Last Updated 4:05 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 0.71%, 0.31%, and 0.13%, respectively.
The utilities sector (XLU) was the session’s laggard, as it lost 1.75%. Conversely, the materials sector (XLB) was the session’s leader, with a gain of 0.43%.
Furthermore, the U.S. 10-Year Treasury yield increased to 3.92%. Similarly, the Two-Year Treasury yield also increased, as it hovers around 4.81%. This brings the spread between them to -89 basis points.
Compared to yesterday, the market is pricing in a higher chance of a higher Fed Funds rate for June 2023. In fact, the market’s expectations for a rate in the range of 5.25% to 5.5% increased to 62.4% compared to yesterday’s expectations of 56.5%.
In addition, the market is now also assigning a 19.2% probability to a range of 5% to 5.25%. For reference, investors had assigned a 23.9% chance Friday.
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 Nasdaq 100 (NDX) and the S&P 500 (SPX) are up 0.5% and 0.1%, respectively. Meanwhile, the Dow Jones Industrial Average (DJIA) is down 0.4%.
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 as opposed to pessimistic ones.
For February, consumer confidence came in at 102.9, which was lower than expectations of 108.5. This is also lower than last month’s reading of 106. It’s worth noting that consumer confidence has been in an overall downtrend since its June 2021 peak of 128.9. In addition, compared to February 2022, sentiment declined by 2.65% on a year-over-year basis.
Last Updated: 12:30PM EST
Equity markets remain mixed halfway into today’s trading session. As of 12:30 p.m. EST, the Nasdaq 100 (NDX) and the S&P 500 (SPX) are up 0.3% and 0.2%, respectively. Meanwhile, the Dow Jones Industrial Average (DJIA) is down 0.4%.
Last Updated: 10:15AM EST
Equity markets are mixed so far in today’s trading session. As of 10:15 a.m. EST, the Dow Jones Industrial Average (DJIA) and the S&P 500 (SPX) are down 0.6% and 0.2%, respectively. Meanwhile, the Nasdaq 100 (NDX) is flat.
On Tuesday, Standard & Poor’s released its United States S&P/Case-Shiller House Price Index Composite – 20 n.s.a. This report measures the change in house prices in 20 metropolitan areas.
On a year-over-year basis, home prices increased 4.6% in December, lower than the expected 5.8%. This is lower than last month’s reading of 6.8%. However, prices decreased by 0.9% on a month-over-month basis. This is on top of the previous month’s decrease of 0.8% and is also the sixth straight month of declines.
However, it’s important for investors to remember that this report is for December, meaning that there is quite a substantial lag in the data. It is likely that growth will continue to decelerate as the cost of financing a home continues to rise amid high inflation.
Last Updated: 9:30AM EST
Major stocks indices opened Tuesday’s trading close to the flatline after Monday’s positive gains. The Nasdaq 100 (NDX), S&P 500 (SPX), and Dow Jones Industrial Average (DJIA) opened down 0.1%, 0.2%, and 0.2%, respectively, as of 9:30 a.m. EST, February 28.
February has been a fairly volatile month for the markets, with the Federal Reserve’s hawkish monetary policy pointing towards more pain ahead. On the other hand, stronger-than-expected earnings reports coupled with a dim outlook for the rest of 2023 from a majority of U.S. companies have kept traders on a roll.
This will be a consumer-centric week, with economic data on consumer confidence, ISM manufacturing, and S&P Case Shiller home prices index reports expected during the week.
On the earnings front, this week focuses on the reports from major retailers. Notable companies reporting today include big box retailer Target Corp. (NYSE:TGT), electric vehicle start-up Rivian Automotive (NASDAQ:RIVN), as well as travel and entertainment companies Norwegian Cruise Line Holdings (NYSE:NCLH) and AMC Entertainment (NYSE:AMC).
Other noteworthy retailers releasing results this week include Costco Wholesale (NASDAQ:COST), Lowe’s (NYSE:LOW), Kohl’s (NYSE:KSS), Best Buy (NYSE:BBY), and Macy’s (NYSE:M).
Meanwhile, all major European indices are trading in the red today, after inflation figures from France and Spain came in higher than expected, on both a monthly and annual basis.
Asia-Pacific Markets Remain Mixed on Economic Data
Asia-Pacific markets ended the trading session mixed today, following a slew of economic data across regions. Also, Hong Kong decided to drop its mask mandate effective March 1, 2023.
Hong Kong’s Hang Seng ended the day in the red, down 0.79%. Whereas, China’s Shanghai Composite and Shenzhen Component indices ended in the green, up 0.66% and 0.87%, respectively.
On the other hand, Japan’s indices closed relatively flat, with Nikkei closing up 0.08% and Topix ending up 0.02%. Japan’s factory output for January fell 4.6% over December, its worst fall in eight consecutive months.
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