Last Updated: 4:04PM EST
Stock indices finished today’s trading session in the red amid disappointing economic data and hawkish fedspeak. The Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) fell 1.94%, 1.61%, and 0.82%, respectively.
Furthermore, the U.S. 10-Year Treasury yield decreased to 3.97%, a drop of seven basis points. Similarly, the Two-Year Treasury yield slipped, as it hovers around 4.24%.
In other news, the Energy Information Administration (EIA) released its weekly Crude Oil Inventories report, which measures the weekly change in the number of barrels of commercial crude oil held by U.S. firms.
Compared to last week, inventories increased by 1.234 million barrels. For reference, economists were expecting a decrease of -0.217 million barrels week-over-week. This means that demand was weaker than anticipated. As a result, WTI fell $1.97 to settle at $75.85 per barrel.
Last Updated: 10:00AM EST
Stock indices are mixed so far in today’s trading session. On Wednesday, Automatic Data Processing (NASDAQ:ADP) released its Nonfarm Employment Change report, which came in worse than expected. In January, nonfarm employment increased by 107,000. Expectations were for an increase of 145,000.
Furthermore, the United States Chicago Purchasing Managers Index was released by ISM-Chicago, which measures the economic health of the manufacturing sector in Chicago. An expansion is defined by a number that is greater than 50, whereas a reading that is lower is considered a contraction.
In January, the number came in at 46, which was lower than the expected 48 from forecasters and a decrease from last month’s report of 47.2.
First Published: 3:45AM EST
U.S. futures were mixed early Wednesday as investors awaited the outcome of the policy meeting of the Federal Reserve. Futures on the Nasdaq 100 (NDX) and S&P 500 (SPX) were down about 0.87%, 0.72%, and 0.34%, respectively. On the other hand, the Dow Jones Industrial Average (DJIA) was up 0.07% at 3:00 a.m. EST, January 31.
In after-hours action, semiconductor company Advanced Micro Devices (NASDAQ:AMD) saw its shares decline by 6.5% due to continued challenges in its Embedded and Gaming segments. Meanwhile, shares of the tech giant Alphabet (NASDAQ:GOOGL) dropped nearly 6% due to lower-than-anticipated advertising revenue in Q4. On the other hand, Manhattan Associates (NASDAQ:MANH) gained over 13% on an upbeat Fiscal 2024 outlook.
Turning attention to significant earnings announcements, plane manufacturer Boeing (NYSE:BA) will release its fourth-quarter financial results on Wednesday. The company’s top line is expected to gain from higher commercial airplane volumes. However, its bottom line may continue to remain under pressure. Further, mobile chipset manufacturer Qualcomm (NASDAQ:QCOM) will announce its first quarter Fiscal 2024 results after the market closes on Wednesday.
Meanwhile, oil prices were trending lower at the time of writing due to underwhelming economic data from China. The WTI crude oil futures were up, hovering near $77.43 per barrel as of the last check.
Elsewhere, European indices are expected to have a mixed opening as investors wait for the latest monetary policy decision from the U.S. Federal Reserve.
Asia-Pacific Markets Remained Mixed Today
The Asia-Pacific indices were mixed on Wednesday as investors assessed a slew of economic data from across the region, including China’s manufacturing PMI.
Hong Kong’s Hang Seng index closed 1.61% lower. Meanwhile, China’s Shenzhen Component Index and Shanghai Composite ended down by 1.95% and 1.48%, respectively.
Japan’s Nikkei and Topix finished higher by 0.61% and 0.96%, respectively.
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