Last Updated: 4:10 PM EST
Stock indices finished today’s trading session in the red. The Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) fell 1.37%, 0.76%, and 0.75%, respectively. Earlier today, a survey by the New York Fed revealed that more consumers are worried about falling behind on debt payments, especially among higher-income households. In addition, delinquency concerns have hit the highest level since 2020.
When it comes to inflation, expectations stayed steady for the short term but slightly increased for the medium and long term. It’s worth noting that people are not expecting big income increases, and spending growth is expected to dip.
Meanwhile, San Francisco Fed President Mary Daly said that the risks to inflation and employment are now balanced, with the Fed’s focus now being on keeping the job market strong while working toward its 2% inflation target. Even with recent interest rate cuts, the Fed’s policies are still tough enough to help bring inflation down. Daly is optimistic about the economy’s growth and noted that more people of prime working age are staying in the labor force.
First Published: 4:47 AM EST
U.S. stock futures remained steady on Tuesday morning, following a strong performance on Wall Street yesterday. Investors are looking forward to a flurry of corporate earnings reports and key speeches by Federal Reserve officials. Futures on the Nasdaq 100 (NDX) were down 0.08% at 2:22 a.m. EST, October 15, while on the S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) were up by about 0.01% and 0.07%, respectively.
On Monday, the Dow Jones and the S&P 500 both reached new record highs, gaining 0.47% and 0.77%, respectively. Further, the Nasdaq Composite surged 0.87%, marking its highest level in three months.
In major stock-market news, Nvidia (NVDA) continued its winning streak, gaining 2.4% to close at an all-time high. Also, Coinbase (COIN) rallied 11.3% on the back of stronger Bitcoin prices. Moreover, Sirius XM (SIRI) was up 8% yesterday after Warren Buffett’s Berkshire Hathaway (BRK.A) (BRK.B) raised its stake in the company. On the other hand, Boeing (BA) stock was down 1.3% on plans to reduce its workforce by 10%.
On the economic front, investors will be keeping an eye on speeches from San Francisco Fed President Mary Daly, Atlanta Fed President Raphael Bostic, and Fed Governor Adriana Kugler for insights into the central bank’s monetary policy outlook.
Additionally, investors are eagerly awaiting quarterly reports from major companies like Goldman Sachs (GS), Citigroup (C), UnitedHealth (UNH), Bank of America (BAC), United Airlines (UAL), Walgreens Boots Alliance (WBA), and Johnson & Johnson (JNJ), which are scheduled to be released today.
Meanwhile, the U.S. 10-year treasury yield was up slightly at the time of writing, floating near 4.092%. At the same time, WTI crude oil futures trended lower, hovering near $70.98 per barrel as of the last check.
Elsewhere, European markets opened mixed on Tuesday as investors awaited the European Central Bank’s (ECB) monetary policy decision, due later in the week.
Asia-Pacific Markets Traded Mixed on Tuesday
Asia-Pacific indices traded mixed today. Traders are awaiting trade and inflation data from Japan, as well as China’s GDP report, set to be released later this week, for fresh insights into the economy.
At the time of writing, Hong Kong’s Hang Seng index was down 2.88%. Further, China’s Shanghai Composite and Shenzhen Component indices declined by 1.95% and 1.86%, respectively. However, Japan’s Nikkei 225 and Topix indices were up 0.77% and 0.75%, respectively.
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