Last Updated: 4:05PM EST
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Stock indices finished today’s trading session mixed. Indeed, the Dow Jones Industrial Average (DJIA) fell 0.26%, while the S&P 500 (SPX) and the Nasdaq 100 (NDX) gained 0.08% and 0.55%, respectively.
Furthermore, the U.S. 10-Year Treasury yield increased to 4.18%, an increase of five basis points. Similarly, the Two-Year Treasury yield rose, as it hovers around 4.38%.
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 decreased by -9.233 million barrels. For reference, economists were expecting a decrease of -2.15 million barrels week-over-week. This means that demand was stronger than anticipated.
Last Updated: 10:15AM EST
Stock indices are in the green so far in today’s trading. Earlier today, Markit released its preliminary monthly report for the U.S. Manufacturing Purchasing Managers’ Index, which measures the activity levels of purchasing managers in the manufacturing sector. A number over 50 represents an expansion, whereas anything below 50 means a contraction. The report came in at 50.3, which was higher than the expected 47.9.
Markit also released its preliminary monthly report for the U.S. Services Purchasing Managers’ Index, which measures the activity levels of purchasing managers in the service sector. The report came in at 52.9, which was higher than the expected 51.
First Published: 3:56AM EST
U.S. futures inched higher on Wednesday morning after Netflix (NFLX) reported the highest-ever subscriber count in the fourth quarter, lifting investor sentiment. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up by 0.6%, 0.39%, and 0.16%, respectively, at 3:21 a.m. EST, January 24.
In the extended trading hours yesterday, the stock of Netflix gained 8% after disclosing an all-time high subscriber count of 260.8 million and surpassing Q4 estimates. On the contrary, 3M (MMM) stock fell 11% yesterday on mixed fourth-quarter results.
Turning to the earnings season, notable players such as Tesla (TSLA), IBM (IBM), ASML Holding (ASML), Abbott (ABT), and AT&T (T) are scheduled to report their quarterly results today.
Among the key economic releases lined up for today is a preliminary reading of S&P Global Manufacturing PMI and Services PMI for January. This data helps economists gain insights into future economic conditions, as changes in the PMIs usually precede changes in the overall economy.
Meanwhile, prices were steady at the time of writing as escalating tensions in the Middle East and indications of reduced U.S. inventory were offset by an anticipated increase in supply. The WTI crude oil futures hovered near $74.82 per barrel as of the last check.
Elsewhere, European markets opened higher on Wednesday as investors eagerly awaited the release of preliminary purchasing managers’ index (PMI) data for January.
Asia-Pacific Markets End Mixed on Wednesday
Asia-Pacific indices ended today’s trading session on a mixed note. Chinese and Hong Kong markets gained on news that Jack Ma is buying shares of Alibaba Group (BABA).
Hong Kong’s Hang Seng index and China’s Shanghai Composite and Shenzhen Component indices ended up by 3.56%, 1.8%, and 1%, respectively. Whereas, Japan’s Nikkei and Topix indices finished lower by 0.8% and 0.51%, respectively.
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