U.S. Major Averages Trade Sideways Ahead of Inflation Reports

Barry Adams
09 Apr, 2024
New York City

Stocks traded sideways, and Treasury yields edged slightly lower in Tuesday's trading. 

The S&P 500 index and the Nasdaq Composite inched higher as investors awaited the release of the consumer price index report on Wednesday. 

Investors are estimating overall consumer price inflation to increase 3.4% from a year ago and advance 0.35% on the month in March, according to a survey of ten economists conducted by Ticker.com. 

Investors are also anticipating the producer price inflation report on Thursday. 

The yield on 10-year Treasury notes edged higher for the third day in a row after Friday's nonfarm payrolls surpassed market expectations and the U.S. economy added more-than-expected 330,000 net new jobs in March. 

The jobs report was the last of several reports over the last two weeks that highlighted strong U.S. economic and labor market conditions. 

 

U.S. Indexes and Yields

The S&P 500 index increased 0.2% to 5,242.13, and the Nasdaq Composite rose 0.4% to 16,314.26. 

The yield on 2-year Treasury notes edged higher to 4.78%, 10-year Treasury notes inched down to 4.39%, and 30-year Treasury bonds edged up to 4.53%.

WTI crude oil decreased $0.17 to $86.52 a barrel, and natural gas prices increased 3 cents to $1.88 a thermal unit.

Gold increased by $15.09 to $2,354.51 an ounce, and silver rose 14 cents to $26.04. 

The dollar index, which weighs the U.S. dollar against a basket of foreign currencies, edged lower to 104.08.

 

U.S. Stock Movers

Boeing Co. declined 0.9% to $181.56, and Southwest Airline's flight lost engine cover during flight takeoff from Denver, Colorado, to Houston, Texas, on Sunday. 

Southwest Flight 2695 Boeing 737 800 jet plane safely returned to the ground after reaching a height of 3,140 meters with 135 passengers and six crew members. 

Boeing has been under intense scrutiny from aviation regulators and airlines after a series of mishaps and safety lapses over the last four years. 

Ally Financial increased 1.3% to $39.26, and Discover Financial Services chief executive Michael Rhodes was appointed as chief executive of the company.