Last Updated: 4:00 PM EST
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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 1.17%, 0.96%, and 0.94%, respectively. In addition, the 10-year government bond yield surged above 4% for the first time since the beginning of August, which is likely what led to today’s decline.
Also in August, U.S. consumer credit rose by $8.93 billion, which was lower than the predicted $11.80 billion and significantly less than July’s revised increase of $26.63 billion, according to the Federal Reserve.
Total consumer debt edged up to $5.10 trillion from $5.09 trillion in July, and borrowing grew at a slower annual rate of 2.1% when compared to 6% growth in July. In addition, Revolving credit, like credit card debt, decreased slightly to $1.357 trillion, while non-revolving credit, which includes auto loans and student debt, grew to $3.74 trillion, up from $3.73 trillion in the previous month.
First Published: 5:04 AM EST
U.S. stock futures traded slightly lower on Monday morning as investors awaited the release of fresh economic data in the week ahead. Futures on the S&P 500 (SPX), the Dow Jones Industrial Average (DJIA), and the Nasdaq 100 (NDX) were down by about 0.33%, 0.3%, and 0.37%, respectively, at 4:28 a.m. EST, October 7.
Last week, major averages experienced some volatility but ultimately closed with modest gains, buoyed by a stronger-than-expected jobs report released on Friday. However, concerns about the upcoming U.S. presidential election and heightened tensions in the Middle East impacted investor optimism to some extent.
In key economic events this week, investors will closely watch the Federal Reserve’s meeting minutes on Wednesday and the Consumer Price Index (CPI) report on Thursday for clues about future interest rate trajectory. Furthermore, September’s Producer Price Index (PPI) and Michigan Consumer Sentiment Index will be released on Friday.
Importantly, the Q3 earnings season kicks off this week with notable companies like PepsiCo (PEP), Delta Air Lines (DAL), BlackRock (BLK), Wells Fargo (WFC), and JPMorgan Chase (JPM) reporting their results.
Meanwhile, the U.S. 10-year treasury yield was up at the time of writing, floating near 3.996%. At the same time, WTI crude oil futures trended higher, hovering near $75.05 per barrel as of the last check.
Elsewhere, European markets opened flat today as rising Middle East tensions overshadowed the positive impact of Friday’s robust U.S. jobs report.
Asia-Pacific Markets Traded Higher on Monday
Asia-Pacific indices were in the green today as investors looked ahead to interest rate announcements from three central banks across the region: the Bank of Korea, the Reserve Bank of New Zealand, and the Reserve Bank of India.
Hong Kong’s Hang Seng index gained 1.6%. Further, Japan’s Nikkei 225 and Topix indices finished higher by 1.8% and 1.68%, respectively.
Investors should note that China’s stock market remained closed due to the Golden Week holiday.
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