Premarket action on Tuesday had the three major U.S. indexes trading lower. The Dow Jones industrials were down 0.34%, as was the S&P 500, while the Nasdaq was 0.37% lower.
If there were ever any doubts about the rise in India’s economic outlook, Monday’s order for 500 new Airbus single-aisle planes (the A30neo), announced at the Paris Air Show, may have staunched them. GDP growth in the world’s most populous country has risen faster than in China for the past two years and is on track to continue its streak for a third consecutive year in 2023. And the country has gone shopping.
Among the fastest-growing sectors of India’s economy is its transportation industry, including consumer demand for air travel. To meet that demand, India’s low-cost airline, IndiGo, on Monday placed the largest order in aircraft industry history (by number of planes), bringing IndiGo’s total number of new airplanes on order from Airbus to 970.
The second-largest order (still not finalized), for 470 new planes, was placed in February by Air India. That order was split between Airbus and Boeing Co. (NYSE: BA), and details of the order are expected to be announced Tuesday. Provisionally, the split was 250 A320neos and A350 widebodies from Airbus and 190 737 Max planes, 20 787s and 10 777Xx from Boeing.
For its part, Boeing announced an order Tuesday morning from aircraft lessor Avolon for 40 737 Max jets. On Monday, Boeing announced orders for 16 planes, eight of the 737-9 single-aisle planes and eight of its 787 Dreamliners, at the Paris Air Show.
Before U.S. markets open on Tuesday, the U.S. Census Bureau will release its report on new housing starts and building permits for May. Economists are expecting new starts to remain nearly flat at a seasonally adjusted annual rate of 1.4 million, just 1,000 fewer than the April projection. New building permits issued in May are expected to rise slightly, from 1.416 million in April to 1.425 million.
Here is a look at how U.S. markets fared last Friday. Markets were closed Monday for the Juneteenth observance.
Eight of 11 market sectors closed lower on Friday. Communications services (−1.0%) and technology (−0.53%) posted the day’s worst losses. Real estate (0.53%) and materials (0.11%) had the day’s best gains. The Dow closed down 0.32%, the S&P 500 down 0.37% and the Nasdaq down 0.68% on Friday.
Two-year Treasuries added eight basis points to end Friday at 4.70%, and 10-year notes rose by five basis points to 3.77%. In Tuesday’s premarket, two-year notes were trading at around 4.72% and 10-year notes at about 3.78%.
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