Last Updated 4:05PM 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 (NDX) gained 1.17%, 1.61%, and 2.04%, respectively.
The consumer staples sector (XLP) was the session’s laggard, as it gained 0.06%. Conversely, the communications sector (XLC) and the consumer discretionary sector (XLY) were the session’s leaders, with gains of 2.15%.
WTI crude oil also jumped today as it currently hovers in the mid-$79 per barrel mark.
Meanwhile, bond yields decreased, as the U.S. 10-Year Treasury yield is now hovering around 3.96%. This represents a decrease of more than 10 basis points from the previous close.
Similar movements can be seen with the Two-Year yield, which is now at 4.86%. As a result, the spread between the 10-Year and Two-Year U.S. Treasury yields is still negative, as it currently sits at -90 basis points.
Last Updated 2:00PM EST
The positive momentum seen in today’s trading session has accelerated as we head into the final couple hours of the week. 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 0.8%, 1.3%, and 1.7%, respectively.
Last Updated 11:15AM EST
Equity markets are in the green so far in today’s trading session. As of 11:15 a.m. EST, the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) are up 0.4%, 0.8%, and 1.1%, respectively.
On Friday, the Institute for Supply Management released its monthly report for the ISM Non-Manufacturing Purchasing Managers’ Index, which measures the overall economic condition of the non-manufacturing sector.
A number over 50 represents an expansion, whereas anything below 50 signals a contraction. The report came in at 55.1, better than the expected 54.5 but slightly lower than last month’s reading of 55.2.
It’s worth noting that this indicator has been in an overall downtrend since peaking in December 2021, when it hit a high of 69.1. If this trend continues, it might not take long before the non-manufacturing sector enters into a period of sustained contraction.
Last Updated 9:32AM EST
Despite mixed comments from the Fed, indices are beginning the day’s session on a positive note. The Dow Jones Industrial Average (DJIA), Nasdaq 100 (NDX), and S&P 500 (SPX) are trending up 0.23%, 0.46%, and 0.39%, respectively, at 9:32 a.m. EST, March 3.
Markets are spooked by the mixed comments from Federal officials. On one hand, the Atlanta Federal Reserve President Raphael Bostic reassured a potential 25 basis point hike going forward. On the other, Fed Governor Christopher J. Waller suggested the need for a higher interest rate hike should inflation remain persistently high. Waller cited the strong jobs report coupled with high consumer price index (CPI) reading and personal consumption expenditure (PCE) report as reasons for his solid hawkish tone.
Initial jobless claims for the week ending February 18, reported yesterday, also came in lower than expected at 190,000 versus a consensus of 195,000. Economic data expected today is the ISM’s Non-Manufacturing Purchasing Managers’ Index (PMI). Also, traders keenly await further commentary from central bank officials today, on their view of monetary policy.
Meanwhile, European indices pushed higher today, after traders digested the hotter-than-expected headline inflation reading for the eurozone. However, the reading did ease to 8.5% from 8.6%. Also, the European Central Bank President reaffirmed a 50 basis point hike to reach the targeted 2% inflation rate.
Asia-Pacific Markets Ended in the Green
A majority of Asia-Pacific markets ended the trading session in positive territory on reports that China’s services sector showed an increase in activity. As per the Caixin/S&P Global services purchasing manager’s index, February’s figures rose to 55 from a 52.9 reading in January.
Hong Kong’s Hang Seng and China’s Shanghai Composite indices closed up 0.68% and 0.54%, respectively. While the Shenzhen Component index remained marginally below the flatline.
Concurrently, Japan’s indices received a boost from the cooling inflation figures of February compared to the prior month. Nikkei and Topix ended the day up 1.56% and 1.25%, respectively.
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