Last Updated: 4:15 PM EST
Stock indices finished today’s trading session in the green. The Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 0.26%, 0.17%, and 0.32%, respectively. Earlier today, the University of Michigan released its preliminary results on consumer inflation expectations over the next five years. Consumers now expect inflation to be 3.1%, which is an increase from the previous month’s 3%.
Taking a look at consumer sentiment, results came in at 67.4, significantly below the expected 76. This is also a decrease compared to last month’s reading of 77.2. In addition, consumer expectations were lower than expected. April’s print was 66.5 versus the forecast of 75, which was lower than last month’s result of 76.
Furthermore, the U.S. 10-Year Treasury yield increased to 4.5%, a four basis-point jump. Similarly, the Two-Year Treasury yield also increased, as it hovers around 4.87%.
First Published: 3:02 AM EST
U.S. futures nudged slightly higher on Friday morning, buoyed by positive data on weekly jobless claims, which raised hopes of potential interest rate cuts later this year. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up by about 0.06%, 0.1%, and 0.14%, respectively, at 2:29 a.m. EST, May 10.
In yesterday’s trading session, the Dow Jones extended its winning streak to seven consecutive days, marking its longest rally since December. The index closed up 0.85%, with the broader S&P 500 and the tech-heavy Nasdaq Composite rising 0.51% and 0.27%, respectively.
In major corporate news, shares of cloud company Akamai Technologies (AKAM) declined 9% in after-hours trading yesterday on weak Q2 guidance. Furthermore, Unity Software (U) fell 4.5% as the company reported a wider-than-expected Q1 loss. Conversely, Dropbox (DBX) gained over 2% after delivering better-than-expected Q1 results.
Turning to key economic reports, investors are looking forward to May’s preliminary readings of the Michigan Consumer Sentiment Index and the UoM 5-year Consumer Inflation Expectations. On the corporate earnings front, Enbridge (ENB), DigitalOcean (DOCN), Telus (TU), and AMC Networks (AMCX) are among the other prominent companies slated to release their quarterly results today.
Meanwhile, the U.S. 10-year treasury yield was up at the time of writing, floating near 4.46%. At the same time, WTI crude oil futures trended higher, hovering near $79.9 per barrel as of the last check.
Elsewhere, European indices will likely open higher today on renewed hopes of U.S. interest rate cuts.
Asia-Pacific Markets Traded Mixed Today
Asia-Pacific indices were trading mixed on Friday as investors evaluated Japan’s household spending data and the Hong Kong regulator’s proposal to waive dividend tax.
At the time of writing, Japan’s Nikkei and Topix indices were up 0.35% and 0.41%, respectively. At the same time, Hong Kong’s Hang Seng index was up 2.09%. However, China’s Shanghai Composite and Shenzhen Component indices declined 0.07% and 0.61%, respectively.
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