Last updated: 4:20PM EST
Stocks finished near session highs today. The Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 1.79%, 1.42%, and 1%, respectively.
The healthcare sector (XLV) was the session’s laggard, gaining just 0.28%. Conversely, the real estate sector (XLRE) was the session’s leader, with a gain of 2.11%.
Furthermore, the U.S. 10-Year Treasury yield remained roughly flat at 3.57%. Similarly, the Two-Year Treasury yield also barely budged, hovering around 4.10%. This brings the spread between them to -53 basis points.
Last updated: 3:35PM EST
Stocks are near session highs in today’s trading session. As of 3:35 p.m. EST, the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up 1.8%, 1.4%, and 0.9%, respectively.
On Wednesday, the National Association of Realtors released its Pending Home Sales report, which measures the month-over-month change in the number of home sales that have yet to close but are contracted to be sold. This measure excludes homes that are newly constructed.
During February, Pending Home Sales increased by 0.8% compared to January, which was better than the expected 2.3% decrease. This is after an 8.1% increase in the previous report.
In addition, the Pending Home Sales Index came in at 83.2, which is lower than the 105.0 reading from the same time last year. This equates to an approximate decline of 20.8% on a year-over-year basis.
Last updated: 11:02AM EST
Stocks are still green on the day but are pulling back from session highs. As of 11:02 a.m. EST, the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up 0.98%, 0.8%, and 0.45%, respectively.
Last updated: 9:43AM EST
The Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up 1.31%, 1%, and 0.7%, respectively at 9:43 a.m. EST, March 29.
Meanwhile, the mortgage applications data from the Mortgage Bankers Association (MBA) indicated that while mortgage applications increased for the fourth straight week as on the week ending March 24, mortgage rates fell for the third straight week. The MBA’s Market Composite Index — a measure of mortgage loan application volume — rose 2.9% on a seasonally adjusted basis from the prior week.
First published: 5:15AM EST
U.S. futures are inching up on Wednesday morning, after finishing a volatile trading day on a negative note yesterday. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up 0.80%, 0.80%, and 0.64%, respectively at 4:30 a.m. EST, March 29.
Markets are keenly observing various speeches by Federal officials as they voice their views on the likely future of monetary policy. Today, the Fed’s Vice Chair for Supervision, Michael Barr, will speak before the House Financial Services Committee about the Fed’s actions related to the current banking crisis.
On the economic front, reports expected this week include pending home sales data and initial jobless claims for the week ending March 24.
On the earnings front, unfortunately, Micron Technology (NASDAQ:MU) missed the Street’s expectations on both the top and bottom lines. On the other hand, Lululemon Athletica (NASDAQ:LULU) posted a surprise Q4FY22 beat, pushing the shares higher in after-hours trading on March 28. Despite the strong consumer sentiment numbers, earnings releases by various companies are portraying mixed consumer buying patterns.
Elsewhere, European indices jumped on the news that Sergio Ermotti will return as CEO of UBS Group, effective April 5. Ermotti has proven his ability to navigate UBS through various challenges in the past, between 2011 and 2020, and his return has certainly put a calming emotion on the markets. He will play a crucial role at UBS, especially concerning UBS’ takeover of Credit Suisse.
Asia-Pacific Markets End in the Green
Most Asia-Pacific indices finished the trading day in the green today following a relief rally from the banking sector. At the same time, major reorganization news from Chinese tech giant Alibaba (NYSE: BABA) lifted the markets higher.
Hong Kong’s Hang Seng index ended the day higher by 2.06%, while China’s Shanghai Composite and Shenzhen Component indices ended down 0.16% and 0.27%, respectively.
Further, Japan’s Nikkei and Topix indices both finished the trading session up by 1.33% and 1.46%, respectively.
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