BofA’s Michael Hartnett warned that if the S&P 500 drops to around 6,600, just 1% below recent levels, it could be enough to trigger a policy response from either the White House or the Federal Reserve.
The markets are under pressure, with the Nasdaq Composite now down 0.71%.
The University of Michigan’s preliminary March consumer sentiment reading came in at 55.5, slightly above the 54.8 estimate, though still at a level that signals signals consumer stress. Inflation expectations provided some relief, with the one-year outlook coming in at 3.4% vs. a 3.7% forecast, and the 5-10 year gauge at 3.2%, below the 3.4% estimate. While the sentiment beat was a modest positive, the overall reading suggests consumers remain under pressure.
On the economic front, Q4 GDP was revised lower to 0.7% growth as the economy grew slower than previously thought. Expectations were for the economy to expand at a pace of 1.4%. Meanwhile, in the 12 months leading up to January, personal consumptions expenditures (PCE), the Fed’s go-to inflation gauge, increased by 2.8% compared with 2.9% in the prior month, while the monthly gain was 0.3%, basically in line with expectations.
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The markets are showing resilience in the face of rising oil prices and ongoing unrest in the Middle East. All three major U.S. stock averages pushed into the green during pre-market trading as a slate of closely watched economic data crossed the wires. WTI crude is hovering near $94 a barrel while Brent is once again knocking on the door of $100 oil. The credit markets are also drawing attention, with investors closely watching corporate bond spreads and Treasury yields for signs of tightening financial conditions as geopolitical risks and higher energy prices ripple through global economy. Among sectors, technology and financial stocks are under pressure out of the gate as banks reassess the credit markets and investors flee the risk-on trade.
Here’s a look at where things stand as of morning trading:
Dow Jones Industrial Average: 46,951 Up 0.49%
Nasdaq Composite: 24,671 Up 0.46%
S&P 500: 6,709 Up 0.48%
Online auto lot Carvana (NYSE: CVNA) has announced a 5:1 stock split.
Apple (Nasdaq: AAPL) will accept lower fees from app developers for in-app purchases in China, a win for tech innovation.
Alphabet’s (Nasdaq: GOOGL) Google announced that its Maps app will receive its biggest upgrade in a decade.
SaaS company Adobe (Nasdaq: ADBE) is experiencing a C-suite shakeup in which its CEO is stepping down. The stock is down nearly 8% in pre-market trading. Barclays analysts have downgraded the stock from “overweight” to “equal weight” in response. Adobe’s earnings were strong but its stock has been underperforming.
Nike (NYSE: NKE) stock is on a losing streak, falling for the past 10 straight trading sessions.
Amazon (Nasdaq: AMZN) Prime Day has moved its Prime Day extravaganza up from July to June.
The S&P 500 is hunting fine print to add Elon Musk’s SpaceX company to the broader market index sooner than later even though SpaceX isn’t listed yet.
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Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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