Last Updated: 4:08 PM EST
Stock indices finished today’s trading session in the green. The Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 0.07%, 0.47%, and 0.79%, respectively. The communications sector (XLC) was the session’s laggard, as it lost 0.09%. Conversely, the utilities sector (XLU) was the session’s leader, with a gain of 2.01%.
Furthermore, the U.S. 10-year Treasury yield slipped to 4.01%, while the Two-year Treasury yield fell to 3.94%.
In addition, the Mortgage Bankers Association released its weekly report for the U.S. 30-year mortgage rate. The mortgage rate increased to 6.52% compared to last week’s reading of 6.36%. Due to the increase in rate, the number of mortgage applications decreased week-over-week by 17%, following last week’s decline of 5.1%.
First Published: 4:59 AM EST
U.S. stock futures remained steady on Wednesday after all three major indices declined in yesterday’s trading session. Futures on the Nasdaq 100 (NDX) were up 0.06% at 4:41 a.m. EST, October 16, while on the S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) were down by about 0.01% and 0.04%, respectively.
On Tuesday, the Dow Jones and the S&P 500 retreated from record highs, closing down 0.75% and 0.76%, respectively. Further, the Nasdaq Composite declined 1.01%. Energy stocks, including ExxonMobil (XOM) and Chevron (CVX), were down 3% and 2.7%, respectively, yesterday. This drop followed a nearly 4% plunge in crude oil prices due to worries about global oil demand and Middle East tensions.
Furthermore, megacap chip stocks, like Nvidia (NVDA), AMD (AMD), and Broadcom (AVGO), were under pressure on Tuesday, having declined 4.7%, 5.2%, and 3.5%, respectively.
In major stock market news, UnitedHealth Group’s (UNH) shares dropped 8.1% after issuing a weaker-than-expected Q3 earnings forecast. At the same time, Walgreens (WBA) soared 16% following robust earnings results and the announcement of store closures aimed at streamlining operations. Also, Boeing (BA) climbed 2.3% on news of a $10 billion credit agreement and the potential to raise up to $25 billion in stock or debt offerings in the next few years.
In today’s earnings calendar, investors will be closely watching reports from companies like Abbott Laboratories (ABT), Morgan Stanley (MS), ASML Holdings (ASML), USB Bancorp (USB), Discover Financial (DFS), and Prologis (PLD).
Meanwhile, the U.S. 10-year treasury yield was down slightly at the time of writing, floating near 4.01%. At the same time, WTI crude oil futures trended higher, hovering near $70.81 per barrel as of the last check.
Elsewhere, European markets opened lower on Wednesday as traders assessed key corporate results. In particular, LVMH (FR:MC) fell yesterday after reporting a 3% decline in Q3 sales.
Asia-Pacific Markets Traded Lower on Wednesday
Most of the Asia-Pacific indices traded in the red today following Wall Street’s dull trading session on Tuesday. Also, Investors are eagerly awaiting news on China’s housing stimulus as the country’s housing minister is scheduled to address the media on Thursday.
At the time of writing, Hong Kong’s Hang Seng index was down 0.16%. Further, Japan’s Nikkei 225 and Topix indices declined 1.83% and 1.21%, respectively. Also, China’s Shenzhen Component index declined by 1.01%, while the Shanghai Composite index was up 0.05%.
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