Stock market today: live updates

Norman Ray
Norman Ray

Global Courant 2023-05-09 03:41:34

Traders on the floor of the NYSE, May 8, 2023.

Source: NYSE

S&P 500 futures were little changed Monday night as investors geared up for major inflation reports due later in the week.

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Futures linked to the Dow Jones Industrial Average lost 2 points and remained almost flat. S&P 500 futures were also flat, while Nasdaq-100 futures lost 0.1%.

Palantir rose more than 20% after hours on the back of a strong earnings report and optimistic outlook. Lucid, PayPal and Skyworks, on the other hand, were all in extended trading after their quarterly reports were released.

The moves follow a lukewarm session in which the three major indices moved modestly. The S&P 500 ended less than 0.1% higher, while the Nasdaq composite ended with a gain of almost 0.2%. The Dow was the underperformer of the session, closing nearly 0.2% lower.

Investors followed the release of the Federal Reserve’s quarterly Senior Loan Officer Opinion survey, which found that banks had to tighten lending conditions to households and businesses amid the industry turmoil, which in turn could threaten the economy. economic growth.

“Looking across the markets today, the price action is relatively subdued,” said Charlie Ripley, senior investment strategist at Allianz Investment Management. “There is a sigh of relief that the report was no worse than expected.”

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Traders also look ahead to April’s consumer price index report, due Wednesday, and the producer price index for Thursday for the latest data on the path of inflation.

Elsewhere, Treasury Secretary Janet Yellen said on CNBC Monday afternoon that failing to raise the debt ceiling would be an “economic catastrophe” and that regulators are not close to any policy that would limit short selling of regional bank stocks.

Investors will look forward to morning data from the National Federation of Independent Business on Tuesday. Fed Governor Philip Jefferson and New York Fed President John Williams will both speak at events throughout the day.

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Fox Corp. and Nikola are among the companies that will report their quarterly earnings before the bell, followed by Airbnb and Rivian after market close. Earnings season is winding down with more than 85% of stocks in the S&P 500 finished reporting.

Stock market today: live updates

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