Similar movements can be seen with the Two-Year yield, which is now at 4.19%. This represents an increase of more than 14 basis points from the previous close. 10-Year Treasury yield is now hovering around 3.77%. Meanwhile, bond yields are higher, as the U.S. WTI crude oil remains above $80 per barrel after OPEC+ announced it’s considering a large production cut, going forward. Conversely, the energy sector ( XLE) is the session’s leader, with a gain of 0.4%. The utilities sector ( XLU) is the laggard so far, as it is down 2.6%. EST, the Dow Jones Industrial Average, the S&P 500, and the Nasdaq 100 are down 1%, 1.3%, and 1.6%, respectively. Stock indices are in the red 30 minutes into today’s trading session. It’ll be interesting to see if this is the beginning of an uptrend or just a temporary boost. This comes after last month’s reading of 50.3, which equates to an accelerating expansion. If this trend continues, it might not take long before the non-manufacturing sector enters into contraction.įurthermore, the ISM Non-Manufacturing Employment report came in at 53, indicating that the number of jobs is expanding. It’s worth noting that this indicator has been in an overall downtrend since peaking in December 2021, when it hit a high of 69.1.
The report came in at 56.7, better than the expected 56 but lower than last month’s reading of 56.9. economy as companies continue to face macroeconomic uncertainties.įurthermore, the Institute for Supply Management released its monthly report for the ISM Non-Manufacturing Purchasing Managers’ Index, which measures the overall economic condition of the non-manufacturing sector.Ī number over 50 represents an expansion, whereas anything below 50 signals a contraction. The overall trend suggests that hiring is slowing down in the U.S. The figures reported by ADP have been on an overall downtrend since the start of 2022, although the recent print came in higher than last month’s report. The number came in at 208,000 for September, which was above the expected 200,000. On Wednesday, Automatic Data Processing ( NASDAQ: ADP) released its Nonfarm Employment Change report, which is the change in non-farm, private employment on a month-over-month basis. EST, the Dow Jones Industrial Average, the S&P 500, and the Nasdaq 100 are down 1.1%, 1.3%, and 1.6%, respectively. Stocks Fall despite Positive Employment DataĮquity markets are in the red halfway into the trading session. In addition, mortgage application volume is down substantially on a year-over-year basis, with the Mortgage Market Index at 218.7 compared to 684.5 on October 6, 2021. This indicates that sentiment in the real estate market is falling, which is consistent with other data that has been released so far. The mortgage rate increased to 6.75% compared to last week’s reading of 6.52%.ĭue to the higher rates, the number of mortgage applications decreased week-over-week by a whopping -14.2%, following last week’s decrease of -3.7%. On Wednesday, the Mortgage Bankers Association released its weekly report for the U.S. EST, the Dow Jones Industrial Average, the S&P 500, and the Nasdaq 100 are roughly flat compared to yesterday’s close. Stock indices have erased most of their losses heading into the final hour of today’s trading session. Stocks Erase Losses Heading into the Close Investors should keep an eye out for potentially-sharp reversals to the downside as more economic data is released, all while the Federal Reserve continues to raise interest rates. The last few updates represent a significant reversal from September when the estimate was around 0.3% growth for the quarter. Bureau of Economic Analysis, the Institute for Supply Management, and the U.S. This is higher than its previous estimate of 2.3%, which can be attributed to recent data released from the U.S. Currently, it estimates that the economy will expand by about 2.7% in the third quarter. The “nowcast” becomes more accurate as more economic data is released throughout the quarter. The Atlanta Federal Reserve updated its latest GDPNow reading, which allows it to estimate GDP growth in real time. Similarly, the Two-Year Treasury yield also increased, as it hovers around 4.15%. 10-Year Treasury yield increased significantly to 3.75%, an increase of 12.3 basis points. In addition, WTI crude oil remained above $80 per barrel as it continued its approach toward the $90 per barrel level.įurthermore, the U.S. Conversely, the energy sector was the session’s leader, with a gain of 2.13%. The utility sector was the session’s laggard, as it fell 2.22%. As a result, the recent two-day winning streak came to an end. The Dow Jones Industrial Average, the S&P 500, and the Nasdaq 100 fell 0.14%, 0.2%, and 0.08%, respectively. Stock indices finished Wednesday’s trading session in the red after staging a brief comeback in the final hour of trading.
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