Remarkably, European markets opened higher today as investors await the decision on an interest rate hike by the European Central Bank (ECB) and the Bank of England (BOE) to be announced today. Although Powell has hinted at somewhat easing inflation, the FOMC has pushed for “ongoing increases in the target range” to curb inflation at 2%.
As per experts, markets have absorbed and focused only on key phrases from the Fed that were positive and pushed the U.S. Investors jumped on the buying opportunity when markets dipped immediately following the conclusion of the FOMC meeting yesterday, pushing the stocks higher at the end of the trading day. Following Meta’s rally, investors will be glued to the news to hear what the management of these companies foresees for 2023.įurther, investors will be looking for more indications from economic data on jobless claims, productivity, labor costs, and factory order reporting today. Also reporting today are bellwethers of the auto and quick service restaurant sectors: Ford Motor Company ( NYSE:F) and Starbucks ( NASDAQ:SBUX). Traders will also be watching for earnings from three American tech giants, Amazon ( NASDAQ:AMZN), Alphabet ( NASDAQ:GOOGL), and Apple ( NASDAQ:AAPL), all of which will report after the market closes today. This was better than the consensus expectations of 195,000. The initial jobless claims data indicated that jobless claims fell unexpectedly by 3,000 to 183,000 in the week ending January 28- a nine-month low even as corporate layoffs continue. Meanwhile, the S&P 500 ( SPX) is up 1%, and the Dow Jones Industrial Average ( DJIA) inched down 0.6% as of 9:49 a.m. The Nasdaq 100 ( NDX) is surging by more than 2.3% at the open, propelled by better-than-expected revenues posted by Meta Platforms ( NASDAQ:META) and an unexpected $40 billion stock buyback announcement. However, the Dow Jones Industrial Average ( DJIA) is down 0.3%. EST, the S&P 500 ( SPX) and the Nasdaq 100 ( NDX) are up 1.4% and 3.1%, respectively.
Stocks continue to gain momentum as we head into the halfway point of today’s trading session. It’ll be interesting to see if this downward trend will continue going forward as the Federal Reserve looks to raise interest rates to fight inflation while oil producers lower production in order to maintain the price. On the other hand, Texas is the state with the lowest gas prices, at $3.125 per gallon. The highest prices can be found in Hawaii, where prices are substantially higher than the national average, at $4.935 per gallon. This is significantly lower than the all-time high of $5.016 per gallon on June 14, 2022. Indeed, the national average for regular gas was last $3.498 per gallon, down from last week’s reading of $3.502. The commodity’s recent weakness has caused prices at the pump to decline when compared to last week. In addition, WTI crude oil is lower today, as it hovers around the mid-$76 per barrel range. However, the Dow Jones Industrial Average ( DJIA) is down 0.4%. EST, the S&P 500 ( SPX) and the Nasdaq 100 ( NDX) are up 1.3% and 3.4%, respectively. Stocks indices remained mixed in today’s trading session. Treasury yields is still negative, as it currently sits at -69 basis points. As a result, the spread between the 10-Year and Two-Year U.S. Similar movements can be seen with the Two-Year yield, which is now at 4.1%. This represents a decrease of more than one basis point from the previous close. 10-Year Treasury yield is now hovering around 3.41%. Meanwhile, bond yields decreased, as the U.S. WTI crude oil fell today, as it currently hovers right below the $80 per barrel mark. Conversely, the communications sector was the session’s leader, with a gain of 6.51%. The energy sector was the session’s laggard, as it lost 2.27%. However, the Dow Jones Industrial Average ( DJIA) fell 0.12%. The S&P 500 ( SPX) and the Nasdaq 100 ( NDX) gained 1.47% and 3.56%, respectively.
Stock indices finished today’s trading session mixed.
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