From Nasdaq: 2024-04-04 15:27:51

Stocks are lower today, with the S&P 500 down -0.78%, Dow Jones down -1.02%, and Nasdaq 100 down -0.81%. Rising oil prices and concerns about Fed interest rate cuts are affecting the market. US weekly initial unemployment claims rose to 221,000, and the Feb trade deficit was -$68.9 billion, the largest in 10 months. Market is discounting rate cut chances at 7% for next FOMC meeting.

Eurozone PPI fell -1.0% m/m and -8.3% y/y, and Mar S&P Composite PMI revised upward to 50.3. ECB officials mention considering rate cuts as “coming more clearly into view.” Stock movers include Wayfair up +3%, Synchrony Financial up +1%, and Levi Strauss & Co up +15%. Lamb Weston Holdings is down -18% after disappointing Q3 earnings.

Market is tracking interest rates, with June 10-year T-notes up +3 ticks and 10-year T-note yield at 2.331%. Short-covering in T-notes after rising unemployment claims and wider trade deficit. European bond yields lower, German bund down -4.3 bp at 2.353%. US stock movers include Conagra Brands up over +5% and chip stocks boosting semiconductors.



Read more at Nasdaq: Stocks Slide in Today’s Afternoon Trading Session