Last Updated: 4:02PM EST
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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 1.23%, 1.03%, and 0.87%, respectively.
Furthermore, the U.S. 10-Year Treasury yield increased to 3.89%, an increase of four basis points. Similarly, the Two-Year Treasury yield also increased, as it hovers around 4.35%.
Earlier today, the Federal Reserve Bank of Philadelphia released its Manufacturing Index report, which measures the general business conditions in Philadelphia.
The report surveys approximately 250 manufacturers. A level above zero indicates improving conditions, while a number below zero indicates the opposite.
For December, the report came in at -10.5 compared to the forecast of -3, meaning that conditions worsened more than expected on a month-over-month basis. In addition, it’s worth mentioning that this is the fourth consecutive monthly decline and the 17th decline in the past 19 months.
Last Updated: 9:37AM EST
Following yesterday’s massive selloff, U.S. indices inched higher early Thursday morning, with the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) up by 1%, 0.8%, and 0.76%, respectively, at 9:37 a.m. EST, December 21. Some market quarters attributed yesterday’s sharp decline to gyrations in ODTE options.
Furthermore, the widely tracked inflation gauge, the personal consumption index, has been revised to +2.6% from +2.8%. Additionally, the final estimates of the U.S. third-quarter GDP growth have been scaled back to +4.9%. Last week’s Initial jobless claims came in lower than expected at 205,000. Over the past month, the U.S. 10-year bond yield has now dropped by 12.6% to 3.84%.
In stock-specific news, Tesla (NASDAQ:TSLA) is facing a potential vehicle recall in Norway. A Reuters investigation highlighted that the EV maker chose to blame drivers for defects it long knew existed. Boeing (NYSE:BA) is moving Closer to its First 787 Delivery in China Since 2021.
Micron (MU) stock rose about 5% in yesterday’s extended trading session following the better-than-expected results for the fiscal first quarter. In other major news, the CEOs of Warner Bros. Discovery (WBD) and Paramount Global (PARA) met on Tuesday to discuss the possibility of a merger. In response to the news, stocks of WBD and PARA tanked nearly 6% and 2%, respectively, on Wednesday.
Meanwhile, oil prices were trending lower at the time of writing owing to demand concerns arising from an unexpected increase in U.S. crude oil inventory. The WTI crude oil futures were down, hovering near $74.14 per barrel as of the last check.
Moving on to key economic releases lined up today, the GDP Growth Annualized Report for the third quarter of 2023 and initial jobless claims data will be released after the closing bell. On the earnings front, footwear giant Nike (NKE) is scheduled to report its financials for the second quarter of Fiscal Year 2024 after the market closes.
Elsewhere, European markets are expected to open lower on Thursday as investors await some key releases, including U.S. GDP data later today and the personal consumption expenditures price index tomorrow.
Asia-Pacific Markets End Mixed on Thursday
Asia-Pacific indices ended the trading session on Thursday on a mixed note.
Hong Kong’s Hang Seng index closed 2.43% higher, and China’s Shanghai Composite and Shenzhen Component indices ended up by 0.57% and 1.08%, respectively.
At the same time, Japan’s Nikkei and Topix indices finished lower by 1.59% and 1%, respectively. The fall can be attributed to a nearly 4% decline in the shares of Japanese automaker Toyota. The company recalled about one million vehicles from several Toyota and Lexus models in the U.S. over safety issues.
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