Last updated at 4:05pm EST
Stock indexes ended mixed trading today. Nasdaq 100 (NDX) and the Dow Jones Industrial Average (DJIA) rose by 0.04% and 0.17%, respectively. On the other hand, the S&P 500 (SPX) fell 0.21%.
The Census Bureau today released the U.S. Housing Starts Report. This report measures the change in new residential buildings that began construction in the reporting month on an annualized basis.
The number of housing starts in March was 1.321 million, compared to the expected 1.48 million. On a month-on-month basis, housing starts decreased by 14.7%. This follows his 12.7% increase in last month’s report.
Additionally, U.S. building permits issued were lower than expected, at 1.458 million versus the expected 1.514 million. This is down from the previous month’s report of 1,523,000 and represents a 4.3% month-over-month decrease.
Additionally, the Atlanta Federal Reserve has updated its latest GDPNow measurement, which provides real-time estimates of GDP growth. As more economic data is released throughout the quarter, the “nowcast” becomes more accurate. Currently, the economic growth rate for the first quarter is expected to be approximately 2.9%. This exceeded the previous estimate of 2.8%.
First published: 5:01 a.m. ET
U.S. futures traded mixed on Tuesday after weak trading yesterday as strong retail sales data reignited concerns about the Federal Reserve’s monetary policy direction. Nasdaq 100 futures (NDX) was up 0.02% as of 3:24 a.m. EST on April 16th. On the other hand, the S&P 500 stock price is (SPX) and the Dow Jones Industrial Average (DJIA) decreased by approximately 0.02% and 0.07%, respectively.
All major indexes were in the red yesterday, with the Dow Jones Industrial Average dropping about 0.7%. Additionally, the S&P 500 and Nasdaq Composite fell 1.2% and 1.8%, respectively. The decline came as the benchmark 10-year U.S. Treasury yield rose above 4.6%, its highest level since November. This increase was driven by expectations that the Fed would keep interest rates high for an extended period of time. Rising tensions in the Middle East also spooked investors.
In today’s economic update, investors will be closely monitoring the March industrial production report, a key indicator of gross domestic product (GDP) growth and the overall health of the economy.
In addition, Bank of America (BAC), Morgan Stanley (M.S.), UnitedHealth (united nations), Johnson & Johnson (JNJ), and United Airlines (UAL) is scheduled to announce its quarterly financial results today.
Yesterday’s major stock market news included Tesla (TSLA) shares fell 5.6% on news that the company will lay off more than 10% of its workforce worldwide. However, Goldman Sachs (G.S.) Q1 results beat expectations, closing 3% higher.
Meanwhile, the yield on the US 10-year government bond has risen as of this writing, hovering around 4.63%. At the same time, WTI crude oil futures are trending higher due to the possibility of escalating tensions in the Middle East, and were hovering around $85.47 per barrel at last check.
Elsewhere, European indexes opened lower today due to lingering uncertainty over the US Federal Reserve’s plans and ongoing geopolitical tensions.
Asia-Pacific markets ended lower today
Asia-Pacific markets closed on a negative note amid rising tensions between Iran and Israel. Furthermore, investors have become cautious about the uneven recovery in China’s economy, as recently released economic indicators show. Although GDP and fixed asset investment were higher than expected, retail sales and industrial production data were lower than expected.
Hong Kong’s Hang Seng Index fell 2.12%. Similarly, China’s Shanghai Composite Index and Shenzhen Composite Index traded 1.65% and 2.29% lower, respectively. Nevertheless, Japan’s Nikkei and TOPIX indexes fell by 1.94% and 2.04%, respectively.
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