Last Updated 4:05 PM EST
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Stock indices finished today’s trading session mixed, as the S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) fell 0.17% and 0.66%, respectively. Meanwhile, the Nasdaq 100 (NDX) gained 0.31%.
The energy sector (XLE) was the session’s laggard, as it fell 1.17%. Conversely, the communications sector (XLC) was the session’s leader, with a gain of 0.97%.
Furthermore, the U.S. 10-Year Treasury yield decreased to 3.38%. The Two-Year Treasury yield also decreased, as it hovers around 3.89%. This brings the spread between them to -51 basis points.
Compared to yesterday, the market is pricing in a higher chance of a higher Fed Funds rate for December 2023. In fact, the market’s expectations for a rate in the range of 4.25% to 4.5% decreased to 48% compared to yesterday’s expectations of 52%.
In addition, the market is now also assigning a 22% probability to a range of 4.5% to 4.75%. For reference, investors had assigned a 19% chance yesterday.
Last updated: 1:30PM EST
Stock indices are mixed so far in today’s trading session. At the time of writing, the S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) were down 0.3% and 0.8%, respectively. Meanwhile, the Nasdaq 100 (NDX) was up 0.3%.
Furthermore, WTI crude oil dipped today as it hovers around the lower-$71 per barrel range. This general downward trend has led to a decrease in gasoline prices when compared to last week. In fact, the latest national average for regular gas sits at $3.539 per gallon, a drop from the previous week’s figure of $3.574.
California currently experiences the highest gas prices, significantly above the national average at $4.811 per gallon. In contrast, Mississippi boasts the lowest gas prices in the country, at just $2.99 per gallon.
Last updated: 11:10AM EST
Stock indices are mixed so far in today’s trading session. At the time of writing, the S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) were down 0.4% and 0.8%, respectively. Meanwhile, the Nasdaq 100 (NDX) managed to turn positive, as it’s up 0.1%.
Last updated: 8:30AM EST
Futures on the Nasdaq 100 (NDX), S&P 500 (SPX) were up by 0.24% and by 0.01%, respectively while the Dow Jones Industrial Average (DJIA) was down by 0.3% at 8:35 a.m. EST, May 11.
April wholesale inflation data indicated that Producer Price Index (PPI) was cooler than expected as it advanced 0.2% in April below economists’ prediction of a monthly rise of 0.3%. On an unadjusted basis, the index for final demand was up 2.3% year-over-year versus forecasts of 2.4%. Core PPI (excluding food, energy, and trade services) rose 0.2% in April versus an increase of 0.1% in March and is in line with expectations. On an annual basis, core PPI increased by 3.4% year-over-year versus estimates of 3.3%.
Meanwhile, jobless claims data for the week ending May 6 indicated that initial jobless claims went up by 22,000 to 264,000. This was the highest reading since October 2021.
First published: 5:18 AM EST
U.S. Futures are in the green this morning with April’s annual consumer price index (CPI) number coming in lower than expected at 4.9%. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up 0.35%,0.36%, and 0.19%, respectively, at 4:30 a.m. EST, May 11.
The year-over-year rise in inflation was the smallest annual increase in the last two years. Having said that, the monthly CPI increase of 0.4% was a sharp rise from the increase of 0.1% month-over-month in March. Meanwhile, the core CPI (excluding food and energy) rose by 0.4% in April, the same as in March, or 5.5% year-over-year.
Importantly, the current inflation figure is still a far cry from the Fed’s targeted 2% range. The Fed will continue to closely monitor the inflation and labor market scenario before deciding on the rate pause in June.
Today, traders await the Producer Price Index (PPI) figures and the weekly initial jobless claims data to gauge the strength of the labor market. On the other hand, as the date of the U.S. Debt ceiling draws near, markets grow more worried as no decision has yet been taken by the government to increase the limit.
On the earnings front, shares of entertainment giant Walt Disney (NYSE:DIS) are trading down in pre-market today as the company’s Q2FY23 earnings failed to impress. Although Disney managed to trim losses at its streaming division by raising subscription prices and cost-cutting drives, investors were disappointed with the sharp drop in subscribers in the quarter.
Further, Chinese e-commerce giant JD.com (NASDAQ:JD) is scheduled to report Q1FY23 earnings today before the bell.
Elsewhere, most European indices are trading in positive territory today, following signs of cooling inflation in the U.S. Additionally, traders await the Bank of England’s interest rate decision due today, with an expectation of a 25 basis point hike.
Asia-Pacific Markets End Mixed
Asia-Pacific indices ended the trading session mixed today. While the U.S. inflation print came in lower, China too recorded a slowing inflation rate of 0.1% in April, against expectations of 0.4%.
Hong Kong’s Hang Seng and China’s Shanghai Composite and Shenzhen Component indices ended the trading session down by 0.09%, 0.29%, and 0.14%, respectively.
At the same time, Japan’s Nikkei closed marginally down by 0.01% while the Topix index ended the trading session up by 0.14%.
Interested in more economic insights? Tune in to our LIVE webinar.
