Last Updated: 4:01 PM EST
Stock indices finished today’s trading session mixed. The Nasdaq 100 (NDX) and the S&P 500 (SPX) gained 0.9% and 0.45%, respectively. Meanwhile, the Dow Jones Industrial Average (DJIA) fell 0.23%. The real estate sector (XLRE) was the session’s leader, while the energy sector (XLE) was the laggard.
Compared to yesterday, the market is pricing in a higher chance of a 25 basis-point rate cut from the Federal Reserve next week. In fact, the market’s expectations for a rate in the range of 5% to 5.25% increased to 69% compared to last week’s expectations of 62%.
In a separate development, according to the Census Bureau, household incomes grew in 2023, and the official poverty rate dipped. However, the number of Americans without health insurance slightly increased. Median household income rose 4% to $80,610 while the poverty rate dropped to 11.1%. However, the percentage of uninsured Americans ticked up to 8% from 7.9% in 2022.
First Published: 4:46 AM EST
U.S. futures traded mixed on Tuesday morning after a rebound in yesterday’s trading session. Futures on the S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) were up by 0.05% and 0.11%, respectively, at 4:24 a.m. EST, September 10, while the Nasdaq 100 (NDX) was down 0.13%.
The major indexes made a notable recovery on Monday, snapping a four-day losing streak. The S&P 500 and the Nasdaq Composite both gained 1.16%, while the Dow surged by 1.2%. The market’s upbeat mood is fueled by expectations that the Federal Reserve will start lowering interest rates later this month, easing worries about a possible economic slowdown.
In major stock market news, Palantir Technologies (PLTR) and Dell (DELL) jumped 14% and 4%, respectively, on news of their inclusion in the S&P 500 index. Further, Boeing (BA) stock climbed 3.4% on averting a potential strike, as the company reached a preliminary agreement with two of its unions. Moving to after-market action, Oracle (ORCL) gained 9% after reporting better-than-expected Q1 results.
Today, investors are looking ahead to the release of quarterly earnings from companies such as GameStop (GME), Dave & Buster’s Entertainment (PLAY), and Petco Health and Wellness (WOOF). Investors should note that the economic reports calendar remains light today, with the focus shifting to this week’s key inflation data for more insight into the Fed’s interest rate plans.
Meanwhile, the U.S. 10-year treasury yield was up, floating near 3.721% at the time of writing. Also, the WTI crude oil futures are trending lower, hovering near $68.54 per barrel as of the last check.
Elsewhere, European markets opened mixed on Tuesday as investors looked forward to key U.S. inflation reports and the European Central Bank’s (ECB) monetary policy decision set for Thursday.
Asia Pacific Markets Traded Mixed on Tuesday
Asia-Pacific markets traded mixed today. Chinese markets were buoyed by strong trade data. However, investors in the region remained cautious, awaiting key U.S. inflation data that could impact the Fed’s monetary policy.
Hong Kong’s Hang Seng index was up 0.22%. Moreover, China’s Shanghai Composite and Shenzhen Component indices gained 0.28% and 0.13%, respectively. On the other hand, Japan’s Nikkei and Topix indices dropped 0.16% and 0.12%, respectively.
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