Last Updated 4:05 PM 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 0.23%, 0.29%, and 1.29%, respectively.
The energy sector (XLE) was the session’s laggard, as it fell 1.41%. Conversely, the communication sector (XLC) was the session’s leader, with a gain of 1.66%.
Furthermore, the U.S. 10-Year Treasury yield decreased to 3.38%. Similarly, the Two-Year Treasury yield also increased, as it hovers around 3.78%. This brings the spread between them to -40 basis points.
Compared to yesterday, the market is pricing in a higher chance of a lower Fed Funds rate for June 2023. In fact, the market’s expectations for a rate in the range of 4.5% to 4.75% increased to 33.6% compared to yesterday’s expectations of 14.4%.
In addition, the market is now also assigning a 16.2% probability to a range of 5% to 5.25%. For reference, investors had assigned a 35.5% chance yesterday.
Last Updated 2:50PM EST
Stocks turned negative after spending most of the day in the green. As of 2:50 p.m. EST, the Dow Jones Industrial Average (DJIA) and the S&P 500 (SPX) are down 0.3% and 0.2%, respectively. Meanwhile, the Nasdaq 100 (NDX) remains positive at 0.6%.
Last Updated 2:05PM EST
Stocks have cut some of their earlier gains as the rally’s momentum has slowed down. As of 2:05 p.m. EST, the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) are up 0.5%, 0.6%, and 1.5%, respectively.
Last Updated 11:30AM EST
Stocks continue to rally in the later moments of this morning’s trading session. As of 11:30 a.m. EST, the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) are up 1.3%, 1.6%, and 2.4%, respectively.
Earlier today, the Census Bureau released its United States New Home Sales data for February, which came in at 640,000. For reference, forecasters were expecting a print of 650,000. In addition, this was significantly lower than last year’s figure of 835,000. Nevertheless, this was higher than last month’s report of 633,000.
The reduced year-over-year activity from buyers can be attributable to higher interest rates, which have made mortgage payments more expensive and more difficult to qualify for.
However, there was some positive news for homeowners as house prices saw an increase. Indeed, the median sales price was $438,200 in February compared to $427,500 in January. Furthermore, the average sales price was $498,700, higher than the $474,400 average seen in the prior month.
Last Updated 9:54AM EST
Stock Indices are in the green to start today’s trading session. As of 9:54 a.m. EST, the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) are up 0.8%, 1%, and 1.5%, respectively.
On Thursday, the Department of Labor released its Initial Jobless Claims report, which came in better than expected. In the past week, 191,000 people filed for unemployment insurance for the first time. Expectations were for 197,000 individuals.
When using the four-week average, initial jobless claims were 196,250, down from last week’s reading of 196,500.
In addition, Continuing Jobless Claims, which measures the number of unemployed people who qualify for unemployment insurance, came in at 1.694 million. This was above the forecast of 1.684 million and higher than last week’s print of 1.680 million.
Last Updated 9:34AM EST
The Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up 1.3%, 0.87%, and 0.59%, respectively at 9:34 a.m. EST, March 23.
The gains come after markets digested a quarter-point interest rate hike from the Federal Reserve. Markets did go into a downward spiral last night, following the conflicting comments from Fed Chair Jerome Powell and Treasury Secretary Janet Yellen. However, traders have moved past the noise and are happy that the Fed rate hike cycle should come to an end soon.
Fed Chair Powell mentioned that the U.S. banking system is “sound and resilient” and that the government is well-prepared with tools to save depositors money going forward. On the other hand, Yellen asserted that the Fed will not provide “blanket insurance” on all bank deposits.
Although a few traders had expected the Fed to give a pause on rate hikes owing to the banking crisis, the 25 basis point hike is digestible and the possibility of a break in the future is welcoming. On the economic front, weekly jobless claims will be reported today along with new home sales data.
Meanwhile, European indices are trading lower today, following the Fed’s rate hike decision and the comments that followed. The Swiss National Bank raised the interest rate by 50 basis points to reach 1.5%. Markets also await the rate hike decision by the Bank of England in midday trading today. Expectations are for a 25 basis point hike as the U.K.’s inflation data came in hotter-than-expected at 10.4% in February.
Asia-Pacific Markets Remained Mixed
Asia-Pacific markets ended the trading session mixed today, as U.S. markets tumbled following the Fed’s rate hike decision the previous night.
Hong Kong’s Hang Seng, China’s Shanghai Composite, and Shenzhen Component indices ended the day higher by 2.34%, 0.64%, and 0.87%, respectively.
Further, Japan’s Nikkei and Topix indices finished the trading session down 0.17% and 0.29%, respectively.
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