Last Updated 4:05 PM EST
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Stock indices finished today’s trading session in the green. The Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (DJIA) gained 0.78%, 1.29%, and 2.12%, respectively.
The consumer staples sector was the session’s laggard, as it lost 0.42%. Conversely, the energy sector was the session’s leader, with a gain of 3.2%. In addition, WTI crude oil gained as it hovers around the low-$77 per barrel range.
Furthermore, the U.S. 10-Year Treasury yield increased to 3.68%, an increase of more than three basis points. Similarly, the Three-Month Treasury yield also increased, as it hovers around 4.7%.
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 2.1% in the first quarter.
This is higher than its previous estimate of 0.7%, which can be attributed to recent releases from the U.S. Census Bureau, the Institute for Supply Management, the U.S. Bureau of Labor Statistics, and the U.S. Bureau of Economic Analysis.
Nevertheless, inflation continues to be a problem around the world. Therefore, it’ll be interesting to see what the actual GDP growth will be and how it’ll change going forward as higher rates start to impact the economy.
Last updated: 2:25PM EST
Stocks continue to alternate between gains and losses following the widely anticipated speech from Jerome Powell. Investors appeared to be enthusiastic about his remarks pertaining to inflation, especially when Powell noted that we are beginning to see inflation improve even as the labor market remains strong. Nevertheless, the bears made a comeback before retreating again to make way for the bulls. As of 2:25 p.m. EST, the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up 1.1%, 0.6%, and 0.2%, respectively.
Last updated: 11:00AM EST
Stocks remained mixed after 90 minutes of trading. As of 11:00 a.m. EST, the Nasdaq 100 (NDX) was up by 0.1%, while the S&P 500 (SPX) and Dow Jones Industrial Average (DJIA) were down by 0.2% and 0.4%, respectively.
Last updated: 9:39AM EST
Stocks were mixed at open on Tuesday as investors await Powell’s speech. The Nasdaq 100 (NDX) was up by 0.02%, while the S&P 500 (SPX) and Dow Jones Industrial Average (DJIA) were down by 0.2% and 0.3%, respectively at 9:39AM EST.
First published: 5:50AM EST
Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and Dow Jones Industrial Average (DJIA) are mixed ahead of trading on Tuesday. While the futures on the NDX and SPX were up 0.3% and 0.1% respectively, the futures on the DJIA were down 0.2%.
Investors eagerly await Federal Reserve Chairman Jerome Powell’s speech before the Economic Club of Washington today. Markets are hoping for any indications of the future interest rate trajectory after last Friday’s jobs report came in significantly better than anticipated. The hawkish tone of Powell’s comments will direct the market’s momentum in the days to follow.
Three other major economic events that will shape this week’s investor sentiment include the United States Consumer Credit report on February 7, U.S. Initial Jobless Claims on February 9, and the University of Michigan Preliminary Consumer Sentiment Index on February 10.
Turning towards the earnings season, social media stock Pinterest (NYSE:PINS) cratered in after-hours trading yesterday after missing analysts’ estimates for Q4FY22. On the other hand, Chegg (NYSE:CHGG) posted better-than-expected results, but its weak outlook made it plunge in post-market trading as well.
Other major companies reporting this week include Chipotle Mexican Grill (CMG), Royal Caribbean (NYSE:RCL), The Walt Disney Co. (DIS), PepsiCo (PEP), Uber (UBER), and AbbVie (ABBV).
European indices remained mixed in midday trading. This morning, oil major BP (NYSE:BP)(GB:BP) reported record annual profits and boosted shareholder returns by increasing dividends and announcing a share buyback plan.
Asia-Pacific Markets Remain Volatile
Indices in the Asia-Pacific markets remained volatile on Tuesday.
Hong Kong’s Hang Seng, Mainland China’s Shanghai Composite, and Shenzhen Component indices closed up 0.36%, 0.29%, and 0.36%, respectively. Meanwhile, the Hang Seng Tech Index gained 1.40%, boosted by Chinese tech giant Baidu’s (NASDAQ: BIDU) announcement of a ChatGPT-style Bot debut in March.
At the same time, both of Japan’s major indices remained mixed, with Japan’s Nikkei 225 ending marginally down 0.03% and the Topix closing up 0.21%.
Indian indices remained volatile as investors await the 25-basis point interest rate hike tomorrow by the Reserve Bank of India (RBI). Markets are expecting the RBI to pause the rate hikes following tomorrow’s meeting.
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