Last Updated: 4:00PM EST
Stock indices finished today’s trading session mixed. The S&P 500 (SPX) and the Nasdaq 100 (NDX) gained 1.47% and 3.56%, respectively. However, the Dow Jones Industrial Average (DJIA) fell 0.12%.
The energy sector was the session’s laggard, as it lost 2.27%. Conversely, the communications sector was the session’s leader, with a gain of 6.51%.
WTI crude oil fell today, as it currently hovers right below the $80 per barrel mark.
Meanwhile, bond yields decreased, as the U.S. 10-Year Treasury yield is now hovering around 3.41%. This represents a decrease of more than one basis point from the previous close.
Similar movements can be seen with the Two-Year yield, which is now at 4.1%. As a result, the spread between the 10-Year and Two-Year U.S. Treasury yields is still negative, as it currently sits at -69 basis points.
Last Updated: 2:15PM EST
Stocks indices remained mixed in today’s trading session. As of 2:15 p.m. EST, the S&P 500 (SPX) and the Nasdaq 100 (NDX) are up 1.3% and 3.4%, respectively. However, the Dow Jones Industrial Average (DJIA) is down 0.4%.
In addition, WTI crude oil is lower today, as it hovers around the mid-$76 per barrel range. The commodity’s recent weakness has caused prices at the pump to decline when compared to last week.
Indeed, the national average for regular gas was last $3.498 per gallon, down from last week’s reading of $3.502. 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 Hawaii, where prices are substantially higher than the national average, at $4.935 per gallon. On the other hand, Texas is the state with the lowest gas prices, at $3.125 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 updated: 11:21AM EST
Stocks continue to gain momentum as we head into the halfway point of today’s trading session. As of 11:21 p.m. EST, the S&P 500 (SPX) and the Nasdaq 100 (NDX) are up 1.4% and 3.1%, respectively. However, the Dow Jones Industrial Average (DJIA) is down 0.3%.
Last updated: 9:49AM EST
The Nasdaq 100 (NDX) is surging by more than 2.3% at the open, propelled by better-than-expected revenues posted by Meta Platforms (NASDAQ:META) and an unexpected $40 billion stock buyback announcement.
Meanwhile, the S&P 500 (SPX) is up 1%, and the Dow Jones Industrial Average (DJIA) inched down 0.6% as of 9:49 a.m. EST, Thursday.
The initial jobless claims data indicated that jobless claims fell unexpectedly by 3,000 to 183,000 in the week ending January 28- a nine-month low even as corporate layoffs continue. This was better than the consensus expectations of 195,000.
Traders will also be watching for earnings from three American tech giants, Amazon (NASDAQ:AMZN), Alphabet (NASDAQ:GOOGL), and Apple (NASDAQ:AAPL), all of which will report after the market closes today. Also reporting today are bellwethers of the auto and quick service restaurant sectors: Ford Motor Company (NYSE:F) and Starbucks (NASDAQ:SBUX). Following Meta’s rally, investors will be glued to the news to hear what the management of these companies foresees for 2023.
Further, investors will be looking for more indications from economic data on jobless claims, productivity, labor costs, and factory order reporting today.
Investors jumped on the buying opportunity when markets dipped immediately following the conclusion of the FOMC meeting yesterday, pushing the stocks higher at the end of the trading day. As per experts, markets have absorbed and focused only on key phrases from the Fed that were positive and pushed the U.S. indices higher. Although Powell has hinted at somewhat easing inflation, the FOMC has pushed for “ongoing increases in the target range” to curb inflation at 2%.
Remarkably, European markets opened higher today as investors await the decision on an interest rate hike by the European Central Bank (ECB) and the Bank of England (BOE) to be announced today.
Asia-Pacific Markets Remain Volatile
Asia-Pacific markets witnessed a volatile day, with a majority of indices ending the day in the green, following the enthusiasm in the U.S. markets. Importantly, the Hong Kong Monetary Authority (HKMA) increased the interest rate by 25 basis points to 5.00%, this morning.
Hong Kong’s Hang Seng index closed down 0.52% after beginning the day on a high note. Meanwhile, Mainland China’s Shanghai Composite ended modestly up at 0.02%, and Shenzhen Component closed up 0.08%.
Japan’s Nikkei 225 gained 0.20%, while Topix ended the day down 0.36%.
In the Indian counterpart, India’s Nifty 50 Index fell drastically in the morning trade following a plunge in Adani Group stocks owing to Hindenburg’s report. Also, the company withdrew its follow-on public offering of $2.5 billion. The index ended the day flat, down 0.03%.
Interested in more economic insights? Tune in to our LIVE webinar.
