Last Updated 4:03 PM EST
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Stock indices finished today’s trading session in the green. The Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) gained 1.14%, 1.33%, and 2.03%, respectively.
The real estate sector (XLRE) was the session’s laggard, as it fell 0.33%. Conversely, the consumer discretionary sector (XLY) was the session’s leader, with a gain of 2.19%.
Furthermore, the U.S. 10-Year Treasury yield increased to 3.45%. The Two-Year Treasury yield also increased, as it hovers around 3.98%. This brings the spread between them to -53 basis points.
Compared to yesterday, the market is pricing in a higher chance of a lower Fed Funds rate for June 2023. In fact, the market’s expectations for a rate in the range of 4.75% to 5% increased to 29.7% compared to yesterday’s expectations of 27.2%.
In addition, the market is now also assigning a 3.2% probability to a range of 5.25% to 5.5%. For reference, investors had assigned a 5.7% chance yesterday.
Last updated: 2:30PM EST
Stocks are in the green heading into the final 90 minutes of today’s trading session as today’s rally continues to pick up steam. As of 2:30 p.m. EST, the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) are up 1%, 1.3%, and 2%, respectively.
WTI crude oil is down today as it hovers above $82 per barrel. Nevertheless, its recent uptrend has led to prices at the pump gaining upward momentum across the country.
Indeed, the national average for regular gas was last $3.645 per gallon, up from last week’s reading of $3.553. Still, this remains significantly lower than the all-time high of $5.016 per gallon on June 14, 2022.
The highest prices can be found in California, where prices are substantially higher than the national average, at $4.892 per gallon. On the other hand, Mississippi is the state with the lowest gas prices, at $3.156 per gallon.
Last updated: 11:05AM EST
Stocks are in the green so far in today’s trading session. As of 11:05 a.m. EST, the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) are up 0.4%, 0.7%, and 1.4%, respectively.
Last updated: 9:35AM EST
Stocks opened higher on Thursday morning as the latest PPI data indicated that wholesale inflation has cooled down. The Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are all up 0.8%, 0.32%, and 0.12%, respectively, at 9:35 a.m. EST, April 13.
Last updated: 8:50AM EST
The latest economic data indicated that inflation is cooling down further as the Producer Price Index (PPI) data indicated that the index declined by 0.5% in March versus consensus estimates of it remaining unchanged. This was the biggest decline in wholesale inflation over the past three years
On a yearly basis, the index advanced by 2.7% in March on an unadjusted basis.
The jobless claims data indicated rising layoffs as the number of Americans who applied for unemployment benefits last week increased by 11,000 to 239,000 while new jobless claims rose from 228,000 in the prior week.
Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up 0.4%, 0.2%, and 0.08%, respectively, at 8:50 a.m. EST, April 13.
First published: 5:55AM EST
U.S. futures are trending higher on Thursday morning after traders digested the cooler-than-expected inflation numbers from the consumer price index (CPI) report yesterday. The CPI jumped 0.1% month-over-month in March, while it grew 5% in the last 12 months. Investors also weighed in on the recessionary warning for later this year from the minutes of the Federal Reserve’s March policy meeting released yesterday.
Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up 0.41%, 0.26%, and 0.12%, respectively, at 5:30 a.m. EST, April 13.
The U.S. Producer price index (PPI) figures for March are due today, as well as the weekly initial jobless claims report. Similarly, consumer credit data and retail sales data are due for release tomorrow.
The Federal Reserve’s next rate hike decision will be revealed in early May. The Fed will most likely increase the interest rate by 25 basis points one more time and put a long pause on the hikes going forward.
On the earnings front, big banks, namely JP Morgan Chase (NYSE:JPM), Citigroup (NYSE:C), Wells Fargo (NYSE:WFC), and healthcare major United Health (NYSE:UNH) will report earnings tomorrow. Stocks are expected to witness volatile sessions during the earnings season as companies will likely unfold the impact of the banking turmoil on their earnings.
Meanwhile, European indices are trading mixed today as markets digest the cooling inflation print from the U.S. and the mild recessionary warning from the Fed.
Asia-Pacific Markets End Mixed
Asia-Pacific indices finished the trading session mixed today, as fears of the U.S. entering a recession triggered by the recent banking crisis spooked investors.
Hong Kong’s Hang Seng ended the trading session up 0.17%, while China’s Shanghai Composite and the Shenzhen Component Indices ended the day down by 0.27% and 1.04%, respectively.
At the same time, Japan’s Nikkei and Topix indices ended the day in the green, up 0.26% and 0.50%, respectively.
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