.
In addition, the market is now also assigning a 24.8% probability to a range of 5.25% to 5.5%. For reference, investors had assigned a 30.4% chance yesterday.
Last Updated: 3:30PM EST
Stocks are gaining downward momentum as we head into the final 30 minutes of trading. As of 3:30 p.m. EST, the Dow Jones Industrial Average (DJIA), the Nasdaq 100 (NDX), and the S&P 500 (SPX) are down 0.5%, 1%, and 0.8%, respectively.
Last Updated: 1:07PM EST
Stock indices have cut their earlier losses in the early afternoon as they trend towards the flatline. As of 1:07 p.m. EST, the Dow Jones Industrial Average (DJIA) and the S&P 500 (SPX) are down 0.1% and 0.2%, respectively. Meanwhile, the Nasdaq 100 (NDX) is flat.
On Thursday, the National Association of Realtors released its U.S. Existing Home Sales report, which measures the change in sales of existing residential buildings during the previous month on an annualized basis. Existing home sales came in at 4.44 million for the month of March, below the expected 4.5 million.
As a result, existing home sales decreased month-over-month by -2.4% after a -13.8% decline in February. On a year-over-year basis, sales fell by -22.8%.
Last updated: 10:00 AM EST
Stock indices are in the red as investors assess the mixed earnings reports of companies. As of 10:00 a.m. EST, the Nasdaq 100 (NDX) is down 0.7% due to lackluster results by Tesla (NASDAQ:TSLA). Meanwhile, The S&P 500 (SPX) is down 0.6%, and the Dow Jones Industrial Average (DJIA) is down 0.5%.
The initial jobless claims data released on Thursday indicated that jobless claims rose higher than expected to 245,000 in the week ending April 15 versus consensus estimates of 242,000. Continuing jobless claims came in at 1.865 million versus 1.8 million in the prior week.
First published: 5:46AM EST
U.S. futures are down on Thursday morning as investors digest the mixed set of corporate earnings releases. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are down 1.09%, 0.78%, and 0.50%, respectively, at 5:00 a.m. EST, April 20.
Traders are reacting negatively to the mixed bag of earnings, with the surprisingly weak Q1FY23 results posted by electric vehicle maker Tesla (NASDAQ:TSLA) pushing the stock down yesterday. At the same time, shares of financial giant Morgan Stanley (NYSE:MS) fell despite reporting a Q1 beat on both the top and bottom lines. On the other hand, shares of International Business Machines (NYSE:IBM) rose despite the company missing sales expectations.
Reporting today are telecom giant AT&T (NYSE:T), semiconductor player Taiwan Semi (NYSE:TSM), investment company Blackstone (NYSE:BX), and a slew of regional banks, including Comerica (NYSE:CMA), which was much talked about during the recent banking crisis.
Turning to the economic indicators, the initial weekly jobless claims will be released today, as well as the existing home sales data. The Fed keenly watches the jobless claims data to gauge the strength of the employment sector. Additionally, a few important Federal officials are set to speak today about the state of the U.S. economy and share their thoughts on the probable course of monetary policy. Today’s list of speakers includes Federal Reserve Governor Christopher Waller, Atlanta Fed President Raphael Bostic, and Cleveland Fed President Loretta Mester.
Elsewhere, European indices are in the red today, dragged down by the Auto sector. Weaker-than-expected results by Tesla and the CEO’s push to sacrifice margins at the cost of boosting deliveries sparked a negative reaction in Europe’s auto stocks.
Asia-Pacific Markets End Mixed
Asia-Pacific indices finished the trading session mixed today, following mixed earnings releases from corporate America and news that Japan’s trade deficit hit a record of 21.7 trillion yen for the year ending March 31, 2023.
Hong Kong’s Hang Seng ended up 0.14%, while China’s Shanghai Composite ended the day down 0.09%, and the Shenzhen Component Index ended the trading session up 0.11%.
At the same time, Japan’s Nikkei closed up by 0.18% and the Topix index ended the day in the red, down by 0.03%.
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