Last Updated 4:05 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 0.17% and 0.6%, respectively. Meanwhile, the Nasdaq 100 (NDX) fell 0.74%.
The technology sector (XLK) was the session’s laggard, as it fell 0.79%. Conversely, the energy sector (XLE) was the session’s leader, with a gain of 2.11%.
Furthermore, the U.S. 10-Year Treasury yield increased to 3.54%. Similarly, the Two-Year Treasury yield also increased, as it hovers around 4.02%. This brings the spread between them to -48 basis points.
Compared to Friday, 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 4.5% to 4.75% decreased to 5.3% compared to Friday’s expectations of 24.7%.
In addition, the market is now also assigning a 39.3% probability to a range of 5% to 5.25%. For reference, investors had assigned a 11.8% chance yesterday.
Last Updated at 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 S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) are up 0.5% and 0.8%, respectively. Meanwhile, the Nasdaq 100 (NDX) is down 0.4%.
In addition, WTI crude oil is higher today, as it hovers around the high-$72 per barrel range. Nevertheless, the commodity’s overall downtrend has caused prices at the pump to decline when compared to last week.
Indeed, the national average for regular gas was last $3.439 per gallon, down from last week’s reading of $3.443. This is 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 $4.822 per gallon. On the other hand, Texas is the state with the lowest gas prices, at $2.985 per gallon.
It’ll be interesting to see if this downward trend will continue going forward as the Federal Reserve looks to raise interest rates to fight inflation while oil producers lower production in order to maintain the price.
Last update: 11:36 AM EST
Stock indices are mixed so far in today’s trading session. As of 11:36 a.m. EST, the S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) are up 0.2% and 0.5%, respectively. Meanwhile, the Nasdaq 100 (NDX) is down 0.4%.
Last update: 9:30 AM EST
Stocks are in the green to open the trading week on Monday morning after news of First Citizens’ (NASDAQ:FCNCA) takeover of most of failed Silicon Valley Bank quelled investors.
The Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up 0.3%, 0.6%, and 0.7%, respectively at 9:30 a.m. EST, March 27. Traders are fueled with optimism this week as they digest the Fed’s 25 basis point hike and wait for the current rate hike cycle to pause soon.
Markets are applauding the steps taken by central banks and regulators around the world to curb the banking crisis. The U.S. also announced that it is planning to expand its lending facility to support the banking system as a whole, and troubled bank First Republic (NYSE:FRC), in particular. On a positive note, CNBC reported that the deposit flows from smaller regional banks to their bigger counterparts have reduced over the weekend.
Several Federal officials are slated to make speeches this week, starting with Fed Gov. Philip Jefferson of Dallas. On the economic front, reports expected this week include retail inventory data, home sales data, and initial jobless claims for the week ending March 24.
Further, some of the major earnings releases expected this week include those from cruise liner Carnival Corp. (NYSE:CCL), Lululemon Athletica (NASDAQ:LULU), Walgreens Boot Alliance (NASDAQ:WBA), and Micron Technology (NASDAQ:MU).
Meanwhile, shares of German lender Deutsche Bank (NYSE:DB) (DE:DBK) pulled up a majority of European stock indices on Monday. DBK stock is up 4.5% at the last check, while the DB shares on the New York Stock Exchange (NYSE) are up 3.4% in pre-market trading at the time of writing.
The cost of insurance against Deutsche Bank’s credit default swaps soared on March 23, sparking a sell-off in its shares. To pacify traders’ concerns, German chancellor Olaf Scholz said on Friday that Deutsche Bank is “fundamentally modernized” and “very profitable.”
Asia-Pacific Markets End Mixed
Asia-Pacific markets traded mixed today as traders reassessed the risk of bank failures in the U.S. and Europe, and pondered if the end to the contagion was truly near.
Hong Kong’s Hang Seng and China’s Shanghai Composite indices ended the day lower by 1.75% and 0.44%, respectively, while the Shenzhen Component ended up 0.19%.
Further, Japan’s Nikkei and Topix indices both finished the trading session up by 0.33%.
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