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It’s a lackluster trading session on Wall Street, with the main indices experiencing slight declines as traders adopt a cautious stance ahead of a data-heavy week.
The spotlight will be on Wednesday’s release of March inflation data, with consensus among economists anticipating another uptick in the annual inflation rate from 3.2% to 3.4%, potentially causing further turbulence in expectations regarding imminent Fed rate cuts. According to the CME Group Fed watch tool, there is currently nearly a 50-50 chance between a hold and a cut in June.
The S&P 500, Dow Jones, and Nasdaq 100 showed little movement at midday trading in New York, while small caps managed to inch higher.
In the bond market, Treasury yields continued to rise, with the 30-year yield surpassing 4.55%, on track to close at the highest level since late November 2023. Concurrently, the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) weakened further.
Oil prices experienced a 1% decrease following a slight easing of geopolitical tensions in the Middle East, prompted by Israel’s announcement of a partial troop withdrawal from Gaza.
Tesla Inc. (NASDAQ:TSLA) was the top performer among mega-cap stocks, up 4.5%, buoyed by Elon Musk’s revelation of the launch of a ‘Robotaxi’ in August.
Bitcoin (CRYPTO: BTC) was the market’s brightest spot, with the largest cryptocurrency rallying over 3.5% to $71,700.
Major Indices | Price | 1-day %chg |
Russell 2000 | 2,073.61 | 0.6% |
S&P 500 | 5,204.24 | 0.0% |
Dow Jones | 38,895.21 | 0.0% |
Nasdaq 100 | 18,098.48 | -0.1 % |
The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.1% up to $519.07, the SPDR Dow Jones Industrial Average (NYSE:DIA) was 0.1% higher to $389.25 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) was flat at $440.84, according to Benzinga Pro data.
Sector-wise, the Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY) outperformed, up 1.1%, while the Health Care Select Sector SPDR Fund (NYSE:XLV) was the laggard, down 0.3%.
Illustrated with Midjourney
Posted In: $BTC AIRC BX COIN DIA MARA QQQ RIOT SPY TLT TSLA TSM XLK XLU XLV XLY