Last Updated: 4:07 PM EST
Stock indices finished today’s trading session mixed amid the release of new economic data. The Nasdaq 100 (NDX) and the S&P 500 (SPX) fell 1.04% and 0.32%, respectively. Meanwhile, the Dow Jones Industrial Average (DJIA) gained 0.16%. Earlier today, the Atlanta Federal Reserve updated its latest GDPNow reading, which allows it to estimate GDP growth in real time. Currently, it estimates that the economy will expand by about 2% in the third quarter. This is unchanged from its previous estimate.
In addition, the Census Bureau released its U.S. Core Durable Goods Orders report for the month of July, which measures the change in order value for long-lasting big-ticket items. This report excludes the impact of aircraft orders because they tend to be very volatile. Therefore, it is generally agreed upon that the core reading provides a better gauge of ordering trends.
Core Durable Goods Orders decreased by 0.2%, which was worse than expected on a month-over-month basis. However, when including aircraft orders, growth was 9.9%, which beat expectations of 4%.
First Published: 4:48 AM EST
U.S. futures were higher on Monday morning, extending the Wall Street rally from the previous trading session. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up by about 0.25%, 0.19%, and 0.11%, respectively, at 4:30 a.m. EST, August 26.
On Friday, the three major indices surged and ended the week with gains for the second consecutive week. The S&P 500, the Nasdaq Composite, and the Dow Jones added 1.2%, 1.5%, and 1.1%, respectively. The gains came after Federal Reserve Chair Jerome Powell stated that “the time has come for policy to adjust” due to easing inflation and a cooling labor market.
This week, investors will look forward to more clues on the interest rate trajectory with the release of July’s U.S. Personal Consumption Expenditures (PCE) data on Friday. Among other key economic reports, Q2 2024 GDP Growth (second estimate) is due for release on Thursday. Additionally, the University of Michigan will release its consumer sentiment index for August on Friday.
On the earnings front, investors are looking ahead to Nvidia’s (NVDA) second-quarter earnings report due on Wednesday. Additionally, Salesforce (CRM), Li Auto (LI), CrowdStrike (CRWD), Okta (OKTA), Lululemon (LULU), Ulta Beauty (ULTA), and Dell Technologies (DELL) will announce results this week.
Meanwhile, the U.S. 10-year treasury yield was down, floating near 3.795% at the time of writing. At the same time, WTI crude oil futures are trending higher, hovering near $75.71 per barrel as of the last check.
Elsewhere, European indices opened mixed on Monday morning as investors assessed the impact of rising tensions in the Middle East.
Asia-Pacific Markets Traded Mixed on Monday
Asia-Pacific indices were mixed today. Optimism stemming from Powell’s hint at a potential interest rate cut was overshadowed by escalating tensions between Israel and Hezbollah in the Middle East, raising concerns among investors.
Hong Kong’s Hang Seng index gained 1.06%. Further, China’s Shenzhen Component and Shanghai Composite indices were up by 0.04% and 0.16%, respectively. However, Japan’s Nikkei and Topix indices closed lower by 0.66% and 0.87%, respectively.
Interested in more economic insights? Tune in to our LIVE webinar.
