Last Updated 4:03PM EST
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Stock indices finished today’s trading session mixed. The Nasdaq 100 (NDX) and the S&P 500 (SPX) fell 1.68% and 0.57%, respectively. Meanwhile, the Dow Jones Industrial Average (DJIA) gained 0.07%.
Furthermore, the U.S. 10-Year Treasury yield increased to 3.93%, an increase of six basis points. Similarly, the Two-Year Treasury yield also increased, as it hovers around 4.32%.
The Atlanta Federal Reserve updated its latest GDPNow reading, which allows it to estimate GDP growth in real-time. The “nowcast” becomes more accurate as more economic data is released throughout the quarter. Currently, it estimates that the economy will expand by about 2% in the fourth quarter.
This is lower than its previous estimate of 2.3%, which can be attributed to recent releases from the U.S. Census Bureau.
Last Updated 9:43AM EST
After ending 2023 on a strong footing, U.S. indices began the first day of trading in 2024 on a weak note. The Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are down 1.39%, 0.7, and 0.16%, respectively, at 9:43 a.m. EST, January 2.
The U.S. PMI Manufacturing Index sharply contracted to 47.9 in December versus 49.4 in November. This contraction could put pressure on production and employment as 2024 progresses. On the earnings front, Walgreens Boots Alliance (WBA), Conagra (CAG), Lamb Weston (LW), and Constellation Brands (STZ) are scheduled to release their financials this week. In stock-specific news, ASML (NASDAQ:ASML) canceled the delivery of its lithography systems to China. Rivian’s (NASDAQ:RIVN) latest production and delivery numbers fell short of expectations. Tesla (NASDAQ:TSLA), though, continued its dominance of the global EV market.
Meanwhile, oil prices were trending lower at the time of writing. The WTI crude oil futures were down, hovering near $71.42 per barrel as of the last check.
Elsewhere, major European and Asian markets, too settled lower today. Also, investors will look forward to the Eurozone and the U.K. Manufacturing PMI data sets being released on Tuesday.
Among the key economic releases lined up this week, the Manufacturing Purchasing Managers Index (PMI) is set to be released on Wednesday by the Institute for Supply Management (ISM). Also, minutes of the Federal Open Market Committee (FOMC) meeting held in December 2023 will be released on the same day. The Initial Jobless Claims report for December is expected on Thursday. Furthermore, December’s ISM Services PMI is scheduled for release on Friday, alongside Nonfarm Payrolls data for December and the Unemployment Rate.
Asia-Pacific Markets End Lower on Tuesday
Asia-Pacific indices ended lower on Tuesday. The sluggish performance of China’s manufacturing sector, reflected in the latest PMI report, weighed on investor sentiment.
Hong Kong’s Hang Seng index closed 1.52% lower, and China’s Shanghai Composite and Shenzhen Component indices ended down by 0.43% and 1.29%, respectively.
At the same time, the Japanese stock market will remain closed until January 4. The country is evaluating the impact of an earthquake that hit the region on New Year’s Day.
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