Last updated: 4:36 PM ESTThank you for reading this post, don't forget to subscribe!
Stock indices ended today’s trading session in the red, as the Nasdaq 100 (ndx), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) fell 1.89%, 1.18% and 0.76% respectively.
Communication Services Sector (xlc) was the top loser of the session, as it declined 2.18%. In contrast, the real estate sector (xlre) was the session leader with a gain of 2.11%.
Moreover, the US 10-year Treasury yield witnessed a marginal decline of 4.85%. Similarly, the two-year Treasury yield was also little changed as it stood at around 5.05%.
Last updated: 3:05 PM EST
So far in today’s trading session, the stocks are in the red. Moreover, WTI crude oil is in decline as it is above $83.25 per barrel. The recent decline in commodity prices has accelerated the pace of price decline across the country.
In fact, the national average for regular gas was $3.66 per gallon last week, down from $3.706 the week before. The highest prices can be found in California, where prices are well above the national average, at $5.355 per gallon. Georgia, on the other hand, is the state with the lowest gas prices, at $2.995 per gallon.
Last updated: 12:20 PM EST
So far in today’s trading the shares are in the red. On Thursday, the National Association of Realtors released its Pending Home Sales report, which measures the month-to-month change in the number of home sales that have not yet closed but are under contract to sell. This measure does not include homes that are newly constructed.
During September, pending home sales increased by 1.1% compared to August, which was better than the expected -1.8% decline. This follows a -7.1% decline in the previous report.
However, the pending home sales index came in at 72.6, down from 80.8 at the same time last year. This equates to an estimated decline of 10.1% on a year-on-year basis
Last updated: 9:30am EST
Stocks opened lower Thursday morning after data showed U.S. GDP grew at the fastest pace in two years. Nasdaq 100 (ndx) and the S&P 500 (SPX), are down 0.03% and 0.08%, respectively, while the Dow Jones Industrial Average (DJIA) was up 0.11% at 9:30 a.m. EST, Oct. 26.
The US economy’s GDP grew at an annual rate of 4.9% in the third quarter, exceeding economists’ estimates of 4.2% growth and up from 2.1% growth in the second quarter. This was the strongest quarter since Q4 2021. Growth in GDP was driven by consumer spending, inventories by businesses, exports, and spending by local and state governments.
Meanwhile, initial jobless claims for the week ended Oct. 21 rose by 10,000 to 210,000, above consensus estimates of 208,000 and 198,000 the previous week. Continuing jobless claims stood at 1.79 million, compared with the forecast of 1.73 million and the prior figure of 1.74 million.
Orders for durable goods rose 4.7% to $297.2 billion in September, compared with estimates for a 1.7% rise. This increase in orders has come after two consecutive months of decline. Orders for core durable goods (except transportation) rose 0.5%, above the consensus forecast of 0.2%.
First Published: 4:08am EST
US futures are falling on Thursday morning as tech earnings weigh on investor sentiment. Futures on the Nasdaq 100 (ndx), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are down 1.18%, 0.66% and 0.24%, respectively, at 4:05 a.m. EST on Oct. 26.
All three major averages ended the trading day on October 25 in negative territory. Meanwhile, US 10-year Treasury yields continue to rise, trading near 4.97% at the time of writing. And WTI crude oil futures are hovering around $85.30 per barrel as of last check.
Today, traders await weekly jobless claims data, preliminary Q3 GDP figures and durable goods orders data. Additionally, e-commerce giant Amazon.com’s Q3 earnings report (AMZN) will take center stage. Other notable earnings released today include Ford Motor (F), MasterCard (MA), Intel (INTC), Above (Above), and Chipotle (cmg), among others.
Meanwhile, the Meta platform (meta) The stock declined in yesterday’s trade despite reporting good growth in Q3FY23. Management’s forecast of widening losses in the Reality Labs division could be a reason for the decline in the share price. Additionally, Meta cautioned about increasing legal and regulatory hurdles. Additionally, Alphabet stock (Google) declined 9.5% yesterday after reporting slow performance of its cloud business in Q3FY23 results. Additionally, Align Technology stock (ALGN) Extended business declined 25.5% due to weak Q3 estimates and poor guidance.
In a strategic move, just ahead of its earnings, Ford (F) announced a temporary labor agreement with the UAW union, ending a weeks-long strike at its plants. The contract is subject to approval by UAW workers, but UAW President Shawn Fenn has asked workers to return to their duties while the ratification process continues. The deal puts additional pressure on General Motors (GM) and Stellantis (STLA) to agree on a labor agreement as soon as possible.
Elsewhere, European indices traded in the red on Thursday as traders watched disappointing corporate earnings. Furthermore, with the European Central Bank set to announce its interest rate decision today, the market largely expects a pause in the rate hike cycle.
Asia-Pacific markets closed mostly lower on Thursday
Most Asia-Pacific indices closed lower on Thursday, following their US counterparts. Australian shares fell to their 52-week low yesterday after the country’s inflation data for the September quarter came in higher than expected yesterday.
Hong Kong’s Hang Seng index closed down 0.24%, while China’s Shanghai Composite and Shenzhen Component indices closed up 0.48% and 0.40%, respectively.
Similarly, Japan’s Nikkei and Topix indices closed down 2.14% and 1.34% respectively.
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