Final Up to date 4:05PM EST
Inventory indices completed in the present day’s buying and selling session blended. The Nasdaq 100 (NDX) and the S&P 500 (SPX) fell 0.86% and 0.47%, respectively. In the meantime, the Dow Jones Industrial Common (DJIA) noticed a small acquire of 0.02%.
The utilities sector (XLU) was the session’s laggard, because it misplaced 1.63%. Conversely, the vitality sector (XLE) was the session’s chief, with a acquire of two.02%. As well as, WTI crude oil gained because it hovers across the mid-$77 per barrel vary.
Moreover, the U.S. 10-Yr Treasury yield elevated to 4%, a rise of greater than seven foundation factors. Equally, the Two-Yr Treasury yield additionally elevated, because it hovers round 4.89%.
The Atlanta Federal Reserve up to date its newest GDPNow studying, which permits it to estimate GDP progress in actual time. The “nowcast” turns into extra correct as extra financial information is launched all through the quarter. At present, it estimates that the financial system will develop by about 2.3% within the first quarter.
That is decrease than its earlier estimate of two.8%, which might be attributed to current releases from the U.S. Census Bureau and the Institute for Provide Administration
However, inflation continues to be an issue around the globe. Due to this fact, it’ll be attention-grabbing to see what the precise GDP progress can be and the way it’ll change going ahead as larger charges begin to affect the financial system.
Final Up to date: 2:00PM EST
Shares stay beneath strain heading into the ultimate couple hours of in the present day’s buying and selling session. As of two:00 p.m. EST, the Nasdaq 100 (NDX), S&P 500 (SPX), and Dow Jones Industrial Common (DJIA) are down 0.8%, 0.5%, and 0.2%, respectively.
On Wednesday, the Census Bureau launched its U.S. Development Spending report, which measures the month-over-month change in development spending. Throughout January, the quantity of spending fell -0.1%, which was decrease than the anticipated progress of 0.2% predicted by forecasters.
That is on prime of the -0.7% decline seen in December. It’s value noting that development spending has been largely in a downward pattern over the previous eight months. Certainly, it has solely elevated twice throughout this timeframe.
Final Up to date: 11:25AM EST
Inventory indices are within the crimson thus far in in the present day’s buying and selling session. As of 11:25 a.m. EST, the Nasdaq 100 (NDX), S&P 500 (SPX), and Dow Jones Industrial Common (DJIA) are down 0.9%, 0.6%, and 0.2%, respectively.
Earlier in the present day, the Institute for Provide Administration launched its month-to-month report for the ISM Manufacturing Buying Managers’ Index, which measures the month-over-month change in manufacturing ranges. A quantity over 50 represents an growth, whereas something under 50 means a contraction. The report got here in at 47.7, which was decrease than the anticipated 48.
This indicator is barely larger than final month’s studying of 47.4. However, it’s in an general decline and has been slowly downtrending ever since its peak in April 2021, when it hit a excessive of 64.7. Certainly, that is the fourth consecutive month the place manufacturing has contracted.
Final Up to date: 9:03AM EST
Indices are persevering with on the downward trajectory for the second day this month. The Nasdaq 100 (NDX), S&P 500 (SPX), and Dow Jones Industrial Common (DJIA) are down 0.17%, 0.26%, and 0.13%, respectively, as of 9:03 a.m. EST, March 1.
All three indices ended February on a destructive be aware. In the meantime, year-to-date, DJIA is within the crimson, whereas SPX and NDX managed to stay within the inexperienced. A robust jobs report, a resilient shopper, and steadily rising inflation are rising the prospects of a recession.
Markets shouldn’t be shocked if the Federal Reserve hikes the rate of interest by 50 foundation factors within the subsequent FOMC assembly, to be held in mid-March. The Fed must resolve in the event that they need to tackle a extra aggressive stance in ramping up rates of interest since not a lot has been achieved up to now. Even with the constant price hikes, inflation within the U.S. stands at 6.4%, a far cry from the focused price of two%.
Notably, shoppers too are being racked by the inflationary pressures. The buyer confidence figures launched yesterday got here in a lot decrease than anticipated, at 102.9, implying a much less optimistic shopper on the subject of spending conduct. Financial information on ISM manufacturing and development can be launched later through the day, in the present day.
On the earnings entrance, retailers Lowe’s (NYSE:LOW) and Kohl’s (NYSE:KSS) report in the present day. Additionally, we are going to hear about some software program corporations’ present well being, with earnings releases from Salesforce (NYSE:CRM), Okta (NASDAQ:OKTA), and Snowflake (NYSE:SNOW).
Different noteworthy retailers releasing outcomes this week embody Costco Wholesale (NASDAQ:COST), Greatest Purchase (NYSE:BBY), and Macy’s (NYSE:M).
In the meantime, all main European indices are inching upwards in the present day, on expectations of a sequence of financial information from totally different areas.
Asia-Pacific Markets Jumpstart March on a Constructive Be aware
A majority of Asia-Pacific markets ended the buying and selling session larger in the present day, on the information of China’s manufacturing unit output reaching its highest degree since April 2012. China’s manufacturing buying managers’ index reached 52.6 in February, fueling enthusiasm amongst markets throughout the continent.
Hong Kong’s Cling Seng index ended the day larger by 4.2%. On the identical time, China’s Shanghai Composite and Shenzhen Part indices closed up 1% and 0.89%, respectively.
Concurrently, Japan’s indices closed marginally larger, with the Nikkei up 0.26% and Topix ending up 0.23%.
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