Stock Market News Today: Stocks Rally to End Week with a Bang

Last Updated 4:00 PM EST

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 0.81%, 0.83%, and 0.65%, respectively.

The utilities sector (XLU) was the session’s laggard, as it lost 0.14%. Conversely, the energy sector (XLE) was the session’s leader, with a gain of 1.55%.

Furthermore, the U.S. 10-Year Treasury yield decreased to 3.42%, a drop of more than 10 basis points. Similarly, the Two-Year Treasury yield also fell, as it hovers around 4.04%.

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 1.7% in the second quarter. Since this is the first estimate for the new quarter, it’ll likely change going forward.

Last Updated: 2:00PM EST

Stocks remain in the green as we head into the final couple of hours of the trading week. As of 2:00 p.m. EST, the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) are up 0.6%, 0.6%, and 0.3%, respectively.

Last Updated: 12:05PM EST

Stock indices turned green after starting the day in the red. As of 12:05 p.m. EST, the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) are up 0.6%, 0.6%, and 0.2%, respectively.

On Friday, the University of Michigan released its results on consumer inflation expectations over the next five years. Consumers now expect inflation to be 3%, which is an increase when compared to the previous month.

Taking a look at consumer sentiment, results came in at 63.5, which was as expected and flat month-over-month. However, consumer expectations were lower than expected. April saw a print of 60.5 versus the forecast of 61.8. Nevertheless, this was an increase compared to last month’s result of 60.3.

Last Updated: 11:13 AM EST

Equity markets are mixed so far in today’s trading session. As of 11:13 a.m. EST, the Dow Jones Industrial Average (DJIA) and the S&P 500 (SPX) are up 0.4% and 0.2%, respectively. Meanwhile, the Nasdaq 100 (NDX) is down 0.3%.

Earlier today, the United States Chicago Purchasing Managers Index was released by ISM-Chicago, which measures the economic health of the manufacturing sector in Chicago. An expansion is defined by a number that is greater than 50, whereas a reading that is lower is considered a contraction.

In April, the number came in at 48.6, which was higher than the expected 43.5 from forecasters and an increase from last month’s report of 43.8. It’s worth noting that the Chicago PMI is in an overall downtrend since peaking at 75.2 back in May 2021. In addition, this marks the eighth consecutive month that the manufacturing sector in Chicago has contracted.

Last updated: 9:30AM EST

The Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were all down by 0.17%, 0.1%, and 0.2%, respectively, at 9:30 a.m. EST, April 28.

The latest economic data indicated that even after the Fed has been hiking interest rates for the past year, inflation continues to remain high. The personal consumption expenditures (PCE) price index, excluding food and energy, was up by 0.3% in March, in line with economists’ expectations. However, on an annual basis, core PCE increased by 4.6%, higher than the expectation of a rise of 4.5%, down from 4.7% in February but still far above the Fed’s inflation target of 2%.

Headline inflation was up by just 0.1% in March, equating to an annual increase of 4.2% but down sharply from 5.1% in February but still came in the hotter-than-expected estimate of 4.1%

First published: 5:38AM EST

U.S. futures are trending down on Friday morning as traders assess the mixed results from corporate America amid weak economic data. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were down 0.24%, 0.31%, and 0.35%, respectively, at 4:30 a.m. EST, April 28.

Shares of e-commerce behemoth Amazon (NASDAQ:AMZN) slipped in after-hours trading yesterday, despite reporting a quarterly beat and a decent outlook for Q2. Similarly, shares of social media company Pinterest (NASDAQ:PINS) plunged despite reporting winning earnings and revenue figures. At the same time, Snap’s (NASDAQ:SNAP) stock tanked on a Q1FY23 revenue miss and soft internal guidance for revenue. Also, shares of chip maker Intel (NASDAQ:INTC) sank despite beating estimates on both the top and bottom lines but failing to meet analysts’ guidance.

On the economic front, the real gross domestic product (GDP) numbers for the first quarter of 2023 increased at an annual rate of 1.1%, slower than the real GDP growth of 2.6% registered in the prior quarter. Also, initial jobless claims reported yesterday fell by 16,000 to 230,000 instead of the expected increase.

Meanwhile, the Personal Consumption Expenditures (PCE) Price Index also came in higher than expected at 4.2%. Excluding food and energy, core PCE increased 4.9%, higher than the prior reading of 4.4%. Fed officials consider the PCE to be a better gauge of inflation. The strength in the labor market and mixed set of economic data blur any expectations for the Fed’s next rate hike decision.

Elsewhere, European indices are trading in a negative zone today following mixed earnings releases and the slow growth for Q1 reported in the U.S. Traders are also awaiting the eurozone GDP figures and the rate hike decision from the European Central Bank next week.

Asia-Pacific Markets End Higher

Asia-Pacific indices finished the trading session in the positive zone today after the Bank of Japan kept its interest rates unchanged, as expected. This was the first monetary policy meeting under the leadership of new Governor Kazuo Ueda.

Hong Kong’s Hang Seng and China’s Shanghai Composite and Shenzhen Component indices ended the trading session up by 0.27%, 1.14%, and 1.57%, respectively.  

At the same time, Japan’s Nikkei and Topix indices ended the day up by 1.40% and 1.23%, respectively.

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