Last Updated 4:05 PM EST
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Stock indices finished today’s trading session slightly in the green. The Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) gained 0.12%, 0.07%, and 0.1%, respectively.
The materials sector (XLB) was the session’s laggard, as it lost 1.63%. Conversely, the technology sector (XLK) was the session’s leader, with a gain of 0.49%.
Furthermore, the U.S. 10-Year Treasury yield increased to 3.98%. Similarly, the Two-Year Treasury yield also increased, as it hovers around 4.89%. This brings the spread between them to -91 basis points.
Compared to Friday, 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 5.5% to 5.75% increased to 28.4% compared to Friday’s expectations of 25%.
In addition, the market is now also assigning a 12.8% probability to a range of 5% to 5.25%. For reference, investors had assigned a 16.4% chance Friday.
Last Updated at 2:00PM EST
Today’s stock rally is losing steam as we head into the final couple hours of today’s trading session. As of 2:00 p.m. EST, the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) are up 0.1%, 0.2%, and 0.4%, respectively.
In addition, WTI crude oil is also up today as it hovers just above $80 per barrel. Although the commodity is well off its yearly highs, 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 $3.405 per gallon, up from last week’s reading of $3.365. 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 Hawaii, where prices are substantially higher than the national average, at $4.833 per gallon. On the other hand, Mississippi is the state with the lowest gas prices, at $2.948 per gallon.
It’ll be interesting to see if this upward trend will continue going forward as the Federal Reserve looks to raise interest rates to fight inflation while oil producers lower production in order to maintain the price.
Last updated: 10:58AM EST
Stocks are in the green so far in today’s trading session. As of 10:58 a.m. EST, the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) are up 0.4%, 0.7%, and 1.3%, respectively.
On Monday, the U.S. Census Bureau released its Factory Orders report, which measures the change in the total value of new purchase orders placed with manufacturers. During January, factory orders fell by -1.6% on a month-over-month basis. This beat expectations of a -1.8% decline.
However, when excluding transportation, factory orders increased by 1.2%, which was an improvement from the previous report of -1.2%.
Last updated: 9:41AM EST
Stocks opened higher to start the week as major indices looked to extend Friday’s gains. The Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are trading higher by 0.6%, 0.3%, and 0.2%, respectively at 9:41 a.m. EST, March 6.
First published: 5:33AM EST
U.S. futures are trending lower on Monday, after starting the day in the green. Major U.S. indices finished the week in positive territory on March 3. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are trading nearly flat at 5:00 a.m. EST, March 6.
Traders are eagerly awaiting Federal Reserve Chairman Jerome Powell’s comments on March 7 and 8, at the Congressional testimony. The general market sentiment seems to be positive ahead of the comments. Markets are hoping to hear a less aggressive interest rate policy, with only a 25 basis point hike. Notably, other Fed officials will also be speaking during the week and sharing their views on future monetary policy.
Other economic events shaping this week include factory order data, February’s Nonfarm Payrolls, Labor Force Participation Rate, and Unemployment Rate. Traders surely hope that the U.S. has added fewer jobs in February, compelling the Fed to stick to a lower interest rate hike.
On the earnings front, fewer companies are reporting this week then in previous weeks. The list still includes some big names, including CrowdStrike (NASDAQ:CRWD), JD.com (NASDAQ:JD), BJ’s Wholesale (NYSE:BJ), GAP (NYSE:GPS), and Oracle (NYSE:ORCL).
Meanwhile, European indices are trading mixed today, as markets await the Fed’s latest commentary and the U.S. unemployment figures.
Asia-Pacific Markets End Mixed
Asia-Pacific markets ended the trading session mixed after the Chinese Parliament announced that it has set a growth target of 5% for 2023, which is lower than the overall expectation. Further, Premier Li Keqiang’s government set the consumer price index (CPI) target at 3% and the unemployment rate at 5.5% (for cities).
Following a volatile day, Hong Kong’s Hang Seng index closed up 0.17%, while China’s Shanghai Composite and Shenzhen Component indices closed down 0.19%, and 0.09%, respectively.
On the other hand, Japan’s indices continued to gain on the news of cooling inflation figures for February compared to the prior month. The Nikkei and Topix ended the day up 1.11% and 0.84%, respectively.
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