Last Updated 4:03PM EST
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Stock indices finished today’s rollercoaster trading session in the green. The Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) jumped 0.34%, 0.53%, and 0.94%, respectively.
The utilities sector (XLU) was the session’s laggard, as it lost 0.51%. Conversely, the technology (XLK) sector was the session’s leader, with a gain of 1.63%.
WTI crude oil gained today as it currently hovers in the mid-$75 per barrel mark.
Meanwhile, bond yields decreased, as the U.S. 10-Year Treasury yield is now hovering around 3.88%. This represents a decrease of more than four basis points from the previous close.
Similar movements can be seen with the Two-Year yield, which is now at 4.70%. As a result, the spread between the 10-Year and Two-Year U.S. Treasury yields is still negative, as it currently sits at -82 basis points.
Last Updated at 2:23PM EST
Stocks cut earlier losses to turn green as we approach the final 90 minutes of trading. As of 2:23 p.m. EST, the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) are up 0.1%, 0.3%, and 0.7%, respectively.
Last Updated at 1:09PM EST
Stocks are in the red so far in today’s trading session. As of 1:09 p.m. EST, the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) are down 0.5%, 0.3%, and 0.2%, respectively.
In addition, WTI crude oil is higher today, as it hovers around the mid-$75 per barrel range. The commodity’s overall downtrend has caused prices at the pump to decline when compared to last week.
Indeed, the national average for regular gas was last $3.393 per gallon, down from last week’s reading of $3.422. This is 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 $4.88 per gallon. On the other hand, Texas is the state with the lowest gas prices, at $2.969 per gallon.
It’ll be interesting to see if this downward 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: 11:27AM EST
Stocks are in the red after almost two hours of trading. What started as a positive note quickly soured, with the Nasdaq 100 (NDX), S&P 500 (SPX), and Dow Jones Industrial Average (DJIA) falling 0.1%, 0.1%, and 0.3%, respectively, as of 11:27 a.m. EST.
Last updated: 9:30AM EST
The major indices opened Thursday’s trading on a positive note, with the Nasdaq 100 (NDX), S&P 500 (SPX), and Dow Jones Industrial Average (DJIA) climbing 1.1%, 0.8%, and 0.4%, respectively, as of 9:30 a.m. EST.
The latest economic data released today indicated that U.S. GDP grew slower than expected in the fourth quarter at 2.7% versus estimates of 2.9% and 3.2% in the third quarter.
The slower growth was a result of a fall in consumer spending “that was partly offset by an upward revision to nonresidential fixed investment.” The personal consumption expenditures (PCE) price index increased by 3.7% versus estimates of 3.2%.
Meanwhile, the U.S. jobless claims data remained below 200,000 for the sixth straight week at 192,000, a decline of 3,000 in the week ending February 16. This was better than estimates of 200,000 and indicated that the labor market remained strong.
First published: 5:50AM EST
Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and Dow Jones Industrial Average (DJIA) are up 0.68%, 0.39%, and 0.23%, respectively, as of 4:50 a.m. EST, Thursday. Tech-laden Nasdaq index continued its upswing on better-than-expected results from chip maker Nvidia (NASDAQ:NVDA).
Traders have digested the comments from the Fed’s meeting minutes, which were released yesterday. The Fed’s tone remained hawkish, in contradiction to several traders’ hope for any signs of relaxation. The stubbornly high inflation, and the tight labor market situation, which is pushing up wages and prices, are causing concern among several Fed officials. Some officials may even push for a 50 basis point rate hike going forward. Inflation remains “well above” the targeted rate of 2%, and the Fed is going to continue increasing the rates to tame inflation.
Traders await the second estimate for the gross domestic product (GDP) figures for the fourth quarter of Fiscal 2022, which is scheduled to be released today. Also, the weekly jobless claims number will be released today, at 8:30 a.m. EST.
Further, speeches from the President of the Atlanta Federal Reserve, Raphael Bostic, and San Francisco Fed President Mary Daly may provide more insights on the future course of monetary policy.
Notable companies reporting earnings today include Chinese e-commerce giant Alibaba (NYSE:BABA), Papa John’s (NASDAQ:PZZA), Wayfair (NYSE:W), Bath & Body Works (NYSE:BBWI), Beyond Meat (NASDAQ:BYND), Warner Bros. Discovery (NASDAQ:WBD), Block (NYSE:SQ), and Carvana (NYSE:CVNA).
European indices are trading mixed following the Fed’s minutes from the recent FOMC meeting.
Asia-Pacific Markets Mixed on Fed’s Hawkish Comments
The Asia-Pacific markets ended mixed today after hearing minutes of the Fed’s meeting that pointed to the continuous interest rate hike scenario. South Korea’s Kospi closed the day in the green up 0.89% after the Bank of Korea held interest rates constant at 3.5% in tandem with expectations.
Hong Kong’s Hang Seng, China’s Shanghai Composite, and Shenzhen Component indices ended the day in the red, down 0.35%, 0.11%, and 0.31%, respectively.
Meanwhile, Japan’s indices remained closed for trading today on account of the Emperor’s birthday.
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