Last Updated 4:03 PM EST
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Stock indices finished today’s trading session in the red. The Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) fell 0.59%, 0.58%, and 0.37%, respectively.
The industrial sector (XLI) was the session’s laggard, as it fell 2.23%. Conversely, the utilities sector (XLU) was the session’s leader, with a gain of 0.54%.
Furthermore, the U.S. 10-Year Treasury yield decreased to 3.35%. Similarly, the Two-Year Treasury yield also decreased, as it hovers around 3.84%. This brings the spread between them to -49 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 55% compared to yesterday’s expectations of 40.7%.
In addition, the market is now also assigning a 35% probability to a range of 5% to 5.25%. For reference, investors had assigned a 56.5% chance yesterday.
Last updated: 12:15PM EST
Stocks remain under pressure halfway through today’s trading session as the downward momentum picks up steam. As of 12:15 p.m. EST, the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) are down 0.9%, 0.9%, and 0.6%, respectively.
Last updated: 10:24AM EST
On Tuesday, the Bureau of Labor Statistics released its JOLTs Job Openings report, which helps measure job vacancies in the U.S. The number came in at 9.931 million job openings for February, below the expected 10.4 million. This is significantly lower than the previous report, which saw 10.824 million job openings, and marks the second consecutive month of declines. Furthermore, job openings have been in an overall decline since peaking at 11.855 million back in May 2022’s report.
It’s important to remember that this data is for February, thus, making it a lagging indicator. Since then, many companies have announced that they will reduce their workforce in order to cut costs, which provides evidence that this downward trend is likely to continue.
As a result, stock indices are down so far in today’s trading session. As of 10:24 a.m. EST, the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) are down 0.2%, 0.1%, and 0.02%, respectively.
Last updated: 9:40AM EST
The Nasdaq 100 (NDX) inched up by 0.07% while the S&P 500 (SPX) was up 0.06% and the Dow Jones Industrial Average (DJIA) edged down by 0.04% at 9:40AM EST, April 4.
First published:6:03AM EST
U.S. futures are trading mixed on Tuesday morning as markets fear the possibility of rising inflation following the unexpected oil output cuts by OPEC+ and the resultant jump in oil prices. This could also mean that the Federal Reserve may have to continue increasing interest rates to tame inflation.
Futures on the Nasdaq 100 (NDX) are marginally in the red, down 0.02%, while those on the S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) are up 0.04% and 0.01%, respectively, at 5:00 a.m. EST, April 4.
Oil and gas stocks continue their upswing on expectations of better earnings in the future. Meanwhile, markets await the Job Openings and Labor Turnover Survey (JOLTS) report for February, which is due at 10:00 a.m. EST today.
March’s Manufacturing purchasing managers’ Index (PMI) came in lower than expected at 46.3, indicating a sharp contraction in manufacturing activity. Further, March’s S&P/Markit Services PMI, February’s Factory Orders, and the widely popular March Employment Report are due to be released this week. If the employment numbers come in higher than expected, it may trigger the Federal Reserve to push for larger rate hikes in the future. On the other hand, if the employment numbers show weakness, it may push the Fed to reconsider its monetary policy.
Elsewhere, European indices are mostly in the green, propelled by a rally in oil and gas stocks. At the same time, the troubled bank Credit Suisse held its final annual general meeting prior to being acquired by UBS Group AG (NYSE:UBS) at the same time. Chairman Axel Lehmann was heard apologizing to shareholders for the sudden demise and takeover of the bank, on which the shareholders were not even allowed to vote.
Asia-Pacific Markets Mostly in Green
Asia-Pacific indices finished the trading session mostly in the green today, as traders digested the abrupt production cut decision by the OPEC+ alliance.
Notably, Australia’s Reserve Bank kept its benchmark interest rate unchanged at 3.6%, marking the first halt in the series of rate hikes that started a year ago.
Hong Kong’s Hang Seng index and China’s Shenzhen Component index ended the day down 0.66% and 0.05%, respectively, while China’s Shanghai Composite Index ended the day up 0.49%.
Further, Japan’s Nikkei and Topix indices both finished the trading session up by 0.35% and 0.25%, respectively.
Interested in more economic insights? Tune in to our LIVE webinar.
