Stock Market News Today, 05/08/24 – Indices Finish Mixed; Mortgage Rate Falls – Stock indices finished today’s trading session mixed. The Dow Jones Industrial Average (DJIA) gained 0.44%. Meanwhile, the Nasdaq 100 (NDX) and the S&P 500 (SPX) finished the day flat. Earlier today, the Mortgage Bankers Association released its weekly report for the U.S. 30-year mortgage rate. The mortgage rate decreased to 7.18% compared to last week’s reading of 7.29%.
Due to the decrease in rate, the number of mortgage applications increased week-over-week by 2.6%, following last week’s decline of 2.3%.
However, mortgage application volume is down substantially on a year-over-year basis, with the Mortgage Market Index at 197.1 compared to 227.8 on May 10, 2023.
The U.S. futures edged higher on Wednesday morning amid a solid corporate earnings season. The Dow Jones Industrial Average extended gains and marked its longest winning streak since December 2023. With approximately 85% of S&P 500 companies having disclosed their quarterly results, roughly 80% have exceeded Wall Street’s projections. The futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and Dow Jones Industrial Average (DJIA) were up by about 0.03%, 0.04%, and 0.03%, respectively, at 3.28 a.m. EST, May 8. (Read More: Online Investment on the Rise 2024: Navigating the Digital Frontier)
In after-hours action, shares of social media platform Reddit (RDDT) jumped nearly 15% after it smashed analysts’ Q1 expectations. Meanwhile, Lyft (LYFT) stock gained over 6% after a better-than-expected Q1 report. Conversely, Rivian (RIVN) stock fell 5.6% due to a wider-than-expected Q1 loss. At the same time, Twilio (TWLO) stock dropped nearly 7% due to the moderating sales growth rate.
On the earnings front, ride-hailing company Uber (UBER) will release its Q1 financials today. Analysts expect the momentum in its business to be sustained in Q1, driven by higher gross booking volumes. Alongside Uber, Shopify (SHOP), Arm Holdings (ARM), Airbnb (ABNB), and Robinhood (HOOD) are among other prominent companies slated to release their quarterly financials today.
Turning to this week’s economic reports, investors await May’s preliminary readings of the Michigan Consumer Sentiment Index and the UoM 5-year Consumer Inflation Expectations, both scheduled for Friday.
Meanwhile, the U.S. 10-year treasury yield was up at the time of writing, floating near 4.5%. At the same time, WTI crude oil futures trended lower, hovering near $77.54 per barrel as of the last check.
Elsewhere, European indices opened higher as traders awaited corporate earnings. Food and beverage stocks notched higher in the morning.
Asia-Pacific Markets Were Down Today
Asia-Pacific indices were down on Wednesday as investors assessed corporate earnings. Japan’s Nikkei and Topix indices were down 1.63% and 1.45%, respectively.
China’s Shanghai Composite and Shenzhen Component indices fell 0.61% and 1.35%, respectively. At the same time, Hong Kong’s Hang Seng index was down 0.86%.
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Conclussion Stock Market News Today, 05/08/24
The article described mixed results from US stock indices, where the DJIA saw a 0.44% gain while the NDX and SPX stagnated. Falling US mortgage rates prompted an increase in weekly mortgage applications. U.S. futures rallied amid a solid earnings season, with most S&P 500 companies beating Wall Street projections. Shares of Reddit and Lyft jumped after strong first-quarter reports, while Rivian and Twilio slumped. In Asia-Pacific, the index fell due to evaluation of company financial reports. Investors await financial reports from Uber and other companies. In addition, investors also pay attention to weekly economic data and fluctuations in US bond yields and WTI crude oil prices.
With mixed stock indexes and falling US mortgage rates, today’s stock market shows interesting dynamics, while investors continue to pay attention to financial reports and other important economic factors.
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