Last Updated: 4:01 PM EST
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Stock indices finished today’s trading session mixed. The S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) gained 0.1% and 0.3%, respectively. Meanwhile, the Nasdaq 100 (NDX) fell 0.09%.
Furthermore, the U.S. 10-Year Treasury yield increased to 3.42%, an increase of less than one basis point. Similarly, the Two-Year Treasury yield also increased, as it hovers around 4.01%.
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 2.2% in the first quarter.
This is higher than its previous estimate of 1.5%, which can be attributed to last week’s employment situation report from the U.S. Bureau of Labor Statistics and this morning’s wholesale trade report from the U.S. Census Bureau.
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: 1:50PM EST
Stocks are mixed so far in today’s trading session. As of 1:50 p.m. EST, the S&P 500 (SPX) and the Nasdaq 100 (NDX) are down 0.1% and 0.3%, respectively. Meanwhile, the Dow Jones Industrial Average (DJIA) is up 0.2%.
In addition, WTI crude oil is down as it hovers below $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 $3.604 per gallon, up from last week’s reading of $3.506. 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 $4.884 per gallon. On the other hand, Mississippi is the state with the lowest gas prices, at $3.13 per gallon.
Last updated: 11:07AM EST
Stocks remain under pressure so far in today’s trading session. As of 11:07 a.m. EST, the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) are down 0.05%, 0.5%, and 0.9%, respectively.
Last updated: 9:40AM EST
After a three-day weekend, stocks opened lower on Monday morning as with the economic data released last week, fears of a recession loomed on Wall Street.
The Nasdaq 100 (NDX) and the S&P 500 (SPX) are down 1.2% and 0.7%, respectively, while the Dow Jones Industrial Average (DJIA) is down by 0.3%, at 9;40 a.m. EST, April 10.
First published:5:49AM EST
U.S. futures are trading mixed on Monday morning as investors brace for key inflation data and the advent of the earnings season this week. Futures on the Nasdaq 100 (NDX) and the S&P 500 (SPX) are down 0.30% and 0.05%, respectively, while those on the Dow Jones Industrial Average (DJIA) are marginally up by 0.01%, at 4:00 a.m. EST, April 10.
The consumer price index (CPI) and Producer price index (PPI) data for March are scheduled for release on April 12 and 13, respectively. The CPI is an important inflationary metric for the Fed as it decides its future course of monetary policy. The inflation expectation is pegged at 5.2% for March, below February’s inflation figure of 6%. However, the expectation is far from the targeted rate of 2%, and coupled with the strength in the labor market, the Federal Reserve may decide to raise rates in the upcoming FOMC meeting in May 2023.
The employment data reported on April 7 showed that the U.S. added 236,000 jobs in March, much in line with expectations, while the unemployment rate fell to 3.5% from 3.6% in February.
Importantly, the earnings season kicks off this week with results from big banks, namely JP Morgan Chase (NYSE:JPM), Citigroup (NYSE:C), and Wells Fargo (NYSE:WFC). along with a couple of mid-sized regional banks. A retailer on the verge of bankruptcy, Bed Bath & Beyond (NASDAQ:BBBY), and one of the major four American Airlines, Delta Airlines (NYSE:DAL), are also reporting this week.
After the collapse of the Silicon Valley Bank shuttered the banking sector, it will be interesting to see how banks report their unrealized gains/losses versus their actual losses. Traders are ready to brace for the impact of the ensuing stock volatility as banks are expected to report shrinking earnings in the March quarter.
Data as per FactSet shows that analysts expect first-quarter earnings of S&P 500 companies to fall by 6.8% compared to the same quarter of last year, marking the steepest decline in profits since the onset of the pandemic in 2020.
Meanwhile, European indices remained closed for trading today as the nation observes a four-day long holiday weekend for Easter.
Asia-Pacific Markets Finish Mixed
Most Asia-Pacific indices finished the trading session mixed today as investors returned to trading after a long Easter holiday weekend. Hong Kong’s Hang Seng ended marginally near the flat line, while China’s Shanghai Composite and Shenzhen Component indices ended down by 0.37% and 1.14%, respectively.
At the same time, Japan’s Nikkei and Topix indices ended the day in the green, up 0.42% and 0.56%, respectively.
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