Stock indices finished today’s trading session mixed amid a slew of economic data. The Nasdaq 100 (NDX) and S&P 500 (SPX) gained 0.21% and 0.11%, respectively, while the Dow Jones Industrial Average (DJIA) slipped by 0.11%. The U.S. 10-Year Treasury yield remained unchanged at 4.35%.
Automatic Data Processing (NASDAQ:ADP) released its Nonfarm Employment Change report earlier today, which exceeded expectations. Additionally, Markit released its U.S. Services Purchasing Managers’ Index, which came in at 51.7, slightly lower than the previous month.
Federal Reserve Chair Jerome Powell reiterated his cautious stance on interest rates, stating that a reduction in the Fed’s policy rate will only occur with significant evidence of inflation moving towards the 2% target.
U.S. futures traded lower on Wednesday morning, with all three major indices declining in yesterday’s session. Concerns about the Federal Reserve maintaining higher interest rates and rising oil prices continued to impact investor sentiment.
Investors are eagerly awaiting the release of the Services Purchasing Managers’ Index report for March and the ADP private payroll data. Fed Chair Jerome Powell is also scheduled to speak today, providing potential insights into the central bank’s monetary policy.
On the earnings front, Acuity Brands (AYI), Levi Strauss (LEVI), and Simulations Plus (SLP) are set to announce results today.
In major stock news, Tesla (TSLA) and Intel (INTC) experienced declines in yesterday’s trading session. The U.S. 10-year treasury yield was up, while WTI crude oil futures trended higher.
In Asia-Pacific markets, indices ended lower as investors assessed the impacts of Taiwan’s earthquake and uncertainties surrounding the Fed’s interest rate trajectory.
Overall, today’s trading session was marked by mixed results, with investors closely monitoring economic data releases and corporate earnings reports for further insights into market trends.
