Last Updated: 4:05 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 0.59%, 0.33%, and 0.37%, respectively. Earlier today, jobless claims for the week ending March 22 came in slightly below expectations at 224,000, with continuing claims dipping to 1.856 million. The four-week average also fell, suggesting a stable labor market. The insured unemployment rate held steady at 1.2%, and unadjusted claims dropped more than expected.
Meanwhile, pending home sales rose 2% in February, a solid rebound from January’s 4.6% drop and stronger than the 0.9% forecast. The Midwest and South drove the gains, while the Northeast and West saw slight declines. However, contract signings were still 3.6% lower than a year ago.
The National Association of Realtors says that high mortgage rates continue to weigh on the market, and while rates may fall slightly in the coming years, they’re not expected to return to the levels seen during President Trump’s first term.
Finally, the U.S. economy grew slightly more than previously thought in the fourth quarter. In fact, the Commerce Department revised its Q4 GDP figure from an earlier 2.3% estimate to 2.4%. Interestingly, although slower investment and exports weighed on growth, consumer spending remained strong. Inflation data also came in slightly cooler than earlier estimates to support expectations for a gradual economic slowdown.
First Published: 5:04 AM EST
U.S. stock futures were down early Thursday as investors assessed the impact of President Trump’s announcement of a 25% tariff on cars made outside the U.S. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were down 0.13%, 0.06%, and 0.09%, respectively, at 4:56 a.m. EST, March 27.
The tariff announcement hurt investor sentiment, causing General Motors (GM) and Ford (F) stocks to drop about 6% and 5%, respectively, in the extended trading session.
The market uncertainty, fueled by concerns about tariff impacts and possible retaliation from affected nations, has caused volatility and raised fears of wider economic effects.
Wednesday’s regular trading session saw a widespread sell-off, particularly in the tech sector. The S&P 500, the Nasdaq Composite (NDAQ), and the Dow Jones fell by 1.12%, 2.04%, and 0.31%, respectively.
This downturn ended a three-day winning streak, which had followed a month-long selloff driven by concerns over tariffs and the U.S. economy’s outlook.
Meanwhile, investors remain focused on upcoming economic data reports as recession fears loom. Today, the second estimate of Gross Domestic Product (GDP) for the fourth quarter will be released. Also, Advanced Wholesale and Retail Inventories data, Pending Home Sales report, and Initial Jobless Claims for the week ended March 22, will be made public today.
Further, today’s earnings calendar remains light, with companies such as Winnebago (WGO), Lululemon Athletica (LULU), and TD Synnex (SNX) reporting results today.
At the time of writing, the U.S. 10-year treasury yield was up, floating near 4.367%. Simultaneously, WTI crude oil futures are trending lower, hovering near $69.40 per barrel as of the last check.
Elsewhere, European indices opened sharply lower as the auto sector remained under pressure from Trump’s 25% tariff announcement on non-American cars, set to take effect from April 2.
Asia-Pacific Markets Ended Higher on Thursday
Asia-Pacific indices were mixed today as investors reacted to President Trump’s announcement of a 25% tariff on car imports.
At the same time, Hong Kong’s Hang Seng Index was up 0.41%. Further, China’s Shanghai Composite and Shenzhen Component indices gained 0.15% and 0.23%, respectively. Also, Japan’s Topix index was up 0.09%, while the Nikkei index was down 0.6%.
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