Last Updated 4:00 PM EST
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 0.14%, 0.05%, and 0.11%, respectively.
Furthermore, the U.S. 10-Year Treasury yield increased to 3.59%, an increase of more than 16 basis points. Similarly, the Two-Year Treasury yield also increased, as it hovers around 4.15%.
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 1.8% in the second quarter.
This is higher than its previous estimate of 1.7%, which can be attributed to this morning’s construction spending release from the U.S. Census Bureau and the Manufacturing ISM Report On Business from the Institute for Supply Management.
Last Updated: 2:38PM EST
Stocks turned red as we head into the closing moments of today’s trading session. As of 2:38 p.m. EST, the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) are down 0.1%, 0.05%, and 0.2%, respectively.
Last Updated: 12:35PM EST
Stocks are in the green so far in today’s trading session. As of 12:35 p.m. EST, the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) are up 0.4%, 0.3%, and 0.1%, respectively.
Earlier today, the Census Bureau released its U.S. Construction Spending report, which measures the month-over-month change in construction spending. During March, the amount of spending increased by 0.3%, which was higher than the expected growth of 0.1% predicted by forecasters.
This is on top of the -0.3% decline seen in February. It’s worth noting that construction spending has been mostly in a downward trend over the past 10 months. Indeed, it has only increased in four months during this timeframe.
Last Updated: 10:55AM EST
Stock indices are mixed so far in today’s trading session after First Republic Bank (NYSE: FRC) was seized by regulators. As of 10:55 a.m. EST, the Dow Jones Industrial Average (DJIA) and the S&P 500 (SPX) are up 0.4% and 0.3%, respectively. Meanwhile, the Nasdaq 100 (NDX) is near the flatline.
Earlier today, the Institute for Supply Management released its monthly report for the ISM Manufacturing Purchasing Managers’ Index, which measures the month-over-month change in production levels. A number over 50 represents an expansion, whereas anything below 50 means a contraction. The report came in at 47.1, which was higher than the expected 46.8.
This indicator is higher than last month’s reading of 46.3. Nevertheless, it’s in an overall decline and has been slowly downtrending ever since its peak in April 2021, when it hit a high of 64.7. Indeed, this is the sixth consecutive month where manufacturing has contracted.
Last Updated: 9:30AM EST
U.S. stock indices opened Monday’s morning trading close to the flat line, after fresh fears of a banking crisis loom over Wall Street. The Nasdaq 100 (NDX) and the S&P 500 (SPX) are down 0.1% and 0.05%, respectively, while the Dow Jones Industrial Average (DJIA) is up 0.1% at 9:30 a.m. EST, May 1.
Over the weekend, the Federal Deposit Insurance Corp. (FDIC) evaluated bids to acquire troubled lender First Republic Bank (NYSE: FRC) from some of the top U.S. banks, including JPMorgan Chase (NYSE:JPM), PNC Financial (NYSE:PNC), and Citizens Financial (NYSE:CFG). JPMorgan emerged as the winner in the race and reportedly acquired all of the deposits and substantial assets from FRC on Monday morning before the market opened. JPM stock is ticking upwards in pre-market trading following the news.
The week will be filled with fear and excitement as traders switch sentiments between corporate earnings releases and the Fed’s upcoming rate hike decision. The Federal Reserve will hold its 2-day monetary policy meeting on May 2-3. The interest rate decision will be disclosed on Wednesday, May 3.
Meanwhile, a slew of corporate earnings will flood the markets. Reporting today are Norwegian Cruise Line (NYSE:NCLH), Sofi Technologies (NASDAQ:SOFI), and MGM Resorts (NYSE:MGM). Other notable earnings during the week include iPhone maker Apple (NASDAQ:AAPL), vaccine makers Pfizer (NYSE:PFE) and Moderna (NASDAQ:MRNA), ride-hailing service providers Uber (NYSE:UBER) and Lyft (NASDAQ:LYFT), car maker Ford (NYSE:F), chip maker Advanced Micro Devices (NASDAQ:AMD), coffee giant Starbucks (NASDAQ:SBUX), cryptocurrency exchange Coinbase Global (NASDAQ:COIN), and meme stock AMC Entertainment (NYSE:AMC).
Elsewhere, European indices remain closed for trading today.
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