Last Updated: 4:00 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 0.42%, 0.21%, and 0.23%, respectively.
Furthermore, the U.S. 10-Year Treasury yield increased to 3.52%, an increase of more than six basis points. Similarly, the Two-Year Treasury yield also increased, as it hovers around 4.09%.
The Atlanta Federal Reserve updated its latest GDPNow reading, which allows it to estimate GDP growth in real time. The “nowcast” becomes more accurate as more economic data is released throughout the quarter. Currently, it estimates that the economy will expand by about 2.5% in the first quarter.
This is higher than its previous estimate of 2.2%, which can be attributed to recent releases from the U.S. Bureau of Labor Statistics, the U.S. Census Bureau, the U.S. Department of the Treasury’s Bureau of the Fiscal Service, and the Federal Reserve Board of Governors.
Last updated: 2:10PM EST
Stock indices remain in the red as we enter the closing stages of this week’s trading. As of 2:10 p.m. EST, the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) are down 0.6%, 0.5%, and 0.7%, respectively.
On Friday, the University of Michigan released its preliminary results on consumer inflation expectations over the next five years. Consumers now expect inflation to be 2.9%, which was higher than expected and remained flat compared to the previous month.
Taking a look at consumer sentiment, results came in at 63.5, which was higher than the expected 62. This is an increase compared to last month’s reading of 62. In addition, consumer expectations were higher than expected. April saw a print of 60.3 versus the forecast of 60. This was also an increase compared to last month’s result of 59.2.
It’s likely that hints of easing inflation have positively impacted how consumers feel about the economy. Nevertheless, it’ll be interesting to see if consumers remain positive going forward.
Last updated: 11:10AM EST
Stock indices are in the red so far in today’s trading session. As of 11:10 a.m. EST, the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) are down 0.5%, 0.3%, and 0.4%, respectively.
The Federal Reserve released its U.S. Industrial Production report, which measures the change in the total value of output produced by manufacturers, utilities, and mines. These figures are adjusted for inflation.
For March, industrial production increased by 4% on a month-over-month basis. This was better than the 0.2% that was expected and an improvement from the previous month’s report of 0.2%.
When looking at the year-over-year number, it increased by 0.53%. This was lower than last month’s reading of 0.95%. Overall, growth has been trending lower after hitting its peak of 7.51% in February 2022.
Last updated: 9:48AM EST
U.S. markets opened higher on Friday as investors digested the earnings of big banks including JP Morgan and Wells Fargo. Meanwhile, the retail sales data indicated that the retail sector continues to feel the heat of a tough macroeconomic environment as sales dropped by 1% month-over-month in March, worse than economists’ forecasts of a 0.4% decline.
The Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up 0.1%, 0.3%, and 0.1%, respectively, at 9:48 a.m. EST, April 14.
First published: 5:37AM EST
U.S. stock futures are trending lower on Friday as traders are gearing up for the first-quarter earnings reports of major banks. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were down 0.25%, 0.16%, and 0.27%, respectively, at 5:36 a.m. EST, April 14.
The three major indices ended Thursday on a strong note as the U.S. Producer Price Index for March indicated further signs of cooling inflation. The Producer Price Index fell 0.5% month-over-month in March, while experts projected the key indicator to remain flat.
On Friday, all eyes will be on the earnings of big banks – JPMorgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC), and Citigroup (NYSE:C). Investors will especially focus on the commentary of the CEOs of the leading U.S. banks about the current macro environment, the banking crisis, and their outlook for the year ahead. This week, the Federal Reserve cautioned about the possibility of the recent banking crisis pushing the U.S. economy into a recession.
As per a Bloomberg report, analysts estimate that deposits at JPMorgan Chase, Wells Fargo, and Bank of America (NYSE:BAC) fell by $521 billion compared to a year ago, marking the biggest decline in a decade. The estimate includes a $61 billion drop in the first quarter.
Coming to key economic releases, U.S. retail sales, import price index, industrial production, and consumer sentiment are some of the key reports lined up for Friday. According to Trading Economics, the consensus estimate of experts reflects a 0.4% month-over-month decline in March U.S. retail sales, as macro challenges continue to impact consumer spending.
Meanwhile, European indices trended higher on Friday, thanks to the favorable data on U.S. inflation.
Asia-Pacific Markets Closed Higher
Cooling inflation numbers in the U.S. also helped Asia-Pacific indices end today’s trading session in the green.
Hong Kong’s Hang Seng closed 0.46% higher, while China’s Shanghai Composite and the Shenzhen Component Indices were up 0.60% and 0.51%, respectively.
At the same time, Japan’s Nikkei and Topix indices rose 1.20% and 0.54%, respectively.
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