Last Updated 4:05 PM EST
Stock indices finished today’s trading session mixed. The Dow Jones Industrial Average (DJIA) and the S&P 500 (SPX) gained 0.98% and 0.37%, respectively. Meanwhile, the Nasdaq 100 (NDX) fell 0.25.
Furthermore, the U.S. 10-Year Treasury yield decreased to 3.42%, a decrease of more than five basis points. Similarly, the Two-Year Treasury yield also decreased, as it hovers around 3.97%.
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 first quarter.
This is lower than its previous estimate of 2.5%, which can be attributed to this morning’s construction spending release from the U.S. Census Bureau and the Manufacturing ISM Report from the Institute for Supply Management.
Last Updated 2:30PM EST
Stocks are mixed heading into the final 90 minutes of today’s trading session. As of 2:30 p.m. EST, the Dow Jones Industrial Average is up 0.8%. On the other hand, the S&P 500 is flat, while the Nasdaq 100 is down 0.9%.
In addition, WTI crude oil is up considerably today as it hovers above $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 $3.506 per gallon, up from last week’s reading of $3.439. 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 $4.83 per gallon. On the other hand, Mississippi is the state with the lowest gas prices, at $3.022 per gallon.
Last Updated 11:50AM EST
Stock indices are mixed as we head toward the halfway point of today’s trading session. As of 11:50 a.m. EST, the Dow Jones Industrial Average is up 0.6%, as it’s being aided by Chevron’s (NYSE:CVX) impressive performance so far. On the other hand, the S&P 500 and the Nasdaq 100 are down 0.1% and 0.9%, respectively, which can be attributed to technology stocks.
Earlier today, the Institute for Supply Management released its monthly report for the ISM Manufacturing Purchasing Managers’ Index, which measures the month-over-month change in production levels. A number over 50 represents an expansion, whereas anything below 50 means a contraction. The report came in at 46.3, which was lower than the expected 47.5.
This indicator is lower than last month’s reading of 47.7. As a result, it’s in an overall decline and has been slowly downtrending ever since its peak in April 2021, when it hit a high of 64.7. Indeed, this is the fifth consecutive month where manufacturing has contracted.
Last Updated: 9:30AM EST
U.S. Stock indices are mixed on Monday morning, following the unexpected oil output cuts by the OPEC+ alliance announced on April 2. This week will be largely marked by the scattered speeches by Federal officials as markets try to gauge the future of monetary policy from their views.
The Nasdaq 100 (NDX) and S&P 500 (SPX) are down 0.7% and 0.2%, respectively, while the Dow Jones Industrial Average (DJIA) is up 0.3% at 9:30 a.m. EST, April 3.
Importantly, numerous economic data points are expected this week. These include March’s S&P/Markit Manufacturing Purchasing Managers’ Index (PMI) and Services PMI, February’s Factory Orders, and the widely popular Employment Report for March. If the employment numbers come in higher than expected, it may trigger the Federal Reserve to push for larger rate hikes in the future. On the other hand, if the employment numbers show weakness, it may push the Fed to reconsider its tightening monetary policy.
Elsewhere, European indices are mostly trading higher in mid-day trading, propelled by a rally in oil and gas stocks. The OPEC+ decision to cut production by one million barrels per day until the end of 2023 lifted the stocks higher. Meanwhile, UBS Group AG (NYSE:UBS) is expected to cut roughly 36,000 jobs worldwide after completing the acquisition of the troubled bank Credit Suisse, as per various reports. UBS stock is down 4.3% in pre-market trading at the time of this writing.
Asia-Pacific Markets End in Green
Asia-Pacific indices finished the trading session in the green today, following the OPEC+ announcement. Hong Kong’s Hang Seng index, China’s Shanghai Composite, and Shenzhen Component indices ended the day up 0.04%, 0.72%, and 1.46%, respectively.
Further, Japan’s Nikkei and Topix indices both finished the trading session down by 0.52% and 0.71%, respectively.
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