BEIJING (AP) — Asian stock markets have been combined Thursday just after notes from the Federal Reserve’s hottest meeting confirmed expectations for more fascination fee hikes but contained no surprises to rattle traders.
Benchmarks in Hong Kong and Sydney declined even though Tokyo, Shanghai and Seoul have been better. Oil costs also sophisticated.
Traders are uneasy more than the effect of fascination level hikes in the United States and other Western economies to awesome surging inflation. Wednesday’s Fed release confirmed board users assistance .5-proportion-stage hikes at their future two meetings. That will weigh on economic activity but now was factored into stock costs.
There ended up no “hawkish or dovish surprises” or mention of a bigger raise, claimed Anderson Alves of ActivTrades in a report.
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The Shanghai Composite Index rose .4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 3,111.17 and the Nikkei 225 in Tokyo highly developed considerably less than .1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 26,689.00. The Cling Seng in Hong Kong shed .6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 20,053.50.
The Kospi in Seoul obtained .5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 2,630.34 when Sydney’s S&P-ASX 200 sank .4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 7,126.20. New Zealand and Singapore rose while Bangkok retreated.
On Wall Avenue, the benchmark S&P 500 index rose .9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 3,978.73. The Dow Dow Jones Industrial Regular acquired .6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 32,120.28. The Nasdaq composite climbed 1.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 11,434.74.
The minutes from the Fed meeting this thirty day period clearly show most board associates agreed that 50 percent-place boosts to the Fed’s benchmark shorter-phrase amount “would probably be appropriate.” That would be double the typical margin of increases.
Traders also are fearful about the effect of Russia’s February invasion of Ukraine and an unexpectedly sharp Chinese financial slowdown.
They hope the Fed will be ready to interesting inflation that is working at a four-ten years higher without tipping the biggest worldwide financial system into economic downturn.
The Fed lifted its essential curiosity rate by .5 share points at its May well assembly in its most aggressive shift in two many years. It indicated additional hikes have been to come.
The S&P 500 is coming off of a 7-7 days series of declines that arrived close to ending the bull marketplace for stocks that started in March 2020.
In power markets, benchmark U.S. crude additional 58 cents to $110.91 for every barrel in electronic buying and selling on the New York Mercantile Exchange. It rose 56 cents the preceding session to $110.33. Brent crude, the price tag basis for global oils, gained 44 cents to $111.56 for every barrel in London. It advanced 47 cents the past session to $114.13 a barrel.
The greenback edged up to 127.36 yen from 127.32 yen. The euro gained to $1.0698 from $1.0688.
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U.S. stocks turned higher in the first session of May following one of the worst monthly performances for the S&P 500 since the depths of the pandemic in 2020.
The S&P 500, Dow and Nasdaq turned positive in the final hour of trading on Monday. U.S. crude oil prices reversed earlier declines to hover above $105 per barrel, and the benchmark 10-year Treasury yield rose to 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, or its highest level since December 2018.
Investors this week are bracing for more potentially market-moving events to take place following April’s volatile stretch of trading. The S&P 500 sank by 8.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in April for its worst monthly performance since March 2020. Tech stocks especially were battered, and the Nasdaq Composite slid by 13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} last month for its worst since October 2008.
The Federal Reserve’s next monetary policy-setting meeting will be especially closely watched in the days ahead, with the central bank poised to release its latest policy statement and hold a press conference with Fed Chair Jerome Powell Wednesday afternoon. Market participants expect the Fed will raise rates by 50 basis points at the end of this meeting, marking the first rate hike of that magnitude since 2000. This would follow the 25 basis-point rate hike the Fed carried out in March, bringing the target range for the federal funds rate to between 0.25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and 0.50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and raising the low end of the range above zero for the first time since March 2020.
The Fed is also expected to formally announce that it will begin quantitative tightening, or rolling assets off of its $9 trillion balance sheet. The central bank had scooped up assets and added to its balance sheet over the course of the pandemic as another means of helping support the virus-stricken economy. However, expectations for the undoing of this build have stirred up volatility after markets became accustomed to these easy money policies.
And with U.S. GDP growth turning negative for the first time since mid-2020 in the first quarter of this year, some pundits have begun to question whether the Fed will be able to tighten monetary policies without setting off a deeper downturn in economic activity.
“Recession risk has risen, and the financial health of the private sector may ultimately determine whether policy tightening will tilt the economy into a downturn,” Goldman Sachs Chief Economist Jan Hatzius wrote in a note Sunday. “Financial fragility in the private sector has historically amplified the impact of the headwinds confronting today’s expansion: higher interest rates, rapid wage inflation, and slowing growth.”
Meanwhile, earnings season will also press on this week, with a number of closely watched companies from Airbnb (ABNB) to Uber (UBER) and Lyft (LYFT) and Block Inc. (SQ) each reporting results. Heading into this week, 55{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of S&P 500 components had reported actual first-quarter results, and of these, 80{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} topped earnings per share estimates, while 72{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} exceeded revenue expectations, according to data from FactSet.
The expected earnings growth rate for S&P 500 companies in aggregate has also now risen to 7.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, up from the 4.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} seen at the end of March, FactSet noted. Still, if 7.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} remains the actual earnings growth rate for the index in the first quarter, it would mark the slowest rate since the fourth quarter of 2020.
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4:04 p.m. ET: Stocks rise into the close as tech shares rebound: Nasdaq gains 1.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, S&P 500 adds 0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
Here were the main moves in markets as of 4:04 p.m. ET:
S&P 500 (^GSPC): +23.47 (+0.57{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,155.40
Dow (^DJI): +84.29 (+0.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,061.50
Nasdaq (^IXIC): +201.38 (+1.63{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 12,536.02
Crude (CL=F): +$0.90 (+0.86{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $105.59 a barrel
Gold (GC=F): -$49.00 (-2.56{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,862.70 per ounce
10-year Treasury (^TNX): +10.9 bps to yield 2.9960{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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11:12 a.m. ET: U.S. manufacturing sector expansion unexpectedly slows in April to 20-month low: ISM
The U.S. manufacturing sector expansion unexpectedly slowed during the month of April, with ongoing supply chain and pricing pressures dragging on goods-producing firms’ output.
The Institution for Supply Management’s April manufacturing index dipped to a 20-month low of 55.4 from March’s 57.1. Consensus economists were looking for a reading of 57.6, according to Bloomberg data. Readings above the neutral level of 50.0 indicate expansion in a sector.
The decline “is mostly due to weakening demand amid a broader slowdown in global manufacturing, rather than a renewed supply crunch,” Michael Pearce, Capital Economics senior U.S. economist, wrote in a note. “Most of the weakness in the ISM appears to reflect softening demand, particularly from the rest of the world, rather than a renewed intensification of supply constraints.”
Beneath the headline index, employment saw one of the most marked drops, with the ISM manufacturing employment subindex declining to 50.9 in April from 56.3 in March. More encouragingly, however, the prices paid subindex declined to 84.6, indicating some moderating of inflationary pressures for manufacturers, even as the level remained high by historical standards.
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9:32 a.m. ET: Stocks open mixed
Here were the main moves in markets as of 9:32 a.m. ET:
S&P 500 (^GSPC): +3.80 (+0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,135.73
Dow (^DJI): +80.64 (+0.24{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,057.85
Nasdaq (^IXIC): -6.49 (-0.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 12,328.15
Crude (CL=F): -$2.96 (-2.83{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $101.73 a barrel
Gold (GC=F): -$48.30 (-2.53{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,863.40 per ounce
10-year Treasury (^TNX): +7.2 bps to yield 2.9590{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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7:43 a.m. ET Monday: Stock futures head for a higher open
Here’s where markets were trading Monday morning ahead of the opening bell:
S&P 500 futures (ES=F): +7.5 points (+0.18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,135.00
Dow futures (YM=F): +89 points (+0.27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 32,971.00
Nasdaq futures (NQ=F): +27.75 points (+0.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 12,879.75
Crude (CL=F): -$2.95 (-2.82{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $101.74 a barrel
Gold (GC=F): -$32.40 (-1.69{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,879.30 per ounce
10-year Treasury (^TNX): +3.5 bps to yield 2.92{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
NEW YORK, NEW YORK – APRIL 28: Traders work on the floor of the New York Stock Exchange (NYSE) on April 28, 2022 in New York City. The Dow Jones Industrial Average was up in morning trading as markets continued to move through a period of volatility over inflation concerns and the war in Ukraine. (Photo by Spencer Platt/Getty Images)
U.S. stocks fell Thursday as investors continued to monitor a steady stream of corporate earnings results against a backdrop of elevated inflation and further Fed policy tightening.
The S&P 500 dropped and erased earlier gains. The Dow Jones Industrial Average also turned lower. The Nasdaq fell more than 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and extended Wednesday’s losses, when the tech-heavy index was weighed down by a slide in shares of Netflix. Meanwhile, Tesla (TSLA) shares rose after the electric vehicle-maker handily exceeded expectations in its fiscal first-quarter results.
Stocks dropped and Treasury yields climbed Thursday afternoon after Federal Reserve Chair Jerome Powell suggested he saw the case for front-loading interest rate hikes with 50 basis-point increases in order to quickly address persistent inflationary pressures. San Francisco Federal Reserve President Mary Daly also suggested in an interview with Yahoo Finance that she would back a larger-than-typical 50 basis point interest rate hike following the Fed’s May meeting given current price pressures.
Plus, the so far mixed quarterly earnings results this reporting season have stirred up uncertainty over whether corporate profits will be able to bolster equity markets operating in an already challenging economic environment. With inflation running at its fastest rate in 40 years and weighing on economic activity, and the the U.S. Federal Reserve on track to ramp up its tightening regime despite decelerating growth, many pundits have warned of further choppiness in risk assets.
“The big question is whether the earnings can really sustain this kind of a macro backdrop of slower growth and [tighter] Fed policy,” Deepak Puri, Deutsche Bank wealth management chief investment officer, told Yahoo Finance Live on Wednesday. “It seems certain companies can — historically that’s been the case. What’s different this time is really the trifecta, which is higher costs of capital, quantitative tightening, plus a lack of … a big fiscal stimulus.”
A similar market environment was seen in 2017 and 2018, when the Federal Reserve last raised interest rates before this year, Puri added. However, at that time, a reduction in the corporate tax rate under the prior administration had helped “cushion some of the burden of a higher cost of capital,” Puri said.
“This time around, I’m not really seeing much fiscal spending coming our way,” Puri said. “So it could be one of those times where the market might be a little bit more volatile than what participants expect.”
Other pundits also suggested tepid profit growth this year may be insufficient to propel the market forward, especially in the case of a slowdown in tech company results, given that many of these names are some of the most heavily weighted in the major equity indexes.
“Here’s the biggest risk in my opinion to the broader market right now: The broader market is concentrated in just a handful of names. What happens if their earnings or guidance for the second quarter is very dismal, or if they have a second-quarter earnings report … that really surprises to the downside? That’s when you’ll see that downdraft in the S&P, in my opinion,” Eddie Ghabour, co-founder and managing partner at Key Advisors Group, told Yahoo Finance Live on Wednesday.
“No one is bulletproof in this environment,” he added. “And I think being cautious here after the massive run up we’ve seen in the last several years in risk assets is just a prudent thing to do. Because there will be some amazing buying opportunities that will come when this bubble bursts.”
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4:05 p.m. ET: S&P 500, Nasdaq drop to post back-to-back day of declines after Fed officials discuss half-point rate hikes
Here were the main moves in markets as of 4:05 p.m. ET:
S&P 500 (^GSPC): -65.79 (-1.48{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,393.66
Dow (^DJI): -368.03 (-1.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,792.76
Nasdaq (^IXIC): -278.41 (-2.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,174.65
Crude (CL=F): +$1.48 (+1.45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $103.67 a barrel
Gold (GC=F): -$2.10 (-0.11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,953.50 per ounce
10-year Treasury (^TNX): +7.7 bps to yield 2.9170{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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2:31 p.m. ET: Powell says it’s ‘absolutely essential to restore price stability,’ suggests 50-basis point rate hike is ‘on the table’
Federal Reserve Chair Jerome Powell reiterated Thursday that the central bank’s primary goal at this juncture is to bring down inflation while trying to avoid tipping the economy into a recession in the process.
“Our goal is to use our tools to get demand and supply back in synch so that inflation moves down, and do so without a slowdown that amounts to a recession,” Powell said during an International Monetary Fund panel discussion on Thursday. “It’s absolutely essential to restore price stability. Without price stability, really economies don’t work without price stability. We need that to have a strong labor market over an extended period of time. We need it for financial stability. So we must do that.”
One of the main tools the Federal Reserve has to rein in inflation is through interest rate hikes, with higher rates slowing demand and ultimately exerting downward pressure on elevated prices. And with this in mind, Powell suggested a 50 basis point rate hike at Fed’s forthcoming meeting could take place to achieve the central bank’s price stability target.
“We really are committed to using our tools to get 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} inflation back,” he added. “It is appropriate in my view to be moving a little more quickly. And I also think there is something in the idea of front-end loading … that points to the direction of 50 basis points being on the table.”
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12:51 p.m. ET: San Francisco Fed’s Daly says interest rates should move ‘expeditiously’ toward neutral
San Francisco Federal Reserve President Mary Daly said Thursday that interest rates should move higher swiftly this year in the face of elevated inflation.
“I like to think of it as expeditiously marching towards neutral. It’s clear the economy doesn’t need the accommodation we’re providing,” Daly told Yahoo Finance’s Brian Cheung in an exclusive interview Thursday.
Daly, who is not a voting member in this year’s Federal Open Market Committee but still participants in monetary policy discussions with the committee, said she supports raising the benchmark federal funds rate by 50 basis points at the central bank’s next policy-setting meeting in early May. Such a move would mark the first hike of more than 25 basis points from the Fed since 2000.
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10:21 a.m. ET: Elon Musk is mulling a tender offer to buy Twitter, has received $46.5 billion in commitment letters
Tesla CEO Elon Musk is considering acquiring shares of Twitter (TWTR) via tender offer at a price of $54.20 per share, according to a filing on Thursday.
Musk has so far received approximately $46.5 billion in commitment letters for financing, the filing said. With a tender offer, Musk would purchase shares directly from current shareholders in order to ultimately acquire Twitter.
The filing comes after Musk last week issued an offer to purchase Twitter for $54.20 per share, equivalent to more than $40 billion. However, Twitter last week adopted a “poison pill,” or limited duration shareholder rights plans, to try and ward off a takeover and prevent Musk from amassing a larger stake in the firm. Musk disclosed he had taken a more than 9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} stake in Twitter earlier this month.
Twitter shares rose 0.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} intraday Thursday morning.
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9:30 a.m. ET: Stocks open higher, tech shares stage a recovery after Netflix-led slide
Here’s where markets were trading just after the opening bell:
S&P 500 (^GSPC): +46.97 (+1.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,506.42
Dow (^DJI): +289.18 (+0.82{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,449.97
Nasdaq (^IXIC): +209.64 (+1.56{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,666.46
Crude (CL=F): +$1.80 (+1.76{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $103.99
Gold (GC=F): -$6.20 (-0.32{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,949.40 per ounce
10-year Treasury (^TNX): +4.1 bps to yield 2.877{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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8:35 a.m ET: Weekly unemployment claims come in at 184,000, holding near multi-decade lows
First-time jobless claims totaled 184,000 during the week ended April 16, according to the Labor Department’s latest weekly report. Claims had totaled 186,000 a week earlier.
Though initial filings edged up slightly in the latest weekly data, the sum remained near 50-year lows. New claims had reached their lowest level since 1968 at 166,000 just last month.
Continuing claims, which tally the number of Americans collecting benefits for multiple weeks, have also declined sharply to reach multi-decade lows. These came in below 1.5 million for a back-to-back week to reach their lowest level since 1970.
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7:39 a.m. ET: Stock futures head for a higher open
Here’s where stocks were trading Thursday morning:
S&P 500 futures (ES=F): +38 (+0.85{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,493.50
Dow futures (YM=F): +233 (+0.66{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,312.00
Nasdaq futures (NQ=F): +170.25 (+1.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,175.00
Crude (CL=F): +$0.98 (+0.96{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $103.17
Gold (GC=F): -$12.40 (-0.63{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,943.20 per ounce
10-year Treasury (^TNX): +3.3 bps to yield 2.869{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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6:12 p.m. ET: Stock futures trade little changed
Here’s where stocks were trading Tuesday evening:
S&P 500 futures (ES=F): +14.25 (+0.32{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,469.75
Dow futures (YM=F): +74.00 (+0.21{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,153
Nasdaq futures (NQ=F): +70.25 (+0.50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,075
NEW YORK, NEW YORK – APRIL 12: Traders work on the floor of the New York Stock Exchange during afternoon trading on April 12, 2022 in New York City. Data released this morning showed that inflation rose 8.5 percent in March, the highest annual increase since December 1981, amid energy prices soaring due to Russia’s war in Ukraine. (Photo by Michael M. Santiago/Getty Images)
U.S. stocks fell Wednesday as investors eyed more hawkish remarks from key monetary policymakers. These suggested that more members of the Federal Reserve were open to moving aggressively to raise interest rates and bring down demand and persistently elevated levels of inflation.
[Click here to read what’s moving markets heading into Thursday, April 7]
The S&P 500 dropped, adding to losses after the blue-chip index ended Tuesday’s session lower by 1.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The Dow Jones Industrial Average and Nasdaq also extended declines. In the bond market, the benchmark 10-year Treasury yield rose to top 2.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, marking its highest level since May 2019.
Developments on Russia’s war in Ukraine and the Western response remained in focus Wednesday as the U.S. announced another round of sanctions on the Kremlin. The U.S. add penalties to more Russian government officials and family members as well as to Russian-owned enterprises and financial institutions.
Meanwhile, hawkish commentary from Federal Reserve officials also knocked U.S. equities from their latest march higher and send Treasury yields spiking. The Fed’s meeting minutes released Wednesday afternoon showed central bankers were discussing starting quantitative tightening in the near-term, and that “many participants … would have preferred a 50 basis point increase” in benchmark interest rates at the March meeting.
The meeting minutes reaffirmed other, more recent remarks from monetary policymakers. Federal Reserve Governor Lael Brainard said Tuesday that the Federal Open Market Committee (FOMC) was “prepared to take stronger action” should already elevated indicators of inflation rates and expectations warrant such moves.
Speaking in a webcast, Brainard suggested this could include aggressive interest rate hikes and a much quicker drawdown of the Federal Reserve’s balance sheet — which has thus far ballooned to nearly $9 trillion — than in previous periods.
“Given that the recovery has been considerably stronger and faster than in the previous cycle, I expect the balance sheet to shrink considerably more rapidly than in the previous recovery, with significantly larger caps and a much shorter period to phase in the maximum caps compared with 2017–19,” Brainard said. She noted the process of reducing the Fed’s balance sheet holdings, or beginning quantitative tightening, could begin as soon as the Fed’s next meeting in May.
Other Fed members also suggested they were on board with more policy tightening in the near-term. San Francisco Fed President Mary Daly told the Financial Times on Tuesday that the case for a 50 basis-point interest rate hike — or a hike double the size of the central bank’s typical per-meeting increase — “has grown.”
“The fact is, the Fed has made it very clear … it’s paramount that they go after inflation and do whatever it takes to staunch the rise in inflation,” Quincy Krosby, chief equity strategist for LPL Financial, told Yahoo Finance Live. “They’re going to do it, and I think the market is getting the sense that this is going to be a choppy path.”
“The Fed may go until it breaks something … but it’s clear that this is their mission, and they are going to go ahead with it, full steam – more than 2017, more than 2018,” she added, referring to the last time the Federal Reserve underwent quantitative tightening several years ago.
With inflation rates in the U.S. still holding at around 40-year highs and forcing the Fed’s hand in aggressively tightening financial conditions, some on Wall Street have downgraded their expectations for U.S. and global growth. Deutsche Bank economists said Tuesday they expected the U.S. to tip into a recession at the end of next year as the Fed rapidly hikes rates to address high prices.
“We now expect the U.S. economy to be in outright recession by late next year, and the [Euro area] in a growth recession in 2024 with unemployment edging up,” Deutsche Bank economists David Folkerts-Landau and Peter Hooper said. “Our baseline view is that these developments will spill over to damp growth in much of the rest of the world and at the same time help to bring inflation back toward mandated levels, diminishing the risk of greater disruptions further down the road.”
Still, the economists noted their call for a recession next year “is currently way out of consensus” — and indeed, many on Wall Street still see a slowdown, but not necessarily a period of negative growth in the near-term domestically.
“We’re not thinking that the Fed is going to push the economy into recession,” Veronica Willis, Wells Fargo Investment Institute investment strategy analyst, told Yahoo Finance Live on Tuesday. “I think most are not expecting that. But we are expecting kind of a slowdown in economic growth from what we had expected previously, but still around average economic growth here in the U.S.”
—
4:02 p.m. ET: Stocks fall, tech shares lag for a second straight day after more hawkish Fed commentary: Nasdaq declines by 2.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
Here were the main moves in markets as of 4:02 p.m. ET:
S&P 500 (^GSPC): -43.86 (-0.97{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,481.26
Dow (^DJI): -143.95 (-0.42{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,497.23
Nasdaq (^IXIC): -315.35 (-2.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,888.82
Crude (CL=F): -$4.65 (-4.56{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $97.31 a barrel
Gold (GC=F): +$0.10 (+0.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,927.60 per ounce
10-year Treasury (^TNX): +5.3 bps to yield 2.6090{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
2:31 p.m. ET: Stocks extend declines after Fed minutes
Here’s where markets were trading Wednesday afternoon
S&P 500 (^GSPC): -50.7 (-1.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,474.42
Dow (^DJI): -226.28 (-0.65{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,414.90
Nasdaq (^IXIC): -305.88 (-2.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,893.13
Crude (CL=F): -$5.73 (-5.62{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $96.23 a barrel
Gold (GC=F): -$6.30 (-0.33{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,921.20 per ounce
10-year Treasury (^TNX): +5.7 bps to yield 2.611{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
2:09 p.m. ET: Fed offers more details on balance sheet rundown process, saying it will reduce assets ‘in a predictable manner’
The minutes from the Federal Open Market Committee’s March 15 and 16 meeting shed more light on how central bank officials were thinking about beginning the balance sheet runoff process this year.
“Participants reaffirmed that the Federal Reserve’s securities holdings should be reduced over time in a predictable manner,” according to the minutes.
While the Fed has not yet voted on how and when to begin the process of unwinding its balance sheet, some Fed officials suggested this would occur in the near-term. Fed Governor Lael Brainard, once considered a “dove” on the committee, suggested earlier this week the process could be announced as soon as May.
The Fed minutes also noted that, “participants generally agreed that monthly caps of about $60 billion for Treasury securities and about $35 billion for agency MBS [mortgage-backed securities] would likely be appropriate.”
Bitcoin (BTC-USD) prices fell below $45,000 for the first time since last week on Wednesday, bringing shares of cryptocurrency-linked stocks including Coinbase (COIN), Bakkt Holdings (BKKT) and Riot Blockchain (RIOT) lower as well.
Bitcoin prices have been on a roller-coaster ride this year, tracking the volatility across other risk assets as geopolitical and monetary policy concerns increased. Prices began the year around $48,000 for the largest cryptocurrency by market cap, but dipped as low as below $35,000 so far this year.
Other major cryptocurrencies including Ethereum (ETH-USD), XRP (XRP-USD) and Solana (SOL-USD) also dipped Wednesday morning.
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9:39 a.m. ET: JetBlue shares drop after airline makes competing bid for Spirit
JetBlue (JBLU) shares dropped Wednesday morning after the carrier made an offer to purchase Spirit Airlines (SAVE) — less than two months after the budget airline agreed to merge with Frontier Group (ULCC).
JetBlue stepped in with $3.6 billion offer to buy Spirit Airlines, with the all-cash deal coming out to $33 per outstanding Spirit share. The combined company would have a fleet of 450 aircraft with another 312 Airbus aircraft to be delivered over the next six years, and would bring more flights to hubs including New York and Florida, where both airlines already operate.
However, in February, Frontier Group made its own bid to buy Spirit for $2.9 billion, in a deal the companies said at the time would save customers about $1 billion per year. JetBlue said in its press release this morning that its offer was a “superior proposal” and that it would be “more effective than Ultra-Low-Cost Carriers in Introducing Competition and Bringing Down Legacy Carrier Fares.”
Wall Street, however, has expressed skepticism over a JetBlue-Spirit tie-up.
“The merits of a potential JetBlue-Spirit merger are not as abundantly clear to us as are those that could stem from other combinations among remaining, non-Big 3 airlines,” JPMorgan airline analyst Jamie Baker wrote in a note this morning.
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9:31 a.m. ET: Stocks open lower, Treasury yields surge
Here’s where markets were trading Wednesday morning:
S&P 500 (^GSPC): -36.19 (-0.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,488.93
Dow (^DJI): -229.02 (-0.66{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,412.16
Nasdaq (^IXIC): -178.10 (-1.27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,023.64
Crude (CL=F): +$0.51 (+0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $102.57 a barrel
Gold (GC=F): +$2.20 (+0.11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,929.70 per ounce
10-year Treasury (^TNX): +7.7 bps to yield 2.631{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
8:00 a.m. ET: Mortgage applications fall for fourth straight week as rates rise further
U.S. mortgage applications dropped for a fourth consecutive week into the beginning of April, with fast-rising mortgage rates deterring homeowners from refinancing and new buyers from coming into the market.
The Mortgage Bankers Associations’ weekly index showed mortgage applications fell 6.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} week-on-week during the period ending April 1. This came following a 6.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} drop during the prior week.
Refinances fell 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from the previous week and by 62{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from the same week last year, bringing overall applications for refinances down to the lowest level since spring 2019. Purchases fell 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} week-over-week on a seasonally unadjusted basis, and declined 9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from the comparable period last year.
“Mortgage application volume continues to decline due to rapidly rising mortgage rates, as financial markets expect significantly tighter monetary policy in the coming months. The 30-year fixed mortgage rate increased for the fourth consecutive week to 4.90{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and is now more than 1.5 percentage points higher than a year ago,” Joel Kan, MBA associate vice president of economic and industry forecasting, said in a press statement Wednesday.”
“The hot job market and rapid wage growth continue to support housing demand, despite the surge in rates and swift home-price appreciation,” Kan added. “However, insufficient for-sale inventory is restraining purchase activity.”
—
7:16 a.m. ET: Stock futures fall
Here’s where markets were trading Wednesday morning:
S&P 500 futures (ES=F): -38 points (-0.84{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,482.25
Dow futures (YM=F): -214 points (-0.62{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,336.00
Nasdaq futures (NQ=F): -203 points (-1.37{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,625.00
Crude (CL=F): +$1.42 (+1.39{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $103.38 a barrel
Gold (GC=F): +$4.70 (-0.24{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,922.80 per ounce
10-year Treasury (^TNX): +8.3 bps to yield 2.637{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
6:10 p.m. ET Tuesday: Stock futures edge higher
Here’s where markets were trading Tuesday evening as the overnight session began:
S&P 500 futures (ES=F): +5.25 points (+0.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,525.50
Dow futures (YM=F): +34 points (+0.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,584.00
Nasdaq futures (NQ=F): +25.75 points (+0.17{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,853.75
NEW YORK, NEW YORK – MARCH 30: Traders work on the floor of the New York Stock Exchange on March 30, 2022 in New York City. U.S. stocks opened low after rallying to start the week. (Photo by Michael M. Santiago/Getty Images)
U.S. stocks rallied for a third consecutive day as investors warmed up to the Federal Reserve’s long-anticipated move to hike short-term interest rates for the first time in three years. Oil prices jumped back up, with investors turning their attention back to the war in Ukraine and its potential impacts on the global economy.
[Click here to read what’s moving markets heading into Friday, March 18]
The S&P 500 climbed 1.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 4,411.65 to log its first three-day winning streak since Feb. 2, and the Dow Jones Industrial Average advanced 1.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 34,480.30, also notching its first four-day rally in six weeks. The Nasdaq Composite advanced 1.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 13,614.78. Meanwhile, WTI Crude Oil futures and Brent Crude Oil each jumped about 9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $103.64 and $106.79 per barrel, respectively.
St. Patrick’s Day historically tends to be one of the “most green” days of the year for stocks, according to data from LPL Financial going back to 1950. The S&P 500 is up 0.37{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on average, making it one of the best days of the year.
At the end of its two-day policy-setting meeting, the U.S. central bank revealed Wednesday that it will lift its benchmark Federal Funds Rate by 0.25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, to a target range of 0.25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 0.50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The move was in line with what market participants had anticipated after Fed Chair Jerome Powell indicated in Congressional testimony earlier this month a 25 basis-point bump was distinctly possible.
“By raising interest rates, the Federal Reserve has begun the process of unwinding their pandemic-era stimulus measures in an effort to tame inflation,” Bankrate chief financial analyst Greg McBride said in a note. “This isn’t a one-and-done but the start of a series of rate hikes for the remainder of this year and well into next.”
The Fed also unveiled in its updated Summary of Economic Projections, or “dot plot,” which reflects the individual economic projections of policymakers on the Federal Open Market Committee, that the median member anticipates up to six more rate hikes in 2022, which would bring rates 1.75{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} higher at the end of this year. Before Wednesday’s decision, the benchmark interest rate was deliberately held near zero since mid-2020 as part of the Fed’s easy-money policies used to keep financial conditions running smoothly during the pandemic.
“The Fed didn’t rock the boat much,” LPL Financial chief market strategist Ryan Detrick said. “Yes, they lowered economic expectations in 2022 while also increasing inflation, but much of that was already priced into things. Overall, they still see strong growth, which helps support the recovery.”
The Marriner S. Eccles Federal Reserve Board building is seen in Washington, DC, March 16, 2022. – The Federal Reserve is expected to announce the first interest rate increase since the Covid-19 pandemic began at the conclusion of its policy setting meeting later today. (Photo by SAUL LOEB / AFP) (Photo by SAUL LOEB/AFP via Getty Images)
Although the key decision provided some clarity to investors who for months have awaited for the central bank to take steps forward on tightening monetary conditions, the Fed’s path forward remains muddied by geopolitical turmoil in Eastern Europe. War in Ukraine and penalizing sanctions against Russia for its invasion of the country have raised uncertainty in recent weeks over the conflict’s toll on the global economic picture.
The Fed acknowledged in a statement that came out of its meeting that implications for the U.S. economy are “highly uncertain” but likely to worsen already decades-high inflationary pressures.
“Playing catch up is the theme that Fed officials signaled to markets today as the narrative has shifted from normalizing monetary policy to laying the groundwork for a more restrictive policy and moving beyond neutral,” Allianz Investment Management senior market strategist Charlie Ripley said in commentary.
Elsewhere in markets, shares of Warren Buffett’s Berkshire Hathaway closed at $500,000 for the first time on Wednesday. The price underscored Berkshire’s status as a defensive stock at a time markets have been roiled by economic and geopolitical uncertainty. The company also purchased 18.1 million additional shares of Occidental Petroleum Corp. (OXY) this week, bringing the company’s stake in the oil giant to 14.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The move comes as soaring oil prices amid the war in Ukraine buoy the U.S. oil conglomerate.
Berkshire’s Class A shares have advanced 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in 2022, even as the S&P 500 is down about 12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year-to-date. Prior to a relief rally that extended into Thursday, the benchmark index on Tuesday (the 50th trading day of the year) locked in its 6th worst start to a year ever, data from LPL financial reflected. The silver lining? The previous five worst starts were followed by notable gains, with an average gain for the rest of the year of 36{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, with the exception of only 2001.
“Although we aren’t expecting 36{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} gains the rest of this year, it does suggest that things might be quite bad now, but we’ve been here before and we’ve seen stocks come back way more than expected,” LPL’s Detrick said.
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4:28 p.m. ET: FedEx reveals profit boost from boom in online shopping
FedEx Corp. (FDX) reported a stronger quarterly profit for its fiscal third quarter, attributing gains to a surge in online shopping.
The U.S. package delivery company said adjusted net income for the period increased to $1.22 billion, or $4.59 per share, from $939 million, or $3.47 per share, a year earlier.
Revenue for the quarter ended Feb. 28 rose 9.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $23.6 billion.
Shares of FedEx closed 0.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} higher Thursday at $227.98 a piece and ticked up in post-market trading to $228.85 per share as of 4:25 p.m. ET after the company unveiled results after the bell.
A Federal Express truck on delivery is pictured in downtown Los Angeles, California October 29, 2014. Determined not to repeat a holiday season that left millions of packages delivered too late and customers seething, United Parcel Service Inc and FedEx Corp are investing heavily in new infrastructure – but the continued dynamic growth of e-commerce will test those efforts. The world’s two largest shipping companies are building new facilities, adding more temporary holiday workers and pushing retailers to help them avoid a recurrence of a pre-Christmas shipping logjam. REUTERS/Mike Blake (UNITED STATES – Tags: BUSINESS)
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4:14 p.m. ET: U.S. House seeks to strip Russia, Belarus ‘most-favored’ trade status
The U.S. House of Representatives supported legislation that would rid Russia and Belarus of their “most favored nation” trade status over the invasion of Ukraine. The move would allow higher tariffs on imports from the two countries.
With voting still underway, the Democratic-controlled House tallied 320 to five in favor of removing Permanent Normal Trade Relations (PNTR) status in the latest Congressional effort to place further economic pressure on Moscow and close ally Belarus.
A two-thirds majority is needed for the legislation to pass in the 435-member House.
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4:00 p.m. ET: S&P 500, Dow, and Nasdaq build on gains as investors adjust to rate hike
Here’s how markets closed at the end of Thursday’s session:
S&P 500 (^GSPC): +53.50 (+1.23{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,411.36
Dow (^DJI): +416.87 (+1.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,479.97
Nasdaq (^IXIC): +178.23 (+1.33{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,614.78
Crude (CL=F): +$8.53 (+8.98{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $103.57 a barrel
Gold (GC=F): +$27.60 (+1.45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,936.80 per ounce
10-year Treasury (^TNX): +0.4 bps to yield 2.1920{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
12:40 a.m. ET: All main indexes firmly in the green after rebound from session lows
Here were the main moves in markets as of 12:40 p.m. ET:
S&P 500 (^GSPC): +20.26 (+0.46{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,378.12
Dow (^DJI): +158.20 (+0.46{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,221.30
Nasdaq (^IXIC): +39.97 (+0.30{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,476.52
Crude (CL=F): +$7.51 (+7.90{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $102.55 a barrel
Gold (GC=F): +$34.50 (+1.81{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,943.70 per ounce
10-year Treasury (^TNX): -3 bps to yield 2.1580{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
11:59 a.m. ET: Stocks waver to turn mixed as investors re-focus on rising energy prices
Here were the main moves in markets during intraday trading:
S&P 500 (^GSPC): +6.54 (+0.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,364.40
Dow (^DJI): +30.12 (+0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,093.22
Nasdaq (^IXIC): -4.90 (-0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,431.65
Crude (CL=F): +$7.69 (+8.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $102.73 a barrel
Gold (GC=F): +$40.10 (+2.10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,949.30 per ounce
10-year Treasury (^TNX): -3 bps to yield 2.1580{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
11:13 a.m. ET: Mortgage rates top 4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
The rate on the average 30-year fixed rate mortgage jumped to 4.16 {1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, up from 3.85{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} a week ago, according to Freddie Mac. The 15-year fixed rate — a common refinance option — also surged, averaging 3.39{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from 3.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} last week.
The more than quarter-point hike in rates dealt s a blow to homeowners who may have waited too long to refinance their loan and presents an additional setback for buyers who are facing some of the worst affordability conditions as prices grow higher amid low inventory on homes for sale.
“The potent fuel that propelled real estate markets to new highs over the past couple of years is evaporating,” George Ratiu, Realtor.com manager of economic research, said.
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10:49 a.m. ET: Amazon closes purchase of MGM movie studio
Amazon (AMZN) announced Thursday that the online retail giant has closed a $8.5 billion deal to buy MGM as the company works to draw in consumers through more video streaming.
“We welcome MGM employees, creators, and talent to Prime Video and Amazon Studios, and we look forward to working together to create even more opportunities to deliver quality storytelling to our customers,” the company said in a statement, signaling there would be no layoffs following the transaction.
The decision to close comes after a deadline passed for the U.S. Federal Trade Commission to challenge the deal. Amazon first announced plans to buy the company in May 2021, indicating MGM offered a trove of content to draw consumers to its fast-shipping and streaming club Prime.
Amazon was up 0.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $3,082.58 per share as of 10:45 a.m. ET.
Niagara Falls, Canada – April 18, 2014: Metro Goldwyn Mayer Plaza in Niagara Falls. Niagara Falls city is a Canadian city on the western bank of the Niagara River. The city has many business and entertaiment options design for tourism.
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10:37 a.m. ET: Buffett snaps up more shares of Occidental Petroleum
Warren Buffett’s Berkshire Hathaway Inc. purchased 18.1 million additional shares of Occidental Petroleum Corp. (OXY), bringing the company’s stake in the oil giant to 14.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.
Berkshire bought shares between Monday and Wednesday at prices ranging from $52.99 to $55.38, according to a company filing.
The move comes as soaring oil prices amid the war in Ukraine buoy the U.S. oil conglomerate.
OXY shares were up more than 7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to trade at $56.73 a piece as of 10:34 a.m. ET. Meanwhile, Berkshire Hathaway’s Class A shares were priced at about $508,135.34 after closing at $500,000 for the first time on Wednesday.
Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway Inc’s annual shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019. REUTERS/Scott Morgan
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9:30 a.m. ET: Stocks open lower following first interest rate increase since 2018
Here were the main moves in markets as of 9:30 a.m. ET:
S&P 500 (^GSPC): -13.81 (-0.32{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,344.05
Dow (^DJI): -126.25 (-0.37{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,936.85
Nasdaq (^IXIC): -79.61 (-0.59{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,356.94
Crude (CL=F): +$6.42 (+6.76{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $101.46 a barrel
Gold (GC=F): +$33.80 (+1.77{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,943.00 per ounce
10-year Treasury (^TNX): -3.2 bps to yield 2.1560{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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9:03 a.m. ET: New U.S. home construction rebounds to strongest pace since 2006
U.S. housing starts in February rose to the strongest pace since 2006, pointing to better success by homebuilders navigating material and labor snafus during the month.
Residential starts jumped 6.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} last month to a 1.77 million annualized rate, according to data out of Washington out Thursday. Applications to build, a measure of future construction, abated to an annualized 1.86 million units but remained elevated overall.
Economists surveyed by Bloomberg estimated a pace of 1.7 million for housing starts in February.
MIAMI, FLORIDA – APRIL 16: Construction workers build a home on April 16, 2021 in Miami, Florida. The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced that housing starts surged 19.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in March to their highest level since 2006. (Photo by Joe Raedle/Getty Images)
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8:30 a.m. ET: Jobless claims fall to 214,000 in latest weekly data
Applications for unemployment insurance fell in the latest weekly data to extend a broader trend downward after surging COVID-19 infections earlier this winter briefly disrupted the labor market’s recovery to start the year.
The Labor Department latest weekly jobless claims report showed 214,000 claims were filed in the week ended March 12, coming in better than the 220,000 economists surveyed by Bloomberg had expected.
Jobless claims came in below 250,000 for a seventh consecutive week and hovered around pre-pandemic levels. Continuing claims, which track the total number of individuals claiming benefits across regular state programs, have held well below levels from even before the pandemic, coming in under 1.5 million for four straight weeks now compared to an average of around 1.7 million per week in 2019.
Although COVID’s impact on the labor market has appeared to ease, the economic toll the war in Eastern Europe may have remains unclear.
“Staggeringly high inflation is set to go higher in forthcoming reports because of impacts from Russia’s invasion of Ukraine and continuing supply chain disruptions including in China,” Mark Hamrick, senior economic analyst at Bankrate, wrote in an email. “These higher costs crimping household budgets risk dampening consumer discretionary purchases. It remains to be seen how much this could negatively affect the job market in the months to come.”
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7:03 a.m. ET: Futures slip, oil rises as investors continue to weigh rate hike
Here’s how markets fared ahead of the open Thursday
S&P 500 futures (ES=F): -9.00 points (-0.21{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,349.00
Dow futures (YM=F): -67.00 points (-0.20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,992.00
Nasdaq futures (NQ=F): -32.00 points (-0.23{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,921.00
Crude (CL=F): +$4.20 (+4.42{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $99.24 a barrel
Gold (GC=F): +$35.20 (+1.84{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,944.40 per ounce
10-year Treasury (^TNX): +2.8 bps to yield 2.1880{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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6:02 p.m. ET Wednesday: Futures tick up after stocks close higher following Fed decision
Here’s where stock futures were ahead of the overnight session Wednesday:
S&P 500 futures (ES=F): +8.25 points (+0.19{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,366.25
Dow futures (YM=F): +51.00 points (+0.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,110.00
Nasdaq futures (NQ=F): +29.25 points (+0.21{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,982.25
Crude (CL=F): +$0.30 (+0.32{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $95.34 a barrel
Gold (GC=F): +$17.00 (+0.89{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,926.20 per ounce
10-year Treasury (^TNX): +2.8 bps to yield 2.1880{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
NEW YORK, NEW YORK – MARCH 16: Traders work on the floor of the New York Stock Exchange (NYSE) on March 16, 2022 in New York City. The Dow started off the day in positive territory, extending yesterday’s rally. (Photo by Spencer Platt/Getty Images)
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Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
Read the latest financial and business news from Yahoo Finance
U.S. stocks were deep in the red on Thursday as Wall Street weighed another decades-high inflation print and remarks by St. Louis Federal Reserve President James Bullard that signaled the central bank could intervene more aggressively than anticipated to tighten monetary conditions amid surging prices levels.
The Dow Jones Industrial Average snapped a three-day winning streak closing down 500 points, or 1.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, after comments from Bullard, who said in an interview that he favors an interest rate increase of 100 basis points by July 1. The S&P 500 was down 1.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and the Nasdaq Composite, weighed down by losses in tech, shed 2.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Meanwhile, the closely-watched 10-year Treasury note jumped to 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for the first time since August 2019.
“I typically take the opinions of St. Louis Fed president Jim Bullard with a grain of salt because he has a history of being all over the map with his forecasts and thoughts,” Bleakley Advisory Group CIO Peter Boockvar said in a note. “He does though vote this year and thus is very relevant to pay attention to.”
U.S. inflation accelerated last month in the fastest rise since 1982, with prices across a wide range of goods and services soaring further amid lingering shortages and supply chain disruptions. Consensus economists were looking for a 7.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise, according to Bloomberg data.
“While inflation continued to overshoot the Fed’s target in January, fundamental drivers of inflation are starting to improve,” Comercia Bank chief economist Bill Adams said in a note. “Remember, a big part of the surge in prices was from shortages, and the economy is making big strides to reduce shortages.”
Quadratic Capital Management founder Nancy Davis echoed a similar point in post-CPI commentary.
“While inflation is weighing heavily on Federal Reserve policy decisions, our current inflationary environment is unconventional and is caused largely by supply chain disruptions, something the Federal Reserve cannot fix with tighter monetary policy,” Davis said.
The 10-year Treasury yield’s jump to 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} pressured technology stocks in Thursday’s trading session. Losses in heavyweights such as Apple (AAPL) (closed down 2.34 to $172.16 per share) and Alphabet (GOOG) (closed down 2.02{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $22,772.05 per share) dragged down markets.
“Even though we see the yield curve start flattening, we are watching the 10-year very closely and the CPI number,” ERShares chief operating officer and chief investment strategist Eva Ados told Yahoo Finance Live on Wednesday, adding the three most significant facors in the data are costs associated with labor, food prices, and energy.
Ados said once the 10-year Treasury hits 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, “that will trigger a psychological level and more anxiety in markets.”
In the previous session, the indexes were lifted by an influx of strong corporate earnings. The Walt Disney Company (DIS), a component of the Dow, unveiled first quarter 2022 results after the bell on Wednesday that sharply beat estimates. Better than expected growth for the entertainment giant’s streaming service Disney+ and a recovery in theme park attendance sent shares up as much as 9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after the report. Uber (UBER) also posted results after market close, revealing quarterly revenue that topped analyst forecasts and indicated headwinds caused by the Omicron COVID surge have eased.
“Last year, it was all about ‘tell me the story and how great it is,’ while this year, it’s ‘show me the money and show me that you’re growing profitably — that you have cash flow,’” Satori Fund founder and portfolio manager Dan Niles told Yahoo Finance Live.
After a surprise shift by the Federal Reserve on how aggressively it would tighten monetary conditions rocked equities in January, investors have found relief in strong earnings over recent weeks. Bank of America said in its latest update that S&P 500 earnings per share (EPS) are exceeding consensus expectations by 6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} so far for the latest quarter and tracking toward a growth rate of well over 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on a year-over-year basis.
But as earnings season winds down, investors will turn their attention back macroeconomic concerns, with special focus on Thursday’s inflation number — an annual CPI gain of 7.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} — at a 40-year high.
“We do think the focus shifts back to the macro side of the ledger this week,” Stuart Kaiser, UBS head of equity derivatives research, told Yahoo Finance Live on Tuesday, adding the European Central Bank and Bank of England are tightening monetary policy along with the Fed and a series of high inflation prints are expected in coming months. “When we put that all together, we don’t think the bumpy ride is over.”
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4:00 p.m. ET: Wall Street’s main indexes cap session in negative territory
Here were the main moves in markets at Thursday’s close:
S&P 500 (^GSPC): -83.13 (-1.81{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,504.05
Dow (^DJI): -526.37 (-1.47{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,241.69
Nasdaq (^IXIC): -304.73 (-2.10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,185.64
Crude (CL=F): +$0.21 (+0.23{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $89.87 a barrel
Gold (GC=F): -$8.90 (-0.48{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,827.70 per ounce
10-year Treasury (^TNX): +10.2 bps to yield 2.0310{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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3:25 p.m. ET: Affirm plunges 33{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after miss on revenue forecast
Buy now, pay later provider Affirm Holdings Inc. (AFRM) reported a larger loss for its second fiscal quarter due to an increase in stock-based compensation following the company’s initial public offering.
In the three months ended Dec. 31, net loss attributable to common shareholders widened to $159.74 million, or 57 cents per share, from a loss of $26.61 million, or 38 cents per share, a year earlier.
Shares plunged as much as 33{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in afternoon trading. Affirm was down 19.35{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $60.23 per share as of 3:23p.m. ET.
Affirm also confirmed it mistakenly reported a portion of its second-quarter results ahead of schedule after a since-deleted tweet was sent from the company’s official Twitter account Thursday morning.
Affirm logo displayed on a phone screen and Affirm website displayed on a laptop screen are seen in this illustration photo taken in Krakow, Poland on August 16, 2021. (Photo by Jakub Porzycki/NurPhoto via Getty Images)
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2:31 p.m. ET: Dow sheds 500 points as rate worries weigh on tech stocks
Here were the main moves in markets as of 2:31 p.m. ET:
S&P 500 (^GSPC): -66.45 (-1.45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,520.73
Dow (^DJI): -454.94 (-1.27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,313.12
Nasdaq (^IXIC): -215.12 (-1.48{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,275.25
Crude (CL=F): -$0.11 (-0.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $89.55 a barrel
Gold (GC=F): -$3.20 (-0.17{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,833.40 per ounce
10-year Treasury (^TNX): +9 bps to yield 2.0190{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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1:05 p.m. ET: Dow tumbles after Fed president says he favors 100bp hike by July
Fed St. Louis President James Bullard said he favors interest rate increase of 100 basis points by July 1, including a 50 basis point hike as soon as March.
“I’d like to see 100 basis points in the bag by July 1,” Bullard, who is voting on monetary policy this year, said in an interview with Bloomberg News on Thursday. “I was already more hawkish but I have pulled up dramatically what I think the committee should do.”
The Dow Jones Industrial Average dropped 200 points following the remarks.
Bullard is said to be the most hawkish member of the Federal Open Markets Committee (FOMC). His take comes following another red-hot read on the Consumer Price Index (CPI), which notched a 7.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} annual gain in January.
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12:13 p.m. ET: Stocks edge higher to pare earlier losses
Here were the main moves in markets during midday trading:
S&P 500 (^GSPC): -16.16 (-0.35{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,571.02
Dow (^DJI): -76.11 (-0.21{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,691.95
Nasdaq (^IXIC): -46.31 (-0.32{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,444.06
Crude (CL=F): +$1.86 (+2.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $91.52 a barrel
Gold (GC=F): +$5.80 (+0.32{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,842.40 per ounce
10-year Treasury (^TNX): +8.1 bps to yield 2.0100{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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9:30 a.m. ET: US stocks falter as Wall Street weighs decades-high CPI print
Here were the main moves in markets at the start of Thursday’s session:
S&P 500 (^GSPC): -54.84 (-1.20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,532.34
Dow (^DJI): -262.99 (-0.74{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,505.07
Nasdaq (^IXIC): -258.68 (-1.79{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,231.69
Crude (CL=F): -$0.22 (-0.25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $89.44 a barrel
Gold (GC=F): -$7.50 (-0.41{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,829.10 per ounce
10-year Treasury (^TNX): +5.3 bps to yield 1.9820{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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8:55 a.m. ET: Stock futures tumble after red-hot inflation data
Here’s how stock futures fared as investors mulled the latest CPI report
S&P 500 futures (ES=F): -37.75 points (-0.82{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,540.00
Dow futures (YM=F): -139 points (-0.39{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,502.00
Nasdaq futures (NQ=F): -192.00 points (-0.28{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,846.25
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8:30 a.m. ET: Inflation reaches fresh 40-year high
U.S. inflation accelerated in January, with prices across a wide range of goods and services soaring further amid lingering shortages and supply chain disruptions.
The Consumer Price Index (CPI) released by the Bureau of Labor Statistics Thursday morning registered a 7.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} annual gain in January. Consensus economists were looking for a 7.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise, according to Bloomberg data. This represented the fastest rise since 1982, as well as an acceleration from the 7.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year-over-year increase seen in December.
Energy prices remained a key contributor to the overall CPI and were up by 27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on a year-over-year basis in January. Within energy, fuel oil prices jumped 9.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on a monthly basis, tracking the rise in crude oil prices, which rallied to a seven-year high at the beginning of the year. Electricity prices also jumped by a pronounced 4.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on a month-over-month basis.
First-time unemployment filings came in lower in the latest weekly data, continuing a recent downward trend in jobless claims as Omicron-related pressures on the labor market begin to abate. Another 223,000 Americans filed new claims for the week ended Feb. 5, below expectations of 230,000.
Filings for unemployment insurance have fallen consistently in recent weeks after a temporary surge in mid-January to a print of nearly 300,000, the highest level since October. The rush of U.S. workers applying for benefits was attributed to disruptions from the Omicron variant of COVID-19 and adjusted workforces following the seasonal hiring increase at the end of 2021.
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7:00 a.m. ET: Contracts on Wall Street’s main benchmarks flat ahead of CPI print
Here were the main moves in futures trading ahead of Thursday’s open
S&P 500 futures (ES=F): -72.50 points (-0.16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,570.50
Dow futures (YM=F): +32.00 points (+0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,673.00
Nasdaq futures (NQ=F): -43.75 points (-0.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,994.50
Crude (CL=F): +$0.96 (+1.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $90.62 a barrel
Gold (GC=F): -$3.00 (-0.16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,833.60 per ounce
10-year Treasury (^TNX): -0.00 bps to yield 1.9290{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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6:00 p.m. ET Wednesday: Stock futures rise slightly ahead of key inflation data
Here’s how the key indexes fared in post-market trading Wednesday:
S&P 500 futures (ES=F): +4.00 points (+0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,581.75
Dow futures (YM=F): +78.00 points (+0.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,719.00
Nasdaq futures (NQ=F): +15.50 points (+0.10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,038.25
Crude (CL=F): +$0.31 (+0.35{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $89.97 a barrel
Gold (GC=F): +$2.60 (+0.14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,833.60 per ounce
10-year Treasury (^TNX): -2.5 bps to yield 1.9290{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
A trader works on the floor of the New York Stock Exchange at the closing bell January 14, 2022, in New York, New York. (Photo by TIMOTHY A. CLARY / AFP) (Photo by TIMOTHY A. CLARY/AFP via Getty Images)
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Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
Read the latest financial and business news from Yahoo Finance
