Stock indices finished today’s trading session in the green. The S&P 500 (SPX), the Nasdaq 100 (NDX), and the Dow Jones Industrial Average (DJIA) gained 0.71%, 0.82%, and 1.06%, respectively. The real estate sector (XLRE) was the session’s laggard, as it lost 0.81%. Conversely, the financial sector (XLF) was the session’s leader, with a gain of 1.19%.
Furthermore, the U.S. 10-Year Treasury yield decreased to 3.79%, a drop of more than two basis points. Conversely, the Two-Year Treasury yield increased, as it hovers around 4.76%.
The Atlanta Federal Reserve updated its latest GDPNow reading, which allows it to estimate GDP growth in real-time. The “nowcast” becomes more accurate as more economic data is released throughout the quarter. Currently, it estimates that the economy will expand by about 2.4% in the second quarter.
This is higher than its previous estimate of 2.3%, which can be attributed to recent releases from the U.S. Department of the Treasury’s Bureau of the Fiscal Service, the U.S. Bureau of Labor Statistics, the U.S. Census Bureau, and the Federal Reserve Board of Governors.
Last updated: 1:30PM EST
Stocks are in the green despite disappointing economic data, as the S&P 500 (SPX), the Nasdaq 100 (NDX), and the Dow Jones Industrial Average (DJIA) are up 0.5%, 0.6%, and 0.9%, respectively, at the time of writing.
Last updated: 11:28AM EST
Indices are mixed so far in today’s trading session, as the S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) are up, while the Nasdaq 100 (NDX) is lower. Earlier today, the Federal Reserve released its U.S. Industrial Production Report, which measures the change in the total value of output produced by manufacturers, utilities, and mines. These figures are adjusted for inflation.
For June, industrial production decreased by 0.5% on a month-over-month basis. This was worse than the 0% that was expected and the same as the previous month’s report.
When looking at the year-over-year number, it decreased by 0.43%. This was lower than last month’s reading of a 0.03% increase. Overall, growth has been trending lower since hitting 7.51% in February 2022.
Industrial production is clearly slowing down as a result of higher interest rates, which has caused many businesses and consumers to become more cautious.
Last updated: 9:30AM EST
The Nasdaq 100 (NDX) and S&P 500 (SPX) were down 0.33% and 0.1%, respectively, while the Dow Jones Industrial Average (DJIA) was up by 0.03% as of 9:30 a.m., EST, July 18.
Retail sales rose at a slower pace in June to $689.5 billion, up by 0.2% from May as compared to economists’ expectations of a 0.6% rise.
First published: 5:02AM EST
U.S. stock futures were mixed on Tuesday morning, ahead of some key corporate earnings. Futures on the Nasdaq 100 (NDX) and S&P 500 (SPX) were down 0.08% and 0.03%, respectively, while futures tied to the Dow Jones Industrial Average (DJIA) were up 0.01% as of 4.58 a.m., EST, July 18.
The three major indices closed on a positive note on Monday, reflecting investor optimism about the possibility of a “soft landing” for the U.S. economy following signs of cooling inflation.
Focus today will be on the earnings of Bank of America (BAC), Morgan Stanley (MS), Bank of New York Mellon (BK), PNC Financial (PNC), Lockheed Martin (LMT), and J.B. Hunt (JBHT). With JPMorgan Chase (JPM), Wells Fargo (WFC), and Citigroup (C) delivering solid Q2 results last week, investors will be keen to know the performance of other banks amid macro challenges. Investors are also gearing up for the Q2 earnings of EV leader Tesla (TSLA) and streaming giant Netflix (NFLX) on Wednesday.
On the economic front today, June’s U.S. retail sales and industrial production reports are expected to provide key insights into the state of the economy. In particular, experts anticipate U.S. retail sales to grow 0.5% in June, following an increase of 0.3% in May.
Meanwhile, European indices are trading mixed on Tuesday, with investors focusing on some major earnings reports. Shares of Ocado (GB:OCDO) rallied today after the British grocery delivery company reported stellar profits. Also, shares of Swiss healthcare giant Novartis (GB:0QLR) trended higher after the company increased its full-year earnings outlook.
Asia-Pacific Markets End Mixed on Tuesday
Asia-Pacific indices ended mixed on Tuesday, with the real estate and technology stocks leading losses in Hong Kong. Overall, Hong Kong’s Hang Seng Index declined 2.0%, while China’s Shanghai Composite and the Shenzhen Component Index fell 0.37% and 0.34%, respectively.
In response to the weaker-than-expected Q2 GDP report, China’s Commerce Ministry has announced an 11-point plan to spur the…
Read More: Stock Market News Today, 7/18/23 – Stocks Close Higher as Financial Sector Leads