Latest news with #PhiladelphiaHousingSectorIndex
Business Standard
3 days ago
- Business
- Business Standard
U.S. Stocks Mixed as ADP Jobs Data Misses; Trump Pressures Fed, Bond Yields Slide
Weaker-than-expected job growth and a surprise services sector contraction weighed on markets; Trump calls for rate cuts, while housing and chip stocks rally. The Dow dipped 91.90 points or 0.2 percent to 42,427.74, the S&P 500 inched up 0.44 points or less than a tenth of a percent to 5,970.81 and the Nasdaq rose 61.53 points or 0.3 percent to 19,460.49. payroll processor ADP released a report showing much weaker than expected private sector job growth in the month of May. It also said private sector employment rose by 37,000 jobs in May after climbing by a downwardly revised 60,000 jobs in April. Following the release of the ADP report, President Donald Trump took to Truth Social urging Fed Chair Jerome Powell to lower interest rates. Institute for Supply Management released a report showing service sector activity in the U.S. unexpectedly saw a slight contraction in the month of May. It also said its services PMI fell to 49.9 in May from 51.6 in April, with a reading below 50 indicating contraction. The Fed is still widely expected to leave interest rates unchanged at its next meeting later this month, with CME Group's FedWatch Tool currently indicating a 95.6 percent chance the central bank will leave rates unchanged. Broader markets showed a lacklustre performance, housing stocks moved significantly higher on the day, driving the Philadelphia Housing Sector Index up by 1.7 percent. Semiconductor stocks were considerably strong, as reflected by the 1.4 percent gain posted by the Philadelphia Semiconductor Index. Gold and pharmaceutical stocks also saw some strength on the day, while energy stocks came under pressure as the price of crude oil gave back ground following a two-day surge. Asia-Pacific stocks moved mostly higher. Japan's Nikkei 225 Index climbed by 0.8 percent while China's Shanghai Composite Index rose by 0.4 percent. The major European markets also moved upside. The German DAX Index advanced by 0.8 percent, the French CAC 40 Index increased by 0.5 percent and the U.K.'s FTSE 100 Index edged up by 0.2 percent. In the bond market, treasuries moved sharply higher in reaction to the latest U.S. economic data. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, plunged 9.5 bps to 4.36 percent.
Business Standard
29-05-2025
- Business
- Business Standard
Markets Dip Amid Trade Uncertainty, Dow Sheds 245 Points
U.S. stocks fall as Trump's tariff threats stir volatility; Nvidia dips post-earnings, housing and utility stocks slump while gold stocks rise. The Dow declined 244.95 points or 0.6 percent to 42,098.70, the Nasdaq fell 98.23 points or 0.5 percent to 19,100.94 and the S&P 500 slid 32.99 points or 0.6 percent to 5,888.55. President Donald Trump's trade policies are uncertain due to which the traders are on side lines following recent volatility. Trump's threat to impose 50 percent tariffs on imports from the European Union triggered a steep drop by stocks last Friday only for his decision to delay the proposed tariffs to spark the rally on Tuesday. Nvidias shares decreased by 0.5% after its release of fiscal first quarter results. Housing stocks turned in some of the market's worst performances, dragging the Philadelphia Housing Sector Index down by 2.4 percent. Utilities stocks are considerably weak , as reflected by the 1.6 percent loss posted by the Dow Jones Utility Average. Steel, oil producer and transportation stocks moved downwards while gold stocks moved higher despite a modest decrease by the price of the precious metal. Asia-Pacific stocks turned in a mixed performance. Japan's Nikkei 225 Index and China's Shanghai Composite Index closed just below the unchanged line, while South Korea's Kospi surged by 1.3 percent. The major European markets all moved to the downside on the day while the German DAX Index slid by 0.8 percent, the U.K.'s FTSE 100 Index fell by 0.6 percent and the French CAC 40 Index decreased by 0.5 percent. In the bond market, treasuries gave back ground after moving notably higher over the past few sessions. Subsequently, the yield on the benchmark ten-year note which moves opposite of its price, climbed 4.3 bps at 4.47 percent.
Business Standard
21-05-2025
- Business
- Business Standard
Dow Drops 0.3% Amid Inflation Concerns
JPMorgan CEO warns of complacency over inflation risks, while housing and transport sectors weaken. Gold stocks rise as bond yields stabilize. Asia and Europe markets mostly advance despite U.S. declines. The Dow fell 114.83 points or 0.3% to 42,677.24, the Nasdaq slid 72.75 points or 0.4% to 19,142.71 and the S&P 500 declined 23.14 points or 0.4% to 5,940.46. JPMorgan Chase (JPM) CEO Jamie Dimon warned stock market values may not properly represent the risks of higher inflation and even stagflation. "My own view is people feel pretty good because you haven't seen effective tariffs. The market came down 10%, it's back up 10%. That's an extraordinary amount of complacency." Dimon said during the financial giant's annual investor day meeting on Monday. Carson Group chief market strategist Ryan Detrick told CNBC the rebound should be taken seriously even amid lingering concerns about trade and the economy. While most of the major sectors ended the day showing only modest moves, housing stocks was notably weak, dragging the Philadelphia Housing Sector Index down by 1.2%. Transportation and networking stocks too were weak while gold stocks moved sharply higher along with the price of the precious metal. Asia-Pacific region stocks moved mostly higher. Japan's Nikkei 225 Index edged up by 0.1%, while China's Shanghai Composite Index rose by 0.4% and Hong Kong's Hang Seng Index jumped by 1.5%. The major European markets too moved upwards while the U.K.'s FTSE 100 Index advanced by 0.9%, the French CAC 40 Index increased by 0.8% and the German DAX Index climbed by 0.4%. In the bond market, treasuries bounced back near the unchanged line after an early slump. As a result, the yield on the benchmark ten-year note which moves opposite of its price, inched up by less than a basis point to 4.48% after reaching a high of 4.52%.
