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Stock Market News

Our market analysts keep you updated on the latest market trends including stock market data, news, market activity, and economic reports in the daily stock market commentary.

Opening Comment — Tuesday, April 23, 2024

DJIA: 38,239.98, up 253.58
S&P 500: 5,010.60, up 43.37
NASDAQ: 15,451.31, up 169.30

Stocks higher ahead of April’s PMI data

Stock futures are higher on Tuesday, as investors await the preliminary release for April’s Purchasing Managers’ Indexes (PMIs) and March’s new home sales data. The Dow is rising 0.2%, while the S&P 500 is increasing 0.3%. The Nasdaq 100 is also up 0.3% relative to fair value on the GLOBEX.

U.S. equities were higher on Monday, as investors looked forward to mega-cap technology companies’ earnings releases. The Dow was up 0.7%, while the tech-heavy Nasdaq Composite rose 1.1%. The S&P 500 increased 0.9% with all 11 sectors finishing in positive territory. The Information Technology sector gained the most, rising 1.3%.

On the data front today, the preliminary reading for April’s S&P Global Manufacturing PMI is expected to register 52.0, up slightly from the prior month’s reading of 51.9. Meanwhile, the preliminary reading for April’s S&P Global Services PMI is expected to register 52.0, up from the prior month’s reading of 51.7, while the preliminary reading for April’s S&P Global Composite PMI is also projected to register 52.0 versus the prior month’s 52.1. March’s new home sales are projected to be an annualized 669,000, up slightly from the prior month’s 662,000, corresponding to an increase of 1.1% month-over-month versus the prior month’s decrease of 0.3%. The Richmond Federal Reserve’s (Fed’s) Composite Manufacturing Index is projected to record a negative eight for April, up from the prior month’s negative 11.

Across the pond, European stocks are higher in mid-day trading with the U.K.’s FTSE 100 reaching an intraday record high on expectations that the Bank of England will start easing policy soon. Both the eurozone and the U.K.’s preliminary April manufacturing PMIs unexpectedly decreased, while both of their services PMIs came in higher than forecasted.

Overnight in Asia, stocks were mostly higher as both Japanese and Australian preliminary April PMIs for both the manufacturing and services sectors increased from the prior month.

In FOREX trading, the dollar is little changed after hitting a new 34-year peak against the yen on a higher U.S. interest rate outlook.

Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 0.2% lower at $81.70/barrel following Iran’s statement that it will not escalate conflict with Israel.

In the metals complex, gold is 1.5% lower at $2296.50/ounce.

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