Last updated: 4:10PM EST
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Stock indices finished lower in today’s trading session. The S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) fell 0.16% and 0.12%, respectively. Meanwhile, the Nasdaq 100 (NDX) fell 0.45%.
The communications sector (XLK) was the session’s laggard, as it fell 0.81%. Conversely, the energy sector (XLE) was the session’s leader, with a gain of 1.52%.
Furthermore, the U.S. 10-Year Treasury yield increased to 3.56%. Likewise, the Two-Year Treasury yield also increased, hovering around 4.07%. This brings the spread between them to -51 basis points.
Last updated: 1:30PM EST
Equity markets are now in the red this afternoon. As of 1:30 p.m. EST, the Nasdaq 100 (NDX) and the S&P 500 (SPX) are down 0.77% and 0.36%, respectively. Meanwhile, the Dow Jones Industrial Average (DJIA) is down 0.14%.
Last updated: 11:18AM EST
Stocks are still mixed so far in today’s trading session. As of 11:18 a.m. EST, the Dow Jones Industrial Average (DJIA) is up 0.16%, while the S&P 500 (SPX) and the Nasdaq 100 (NDX) are down 0.18% and 0.61%, respectively.
On Tuesday, the Conference Board released its Consumer Confidence report, which, as the name suggests, measures the consumers’ confidence in the economy. This report is believed to be a leading indicator for spending patterns, as optimistic consumers are more likely to spend than pessimistic ones.
For March, consumer confidence came in at 104.2, which was higher than expectations of 101. This is also higher than last month’s reading of 102.9. It’s worth noting that consumer confidence has been in an overall downtrend since its July 2021 peak of 129.1. Nonetheless, compared to March 2022, sentiment improved by 0.8% on a year-over-year basis.
Last updated: 9:52AM EST
U.S. markets were mixed at open with the Nasdaq 100 (NDX) down by 0.5%, while the S&P 500 (SPX) is down by 0.14% while the Dow Jones Industrial Average (DJIA) is up by 0.13%, respectively at 9:52 a.m. EST, March 28.
Meanwhile, the inventory data that came in on Tuesday morning indicated that wholesale inventories in the month of February advanced by 0.2% month-over-month to $920.3 billion in line with estimates. Inventories climbed 12.2% year-over-year in February. When it comes to retail inventories, they rose 10.8% year-over-year in February and were up 0.8% to $747.3 billion.
The S&P CoreLogic Case-Shiller Home Price Index (HPI) indicated that home prices continued to fall for the seventh straight month in January as the seasonally adjusted HPI Composite for 20 cities dropped 0.4% month-over-month versus consensus estimates of a fall of 0.5%.
First published:6:00AM EST
U.S. futures are mixed on Tuesday morning after banking concerns around the globe seem to fade away. Futures on the Nasdaq 100 (NDX) are down 0.12%, while those on the S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) are up 0.02% and 0.14%, respectively at 5:40 a.m. EST, March 28.
Markets took a breather following the news that First Citizens BancShares (NASDAQ:FCNCA) is buying a majority portion of failed bank Silicon Valley. Plus, FCNCA has the support of the Federal Deposit Insurance Corporation (FDIC) for any losses that may arise.
Moreover, positive news from companies lifted traders’ sentiment. American lifestyle clothing company PVH Corp. (NYSE:PVH) posted better-than-expected Q4FY22 results. While the ride-sharing company, Lyft (NASDAQ:LYFT) has onboarded a new CEO to navigate the company.
Also, news that the Federal authorities are willing to expand additional lending support to the banking system boosted market sentiment. Additionally, CNBC reported that deposit flows from smaller regional banks to their bigger counterparts decreased over the weekend.
Remarkably, speeches by Federal officials will take center stage this week as several officials voice their views on the likely future of monetary policy. Today, the Fed’s Vice Chair for Supervision, Michael Barr, will speak about the current banking failures and related government actions.
On the economic front, reports expected this week include personal consumption expenditures, consumer sentiment, home price data, and initial jobless claims for the week ending March 24.
Further, some of the major earnings releases expected this week include Walgreens Boot Alliance (NASDAQ:WBA) and Micron Technology (NASDAQ:MU).
Meanwhile, European indices traded in positive territory today, following traders’ optimism over easing banking concerns. UBS’ takeover of Credit Suisse averted a financial crisis in Europe. At the same time, positive affirmations about the soundness of Deutsche Bank (NYSE:DB) (DE:DBK) helped ease investors’ jitters.
Asia-Pacific Markets Finish Mixed
Asia-Pacific indices finished the trading day mixed after markets breathed a sigh of relief on fading fears of the banking crisis.
Hong Kong’s Hang Seng index ended the day higher by 1.11%, while China’s Shanghai Composite and Shenzhen Component indices ended down 0.19% and 0.87%, respectively.
Further, Japan’s Nikkei and Topix indices both finished the trading session up by 0.15% and 0.25%, respectively.
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