Last updated: 1:14 PM EST
So far in today’s trading, the stock has been mixed. As of 1:14 p.m. ET, the Nasdaq 100 (NDX) and the S&P 500 (SPX) increased by 1.2% and 0.2%, respectively. On the other hand, the Dow Jones Industrial Average (DJIA) down 0.5%
Dallas Fed President Rory Logan has expressed concern over the pace of declining inflation and suggested he may not vote for a halt to rate hikes at the Fed’s June meeting. Despite recognizing the potential risks of sudden monetary tightening in the job market and unpredictability of financial conditions, Logan stressed that progress in curbing inflation has been insufficient.
Furthermore, although estimates are uncertain, he is aware of recent bank stress comparable to a 25- or 50-basis point hike in the Federal Funds rate, while other financial conditions have eased since March. .
Logan has suggested that upcoming data could support the Fed’s decision not to raise rates. However, she believes the current situation does not justify it. Earlier this week, New York Fed President John Williams suggested that supply and demand were gradually coming into balance, but that inflation remained high.
Last Updated: 11:26 AM EST
So far in today’s trading, the stock has been mixed. As of 11:26 a.m. ET, the Nasdaq 100 (NDX) and the S&P 500 (SPX) rose 1.2% and 1.4%, respectively. On the other hand, the Dow Jones Industrial Average (DJIA) fell 0.1%.
The U.S. housing market took a hit in April, with existing home sales down 3.4% month-over-month and 23.2% year-over-year, according to the National Association of Realtors (NAR). Median existing home prices fell 1.7% year-on-year to $388,800.
Significant increases in mortgage rates after 2022 will make homeownership increasingly unaffordable for many, adversely affecting demand and discouraging homeowners from selling, thereby reducing supply. there is Inventory levels are now at 1.04 million units, up 7.2% from the previous month, but the housing market continues to face supply constraints.
Despite these challenges, NAR chief economist Lawrence Yun said sales were fluctuating but still above recent lows, with prices still rising in some regions. bottom.
Last Updated: 9:30 AM EST
Stocks started mixed on Thursday as investors continued to monitor debt ceiling negotiations, with the Nasdaq 100NDX) S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) were down 0.08% and 0.3%, respectively, as of 9:30 a.m. ET on May 18.
Another major retailer’s earnings were announced today, with retail giant Walmart (WMT) Chinese e-commerce giant Alibaba (baba) further details the company’s next strategic move.
In terms of economic data, weekly jobless claims fell by 22,000 to 242,000 in the week ending May 13, below economists’ expectations of 254,000. But given the employment benefits scam in Massachusetts, many economists were skeptical of the numbers.
Ian Shepardson, chief economist at Pantheon Macro, said: The Massachusetts website states that false claims made using stolen personal information are part of a “national unemployment benefits fraud scheme,” so claims data from other states have similar claims. It is stated that the possibility of distortion cannot be ruled out.
Meanwhile, the Philadelphia Fed’s regional business activity index rose to -10.4 in May from -31.3 the previous month, a reading below zero, indicating worsening conditions. This is the 9th consecutive negative rating and the 11th in the past year.
First published: 5:22 AM ET
US futures remained volatile this morning as traders remained hopeful about the outcome of the US debt ceiling negotiations. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), Dow Jones Industrial Average (DJIA) are up 0.15%, 0.13% and 0.06% respectively as of 5am EST on May 18.
In talks between President Biden and congressional leaders yesterday, morale rose as both parties confided that a default would certainly be avoided. Nonetheless, the president is embarking on a short tour of Asia and said he would release details on Sunday after his return.
The big deal revolves around agreeing on Republican-proposed federal food benefits and labor requirements for future spending cuts. Democrats, meanwhile, are calling for the implementation of revenue-boosting measures. Markets are eyeing positive signs from the negotiations, as the possibility of the US failing to meet its obligations would wreak havoc on the economy.
On the other hand, major retailers Walmart (New York Stock Exchange: WMT) and Chinese e-commerce giant Alibaba Group (New York Stock Exchange: Bubba) I will report today before the bell. Retail earnings have been mixed so far, suggesting changing consumer behavior in an environment of inflationary pressures and high interest rates.
On the economic side, weekly unemployment claims are due to be released later in the day. The data will show the strength of the labor market. An increase in unemployment claims would mean that the Fed rate hikes are in good shape. The Fed will decide on a rate hike decision in June based on further examination of inflation and labor market data.
Other European indices traded in positive territory today on optimism from US debt ceiling talks.
Asia-Pacific Markets End Higher
Most indexes in the Asia-Pacific region closed higher today as traders were more hopeful about the outcome of the US debt ceiling negotiations.
Hong Kong’s Hang Seng Index and China’s Shanghai Composite Index closed 0.85% and 0.40% respectively, while the Shenzhen Composite Index closed down 0.12%.
At the same time, Japan’s Nikkei stock average and TOPIX index closed 1.60% and 1.14% higher, respectively.
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