Last updated: 4:02PM EST
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Stock indices finished today’s trading session mixed. The Dow Jones Industrial Average (DJIA) and the S&P 500 (SPX) fell 0.68% and 0.39%, respectively. Meanwhile, the Nasdaq 100 (NDX) gained 0.64%.
The utilities sector (XLU) was the session’s laggard, as it lost 1.63%. Conversely, the technology sector (XLK) was the session’s leader, with a gain of 1.49%.
Furthermore, the U.S. 10-Year Treasury yield increased to 3.45%, an increase of more than four basis points. Conversely, the Two-Year Treasury yield decreased, as it hovers around 3.94%.
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 1.1% in the first quarter.
This is lower than its previous estimate of 2.5%, which can be attributed to recent releases from the U.S. Census Bureau and the U.S. National Association of Realtors.
Last updated: 1:25PM EST
Stocks give up some of their earlier gains in the afternoon trading session. As of 1:25 p.m. EST, the Nasdaq 100 (NDX) continues to lead the major indices with a 1.1% gain. On the other hand, the S&P 500 (SPX) is near the flatline, while the Dow Jones Industrial Average (DJIA) is down 0.3%.
Last updated: 11:15AM EST
Stock indices are mixed so far in today’s trading session. As of 11:15 a.m. EST, the Nasdaq 100 (NDX) and the S&P 500 (SPX) are up 1.3% and 0.3%, respectively. Meanwhile, the Dow Jones Industrial Average (DJIA) is down 0.1%.
Last updated: 9:35AM EST
The Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up by 0.8%, 0.2%, and 0.25%, respectively, at 9:34 a.m. EST, April 26.
Another round of economic data was released on Wednesday, which pointed towards a resilient U.S. economy as the demand for durable goods, including appliances and computers, jumped 3.2% in March to $276.4 billion and far above the 0.5% estimate from economists and an improvement from a decline of 1.2% in February.
However, the pace of orders slowed down sharply to a scant 0.3% in March, excluding automobiles and airplanes.
Meanwhile, the trade deficit contracted to 8.4% in March to a four-month low of $84.6 billion, driven by a drop in oil prices and an uptick in U.S. exports. This could give a small boost to the United States Gross Domestic Product (GDP) in Q1. Goods exports rose 2.9% to $172.7 billion in March, while imports fell by 1% to $257.3 billion. However, wholesale inventories inched up by 0.1% in March.
First published: 5:52AM EST
U.S. futures are up on Wednesday morning, following earnings beats from tech majors Alphabet (NASDAQ:GOOGL)(NASDAQ:GOOG) and Microsoft (NASDAQ:MSFT). Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up 1.24%, 0.41%, and 0.11%, respectively, at 5:15 a.m. EST, April 26.
Shares of Alphabet jumped in after-hours trading yesterday on solid earnings and revenue beats, and the company also authorized a share buyback plan of up to $70 billion. Similarly, Microsoft beat expectations on both the top and bottom lines for its Q3FY23 results posted yesterday. At the same time, card processor Visa (NYSE:V) posted a handy fiscal second quarter beat driven by a boom in travel.
Traders will be glued to the screens to watch Meta Platforms (NASDAQ:META) and online portal eBay (NASDAQ:EBAY) report today after the bell. Also, aircraft behemoth Boeing (NYSE:BA) and Hilton Worldwide (NYSE:HLT) will report before the bell. Meanwhile, tech giant Amazon (NASDAQ:AMZN) is set to post its quarterly results tomorrow after the bell.
Furthermore, traders eagerly await the Federal Reserve’s decision on rate hikes during the upcoming FOMC meeting to be held on May 2-3. The Fed will be closely watching the Personal Consumption Expenditures (PCE) Price Index numbers to be released on April 28 as they decide on monetary policy. The U.S. GDP numbers for the first quarter and the weekly initial jobless claims will be released on April 27.
Elsewhere, European indices are trading in a negative zone today as traders fret over the health of the banking sector. Shares of American bank First Republic (NYSE:FRC) tanked yesterday after it reported that about $72 billion worth of deposits exited the bank during the recent banking crisis. The concern about deposit flight has put its existence at risk, and traders fear a similar fate for other smaller regional banks.
Asia-Pacific Markets End Mixed
Asia-Pacific indices finished the trading session mixed today, following the rising concerns of the U.S. banking sector.
Hong Kong’s Hang Seng ended the trading session up by 0.71%, while China’s Shanghai Composite and Shenzhen Component indices ended the day in the red, down 0.02%, and 0.14%, respectively.
At the same time, Japan’s Nikkei and Topix indices ended the day down by 0.71% and 0.89%, respectively.
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