Last Updated 4:05 PM EST
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Stock indices finished today’s trading session in the red as bank fears returned. The Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) fell 1.01%, 1.58%, and 1.89%, respectively.
The technology sector (XLK) was the session’s laggard, as it fell 2.16%. Conversely, the utilities sector (XLU) was the session’s leader, with a loss of 0.09%.
Furthermore, the U.S. 10-Year Treasury yield decreased to 3.39%. The Two-Year Treasury yield also decreased, as it hovers around 3.92%. This brings the spread between them to -53 basis points.
Compared to yesterday, the market is pricing in a higher chance of a lower Fed Funds rate for June 2023. In fact, the market’s expectations for a rate in the range of 4.75% to 5% increased to 26% compared to yesterday’s expectations of 6.9%.
In addition, the market is now also assigning a 9.2% probability to a range of 5.25% to 5.5%. For reference, investors had assigned a 24.7% chance yesterday.
Last Updated 1:15PM EST
Today’s stock selloff continues to pick up steam in afternoon trading. As of 1:15 p.m. EST, the Dow Jones Industrial Average, the S&P 500, and the Nasdaq 100 are down 0.9%, 1.3%, and 1.4%, respectively.
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 April, consumer confidence came in at 101.3, which was lower than expectations of 104. This is also lower than last month’s reading of 104. 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 April 2022, sentiment declined by 6.72% on a year-over-year basis.
Last Updated 11:15AM EST
Stocks are under pressure so far in today’s trading session. As of 11:15 a.m. EST, the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) are down 0.1%, 0.6%, and 0.7%, respectively.
Earlier today, the Census Bureau released its United States New Home Sales data for March, which came in at 683,000. For reference, forecasters were expecting a print of 630,000. This was also higher than last month’s report of 623,000.
However, this was lower than last year’s figure of 709,000. The New Home Sales metric measures the number of single-family homes sold in the prior month (on an annualized basis).
Nevertheless, house prices saw an increase as well. Indeed, the median sales price was $449,800 in March compared to $438,200 in February, and the average sales price was $562,400, higher than the $498,700 average seen in the prior month.
Last updated: 9:30 AM EST
Stocks opened in the red on Tuesday morning as investors await earnings from tech giants like Alphabet (NASDAQ:GOOGL)(NASDAQ:GOOG) and Microsoft (NASDAQ:MSFT).
The Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are down 0.46%, 0.42%, and 0.12%, respectively, at 9:32 a.m. EST, April 25.
Meanwhile, the S&P CoreLogic Case-Shiller 20-city house price index inched up month-over-month by 0.1% in February as low inventory and rising demand pushed up home prices. Year-over-year, home prices increased by 0.4%.
First published: 5:51AM EST
U.S. futures are down on Tuesday morning as markets anticipate big tech earnings today. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are down 0.42%, 0.47%, and 0.37%, respectively, at 5:00 a.m. EST, April 25.
Tech giants Alphabet (NASDAQ:GOOGL)(NASDAQ:GOOG) and Microsoft (NASDAQ:MSFT) are set to report today after the bell. Also reporting today are automaker General Motors (NYSE:GM), fast food chain McDonalds (NYSE:MCD), beverage giant PepsiCo (NASDAQ:PEP), and credit card giant Visa (NYSE:V), as well as oil majors Enphase Energy (NASDAQ:ENPH) and Halliburton (NYSE:HAL). Traders are closely watching the results to understand consumer spending behavior. Also, management commentaries on the future expectations of the economic landscape are being gauged by markets.
Other noteworthy companies reporting this week include tech companies Meta Platforms (NASDAQ:META) and Amazon (NASDAQ:AMZN), card processor Mastercard (NYSE:MA), aircraft behemoth Boeing (NYSE:BA), as well as oil and gas majors Chevron (NYSE:CVX), and ExxonMobil (NYSE:XOM).
Importantly, the Federal Reserve is in a blackout period until they hold their Federal Open Market Committee (FOMC) meeting on May 2-3. Markets are expecting a 25 basis point rate hike in the upcoming meeting, followed by a long pause.
On the economic front, April’s consumer confidence data is set for release today. Also, traders and officials will study the economy’s health based on the U.S. GDP numbers for the first quarter and the weekly initial jobless claims to be released on April 27.
Elsewhere, European indices are trading in the red today following a slew of mixed earnings releases. UBS Group (NYSE:UBS), which has agreed to acquire beleaguered banker Credit Suisse (NYSE:CS), posted a huge decline in net profits this quarter.
Asia-Pacific Markets End Mixed
Asia-Pacific indices finished the trading session mixed today in anticipation of big tech earnings from the U.S.
Hong Kong’s Hang Seng, China’s Shanghai Composite, and Shenzhen Component indices ended the trading session down 1.71%, 0.32%, and 1.64%, respectively.
At the same time, Japanese markets bucked the trend and ended the trading session in the green. Nikkei and Topix indices ended the day up by 0.09% and 0.24%, respectively.
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