Last Updated 4:03 PM EST
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 (NDX) gained 0.43%, 0.57%, and 0.91%, respectively.
The financial sector (XLF) was the session’s laggard, as it fell 0.22%. Conversely, the real estate sector (XLRE) was the session’s leader, with a gain of 1.32%.
Furthermore, the U.S. 10-Year Treasury yield decreased to 3.55%. Similarly, the Two-Year Treasury yield also decreased, as it hovers around 4.1%. This brings the spread between them to -55 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 4.75% to 5% decreased to 51.4% compared to yesterday’s expectations of 58.5%.
In addition, the market is now also assigning a 46.4% probability to a range of 5% to 5.25%. For reference, investors had assigned a 38.7% chance yesterday.
Last Updated at 1:54PM EST
Stocks are in the green heading into the final couple hours of today’s trading session but have pulled back from intraday highs. As of 1:54 p.m. EST, the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) are up 0.03%, 0.2%, and 0.5%, respectively.
In addition, WTI crude oil is also up today as it hovers around $74 per barrel. Although the commodity is well off its 52-week high, its recent uptrend has led to prices at the pump gaining upward momentum across the country.
Indeed, the national average for regular gas was last $3.488 per gallon, up from last week’s reading of $3.438. Still, this remains significantly lower than the all-time high of $5.016 per gallon on June 14, 2022.
The highest prices can be found in California, where prices are substantially higher than the national average, at $4.826 per gallon. On the other hand, Mississippi is the state with the lowest gas prices, at $3.018 per gallon.
Last updated: 11:30 AM EST
Stocks are in the green so far in today’s trading session. As of 11:30 a.m. EST, the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) are up 0.2%, 0.5%, and 0.8%, respectively.
Last updated: 9:32 AM EST
Stocks edged higher on Thursday as the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up 0.8%, 0.7%, and 0.52%, respectively, at 9:32 a.m. EST, March 30.
The U.S. jobless claims data from the Labor Department indicated that jobless claims came in at 198,000 for the week ended March 25, up by 7,000 from the week prior and higher than the estimate of 195,000. This higher-than-expected number indicated that companies were slow to lay off workers even as economists expect that the unemployment rate will continue to rise to 4.5% this year from the current 3.6%.
The Gross Domestic Product (GDP) data from the Commerce Department indicated that the economy grew at 2.6% on an annualized basis in Q4, below the prior estimate of 2.7%. This slowdown was primarily due to downward revisions in consumer spending and exports.
First published: 5:53AM EST
U.S. futures are trending higher on Thursday morning, as markets move past the negative sentiments from the banking crisis. Also, traders are optimistic about economic recovery since the Federal Reserve has hinted at a pause in rate hikes.
Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up 0.24%, 0.39%, and 0.44%, respectively, at 5:00 a.m. EST, March 30.
Speeches by a few Fed officials will mark the day’s trading sentiment. Speaking today will be Boston Fed President Susan Collins, Richmond Fed President Thomas Barkin, and Minneapolis Fed President Neel Kashkari. Although the speeches resonate with a similar mildly hawkish tone to that given during the last FOMC meeting, traders still look for any new signs of optimism in them.
Notably, gold has remained a safe-haven asset for investors during tumultuous times. The yellow metal topped the $ 2,000 mark last week when the banking crisis was at its peak. As per a CNBC report, gold witnessed $1.26 billion worth of mutual fund and exchange-traded fund investments during the week ending March 22, 2023. But as the fears of a banking fiasco take a back seat, the precious metal may witness outflows, followed by a sharp reversal in price.
On the economic front, the weekly jobless claims will be released today, as well as the gross domestic product.
Elsewhere, European indices are also trading higher today as fears of a widespread banking contagion ease. Europe’s markets are also optimistic about the return of Sergio Ermotti to lead UBS Group, effective April 5.
Asia-Pacific Markets Ended Mixed
Asia-Pacific indices finished the trading session mixed today following a relief rally from the banking sector. At the same time, major reorganization news from Chinese tech giant Alibaba (NYSE: BABA) continues to stir the markets, with more updates given at an investor conference on March 29.
Hong Kong’s Hang Seng index, China’s Shanghai Composite, and Shenzhen Component indices ended the day marginally higher by 0.58%, 0.65%, and 0.35%, respectively.
Further, Japan’s Nikkei and Topix indices both finished the trading session down by 0.36% and 0.61%, respectively.
Interested in more economic insights? Tune in to our LIVE webinar.