Market Moovers | Mid Day Market Mostly Red, Investors Digesting PCE Investing
Good afternoon mooers! It is raining in Jersey City, but spring has sprung; welcome to Q2!
I'm Kevin Travers, moomoo News and Community manager, and here are today's Market Moovers.
MOOVERS
Within the S&P 500, $Micron Technologywas the largest gainer, up 6% after praise from Bank of America Analysts.$Walgreens Boots Alliance fell 5% after analysts' pricing changes.
$Frontier Groupfell 8.45% as well, on news it plans to sell extra shares of common stock.
$FREDDIE MACclimbed 9%, a week after home sales climbed.
RECAP
Overall, U.S. stocks were a mixed bag after the opening bell on Monday but were trading lower. PCE inflation data Friday showed a slowdown in price increases while the market took a day off.
By noon. the $Dow Jones Industrial Average fell 0.64%. The $S&P 500 Index fell 0.26%. The $Nasdaq Composite Index traded flatly at 0.01%.
MACRO
Selloff extends in Long end of Treasury curve, leading to jump in 10- through 30-year yields
A selloff of long-duration U.S. debt gathered more momentum Monday morning as traders factored in Friday's PCE inflation data, which showed that price gains still need to be tamed.
PCE data showed that prices climbed about 2.5% year-over-year, compared to 2.4% in January. Month-to-month prices climbed 0.3%, falling from 0.4% in Jan. Core prices raised at a lower rate, up 2.8% Year-over-year compared to 2.9% in Jan.
Federal Reserve President Jerome Powell spoke on Friday while the makret slept, saying the PCE was well within Fed expectations.
Ten- and 30-year yields jumped by around 11 basis points each to 4.301% and 4.445%, respectively, from their 3 p.m. Eastern time levels on Thursday. Meanwhile, according to FactSet data, their 20-year counterpart was up by a similar magnitude, at 4.557%. The bond market was closed on Friday for the Good Friday holiday.
This week, investors can expect some updated macro data in the form of unempoloyment numbers, and muiltple speaches by Fed officials on Wednesday.
SECTORS
If you could call newly listed stocks a sector, that sector would be down. Reddit and Trump Media & Technology fell Monday, pulling back after a volatile yet short trading week.
Reddit fell about 8.15%, while Truth Social fell 22%.
Internet Companies oin the other hand climbed Monday, as $Alphabet-C(GOOG.US$ grew by nearly 3%, followed by $Baidu(BIDU.US$, pulling the entire sector tracked by moomoo up more than 2%.
Mooers: What do you think, how do you feel about the Market? What's the word from the Herd?
Source: Bloomberg, Dow Jones, CNBC, Reuters
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Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
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104457743 : Baiteng, Baiqing
TARIQ TARIQ : $Consumer Electronics (BK2075.US)$
THEWIZARD : US Market due for a correction.
Kevin TraversOP 104457743: I do not understand, can someone translate better than moomoo?