Last Updated: 2:15 PM EST
Stock indices finished today’s trading session mixed. The Nasdaq 100 (NDX) and the S&P 500 (SPX) gained 0.32% and 0.02%, respectively. Meanwhile, the Dow Jones Industrial Average (DJIA) fell 0.11%. Earlier today, the Mortgage Bankers Association released its weekly report for the U.S. 30-Year mortgage rate. The mortgage rate increased to 7.24% compared to last week’s reading of 7.13%. This can be attributed to rising bond yields, as the U.S. 10-Year Treasury yield climbed four basis points to 4.64%.
As a result of the increase in rate, the number of mortgage applications decreased week-over-week by 2.7%, following last week’s increase of 3.3%.
In addition, the Census Bureau released its U.S. Core Durable Goods Orders report for the month of March, which measures the change in order value for long-lasting big-ticket items. This report excludes the impact of aircraft orders because they tend to be very volatile. Therefore, it is generally agreed that the core reading provides a better gauge of ordering trends.
During March, Core Durable Goods Orders increased by 0.2%, which was lower than the expected 0.3% on a month-over-month basis but slightly better than the previous month’s reading of 0.1%. However, when including aircraft orders, growth was 2.6%, which beat expectations of 2.5%.
First Published: 4:52 AM EST
The U.S. futures nudged higher on Wednesday morning after gains in the past two trading days. The U.S. earnings season is in full swing and so far looks promising, boosting the investors’ sentiment. Notably, futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up by about 0.69%, 0.24%, and 0.01%, respectively, at 3.43 a.m. EST, April 24.
Several companies reported strong earnings on Tuesday, contributing to the market’s upward trajectory for the second consecutive day. General Motors (GM) stock closed over 4% higher after reporting a Q1 earnings beat and an upward adjustment in guidance. Similarly, Texas Instruments (TXN) stock surged on the back of stronger-than-expected quarterly numbers and a solid outlook.
Meanwhile, despite a significant drop in Tesla’s (TSLA) Q1 earnings, the stock jumped over 13% in after-hours trading as it plans to accelerate the launch of more affordable models.
On the earnings front, Boeing (BA), AT&T (T), Thermo Fisher (TMO), and Hasbro (HAS) will release their quarterly financials before the market opens. After the market closes today, Meta Platforms (META), IBM (IBM), and Chipotle (CMG), among others, will follow suit.
While corporate earnings have driven indices higher, the U.S. 10-year treasury yield was up at the time of writing, floating over 4.6%. At the same time, WTI crude oil futures trended higher, hovering near $83.38 per barrel as of the last check.
Elsewhere, European indices opened higher, driven by investors’ optimism over gains in Asia and U.S. markets.
Asia-Pacific Markets Ended Higher Today
Asia-Pacific indices ended higher on Wednesday, with major indices recording gains. Adding to the positives, the inflation rate in Australia slowed for the fifth straight quarter.
Japan’s Nikkei and Topix indices increased 2.42% and 1.67%, respectively. Similarly, China’s Shanghai Composite and Shenzhen Component indices rose by 0.76% and 0.74%, respectively. Meanwhile, Hong Kong’s Hang Seng index was up 2%.
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