Stock indices closed in the red today after disappointing GDP estimates for Q1 and mixed earnings reports from tech giants. The Nasdaq 100, S&P 500, and Dow Jones Industrial Average all fell, with the Nasdaq leading the decline at 1.23%.
The Department of Labor’s Initial Jobless Claims report came in better than expected, with 207,000 new claims compared to the forecast of 214,000. Continuing Jobless Claims also showed improvement, coming in below expectations at 1.781 million.
On the housing front, the National Association of Realtors reported a 3.4% increase in Pending Home Sales for March, surpassing expectations of a 0.3% decrease.
In after-hours trading, Meta Platforms and IBM saw significant drops in their stock prices following their earnings releases. Microsoft, Alphabet, and Intel are set to report their earnings today, with Wall Street optimistic about MSFT and GOOGL.
The U.S. 10-year treasury yield was down, while WTI crude oil futures trended higher. European markets opened lower, with traders keeping an eye on key economic indicators.
In Asia-Pacific markets, indices were mixed as the Bank of Japan’s monetary policy meeting began and South Korea reported solid Q1 GDP growth. Japan’s Nikkei and Topix indices fell, while China’s Shanghai Composite and Shenzhen Component indices rose. Hong Kong’s Hang Seng index was up as well.
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