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Last updated at 4:03pm EST
Stock indexes ended mixed trading today. Nasdaq 100 (NDX) and S&P 500 (SPX) fell by 1.68% and 0.57%, respectively. On the other hand, the Dow Jones Industrial Average (DJIA) rose 0.07%.
Additionally, the US 10-year Treasury yield rose 6 basis points to 3.93%. Similarly, the two-year government bond yield has also risen, hovering around 4.32%.
The Atlanta Federal Reserve has updated the latest measurements in GDPNow, which allows real-time GDP growth estimates. As more economic data is released throughout the quarter, the “nowcast” becomes more accurate. At present, the economic growth rate for the fourth quarter is expected to be approximately 2%.
This is lower than the previous estimate of 2.3%, which may be due to recent announcements from the U.S. Census Bureau.
Last updated at 9:43am EST
After a strong end to 2023, U.S. indexes started 2024 weakly on the first day of trading. Nasdaq 100 (NDX), S&P 500 (SPX), Dow Jones Industrial Average (DJIA) were down 1.39%, 0.7%, and 0.16%, respectively, as of 9:43 a.m. ET on Jan. 2.
The US manufacturing PMI index fell significantly from 49.4 in November to 47.9 in December. This contraction could put pressure on production and employment as 2024 progresses. In terms of revenue, Walgreens Boots Alliance (W.B.A.), Conagra (church of almighty god), Lamb Weston (LW), and Constellation Brands (STZ) is scheduled to announce its financial results this week. For stock-specific news, check out ASML (NASDAQ:ASML) has canceled deliveries of lithography systems to China. Rivian (Nasdaq: Riven) Latest production and shipment numbers were lower than expected. Tesla (NASDAQ:TSLA), the global EV market continued to dominate.
On the other hand, at the time of writing this article, crude oil prices were on a downward trend. WTI crude oil futures have fallen, hovering around $71.42 per barrel at last check.
Elsewhere, major markets in Europe and Asia also settled lower today. Investors will also be looking forward to the Eurozone and UK manufacturing PMI data sets to be released on Tuesday.
Among the major economic announcements scheduled for this week, the Manufacturing Purchasing Managers Index (PMI) is scheduled to be released on Wednesday by the Institute for Supply Management (ISM). The minutes of the Federal Open Market Committee (FOMC) meeting to be held in December 2023 will also be released on the same day. The number of new unemployment insurance claims for December is scheduled to be released on Thursday. Additionally, the ISM Services PMI for December will be released on Friday, along with non-farm payrolls and unemployment rates for December.
Asia-Pacific markets end lower on Tuesday
Asia-Pacific indexes ended lower on Tuesday. The weak performance of China’s manufacturing industry, reflected in the latest PMI report, weighed on investor sentiment.
Hong Kong’s Hang Seng Index ended 1.52% lower, while China’s Shanghai Composite Index and Shenzhen Composite Index ended 0.43% and 1.29% lower, respectively.
At the same time, Japan’s stock market will be closed until January 4th. Japan is assessing the impact of the earthquake that hit the region on New Year’s Day.
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