Last Updated: 4:28 PM EST
Stock indices finished today’s trading session mixed. The S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) gained 0.12% and 0.34%, respectively. Meanwhile, the Nasdaq 100 (NDX) fell 0.06%. Meanwhile, bond yields increased, as the U.S. 10-Year Treasury yield is now hovering around 4.42%. This represents a five basis-point jump from the previous close.
Similar movements can be seen with the Two-Year yield, which is now at 4.83%. As a result, the spread between the 10-Year and Two-Year U.S. Treasury yields is still negative, as it currently sits at -41 basis points.
Earlier today, the U.S. Census Bureau released its retail e-commerce sales report. Interestingly, sales increased 2.1% quarter-over-quarter, which was higher than last quarter’s 0.8% growth. Year-over-year, the growth was 8.6%, which suggests that consumers are still willing to spend despite inflationary pressures.
In other news, looking across the Atlantic, inflation in Europe is starting to ease. The European Union’s CPI and core CPI saw year-over-year increases of 2.4% and 2.7%, respectively. Although the former was flat compared to last month, the latter decreased slightly from 2.9%.
First Published: 2:48 AM EST
U.S. futures were near the flatline on Friday morning following a strong trading session yesterday. The Dow Jones Industrial Average (DJIA) index crossed the $40,000 mark for the first time. Futures on the Nasdaq 100 (NDX) and S&P 500 (SPX) were up 0.08% and 0.01%, respectively, at 2:11 a.m. EST, May 17, while the Dow Jones declined by about 0.04%.
The three major indices, the Nasdaq Composite, S&P 500, and Dow Jones, are expected to finish the week in positive territory. So far this week, the Nasdaq Composite, S&P 500, and Dow Jones are up 2.2%, 1.4%, and 0.9%, respectively. This increase is attributed to higher optimism about potential interest rate cuts in 2024 and strong corporate earnings.
Investors are looking forward to the release of the U.S. Conference Board Leading Economic Index, a key economic report due today. This index offers early insights into the turning points in the business cycle and indicates where the economy is heading in the near term.
In major stock market news, Walmart (WMT) rose 7% yesterday after the retailer’s Q1 results surpassed Street’s expectations. Moreover, Doximity (DOCS) stock gained about 16% in after-hours trading following the release of better-than-expected Q4 results and a stock buyback program.
Meanwhile, the U.S. 10-year treasury yield was down at the time of writing, floating near 4.38%. At the same time, WTI crude oil futures trended higher, hovering near $79.39 per barrel as of the last check.
Elsewhere, European indices are expected to open lower today as investors keep a close watch on Eurozone Consumer Price Index data due today.
Asia-Pacific Markets Traded Higher Today
Most of the Asia-Pacific indices traded higher today as investors evaluated mixed economic data from China. The country’s industrial production rose higher than expected in April, and the unemployment rate declined. However, retail sales and fixed asset investment increased at a slower rate than expected.
At the time of writing, China’s Shanghai Composite and Shenzhen Component indices rose 0.22% and 0.28%, respectively. Also, Hong Kong’s Hang Seng index was up 0.65%. At the same time, Japan’s Nikkei index was down 0.56%, but the Topix index was up 0.1%.
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