Last Updated 4:05 PM EST
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Stock indices finished today’s trading session mixed. The Dow Jones Industrial Average (DJIA) gained 0.39%, while the S&P 500 (SPX) and the Nasdaq 100 (NDX) fell 0.28% and 0.68%, respectively.
The energy sector (XLE) was the session’s laggard, as it lost 3.55%. Conversely, the consumer staples sector (XLP) was the session’s leader, with a gain of 1.28%.
Furthermore, the U.S. 10-Year Treasury yield decreased to 3.82%. The Two-Year Treasury yield also decreased, as it hovers around 4.62%. This brings the spread between them to -80 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 53% compared to yesterday’s expectations of 44.9%.
In addition, the market is now also assigning a 34.1% probability to a range of 5% to 5.25%. For reference, investors had assigned a 40.2% chance yesterday.
Last updated: 1:54PM EST
Indices remain under pressure as we head into the final couple hours of today’s trading session. Inflation is proving to be more stubborn than many were hoping for, and investors are not happy. As of 1:54 p.m. EST, the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) are down 0.1%, 0.9%, and 1.4%, respectively.
Last updated: 11:20AM EST
Indices remain in the red so far in today’s trading session. As of 11:20 a.m. EST, the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) are down 0.3%, 0.9%, and 1.3%, respectively.
In addition, WTI crude oil is lower today, as it hovers around the mid-$76 per barrel range. The commodity’s recent downtrend has caused prices at the pump to decline when compared to last week.
Indeed, the national average for regular gas was last $3.421 per gallon, down from last week’s reading of $3.431. 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 $4.882 per gallon. On the other hand, Texas is the state with the lowest gas prices, at $3.025 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: 9:34AM EST
Stocks opened in the red on Friday morning amid rising concerns about stubborn inflation.
The Nasdaq 100 (NDX), S&P 500 (SPX), and Dow Jones Industrial Average (DJIA) are down 0.55%, 0.5%, and 0.24%, respectively, as of 9:34 a.m. EST, Friday.
First published: 5:21AM EST
U.S. stock futures are inching down today after the wholesale prices for January came in higher than expected, adding to persistent inflation concerns. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and Dow Jones Industrial Average (DJIA) are down 0.89%, 0.68%, and 0.48%, respectively, as of 4:30 a.m. EST, Friday.
January’s producer price index figure came in at 0.7%, against the expected 0.4% increase. Moreover, the weekly jobless claims reported an unexpected decline of 1,000 and reached 194,000.
Notably, equity markets witnessed a steep fall in indices yesterday after hearing comments from St. Louis Federal Reserve President James Bullard. He stated that to curb inflation to the targeted 2%, he will be pushing for a 50 basis point interest rate increase in the March meeting.
The Federal Reserve is tasked with the crucial issue of taming persistently rising inflation. The latest slew of economic data, including the increasing consumer price index, growing producer price index, rising retail sales numbers, and growing consumer confidence, are all aggravating the problem.
Most of the European indices are also trading in the red today following growing concerns about inflation worldwide and the Fed’s monetary policy outlook.
Asia-Pacific Markets End in Red
Asia-Pacific market indices also ended the trading session in the red today, on worries about rising inflation. Hong Kong’s Hang Seng, China’s Shanghai Composite, and Shenzhen Component indices closed down 1.28%, 0.77%, and 1.20%, respectively.
Similarly, Japan’s Nikkei and Topix ended the day down 0.66% and 0.46%, respectively.
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