Last Updated: 4:06 PM EST
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Stock indices finished today’s trading session mixed after a slew of economic data. The Nasdaq 100 (NDX) and the S&P 500 (SPX) gained 0.92% and 0.25%, respectively. Meanwhile, the Dow Jones Industrial Average (DJIA) fell 0.28%.
Earlier today, the University of Michigan released its preliminary results on consumer inflation expectations over the next five years. Consumers now expect inflation to be 3.1%, which was as expected 3% and lower compared to the previous month. Taking a look at consumer sentiment, results came in at 74, which was higher than the expected 73.1. This is also an increase compared to last month’s reading of 71.8.
Interstingly, although inflation expectations fell slightly, Federal Reserve Governor Michelle Bowman remains concerned over inflation risks and uncertainty in the labor market. Speaking at the Missouri Bankers Association conference, she highlighted that inflation remains elevated despite the economy being near full employment. As a result, Bowman called for a gradual approach to rate adjustments.
Her comments followed November’s labor market data, which showed a strong rebound with 227,000 jobs added but a slight uptick in unemployment to 4.2%. The mixed report has increased market expectations for a quarter-point rate cut at the upcoming Federal Open Market Committee meeting, which would bring the federal funds rate down by a full percentage point since September.
First Published: 3:39 AM EST
U.S. stock futures were hovering near the flat line early Friday ahead of the nonfarm payrolls data, which will offer more clarity on the state of the labor market and help the Federal Reserve gain key insights before the crucial policy meeting scheduled on December 17-18. Futures on the Nasdaq 100 (NDX) were up 0.03%, while futures tied to the Dow Jones Industrial Average (DJIA) and the S&P 500 (SPX) were down 0.03% and 0.04%, respectively, at 3:38 a.m. EST, December 6.
On Thursday, the S&P 500 Index and the Dow Jones Industrial Average declined 0.19% and 0.55%, respectively, while the tech-heavy Nasdaq Composite (NDAQ) fell 0.17%. Interestingly, major indices touched record highs on Wednesday.
Stocks that saw notable movement in yesterday’s after-hours trading and are expected to be in focus today due to their upbeat Q3 earnings include Ulta Beauty (ULTA), GitLab (GTLB), Lululemon (LULU), and Docusign (DOCU).
Meanwhile, the U.S. 10-year treasury yield was up, floating near 4.19% at the time of writing. At the same time, WTI crude oil futures are trending lower, hovering near $68.24 per barrel as of the last check.
Elsewhere, European indices opened lower, with traders closely watching the political developments in France.
Asia-Pacific Markets Mixed on Friday
Asia-Pacific indices were mixed on Friday. The political chaos in South Korea is impacting investor sentiment, with President Yoon Suk Yeol facing impeachment after abruptly declaring martial law.
Hong Kong’s Hang Seng Index advanced 1.56%, while China’s Shanghai Composite and Shenzhen Component indices rose 1.05% and 1.47%, respectively. In contrast, Japan’s Topix and Nikkei fell 0.55% and 0.77%, respectively.
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