13 minutes ago
US Treasury yields rise as investors brace for Fed policy meeting
US Treasury yields rose on Friday as investors await the June 13-14 Federal Reserve monetary policy meeting, when officials will announce a new interest rate decision.
Uncertainty over whether the central bank will continue or pause its rate-hiking campaign has been mounting lately, but jobs data released on Thursday led investors to believe the Fed will not hike rates again next week.
As of 4:24 am ET, the yield on the 10-year Treasury was up nearly four basis points to 3.7529%. The 2-year Treasury yield traded more than 3 basis points higher at 4.5556%.
— Sophie Kiderlin
Before an hour
European equity markets open marginally higher
European markets opened slightly higher at the end of a choppy week of uncertain global sentiment.
The pan-European Stoxx 600 index was up 0.2% at the start of trading, with most sectors posting modest gains. Mining stocks and retail stocks each rose 0.6%, while chemical stocks fell 0.4%.
— Hannah Ward-Glenton
2 hours ago
Retail and industrials lead Friday’s Nikkei rally
Retail and industrial stocks pushed the Nikkei 225 up 1.97% on Friday, leading gains among the major indices in Asia-Pacific.
The biggest gainer in the index was video game company Konami, which rose 5.79%. Konami is known for developing the Metal Gear and Silent Hill series of games.
Other names on the list of top gainers included retail giant Fast Retailing, chemicals company Mitsui and Co, and Daikin Industries, the world’s largest manufacturer of air conditioning.
6 hours ago
China’s consumer prices rise 0.2%, producer prices fall
China’s consumer price index rose 0.2% year on year in May, government data showed.
Economists polled by Portal were expecting a 0.3% rise, on an upward trend, after hitting a two-year low of 0.1% in April. Month-on-month, prices fell 0.2% – economists had forecast a 0.1% drop.
China’s producer deflation continued in May, with the producer price index falling by 4.6% on the month, down further from -3.6% in April and the sharpest fall since June 2016.
A Portal poll of economists expected producer prices to fall by 4.3%.
– Jihye Lee
7 hours ago
Philippines’ trade deficit narrows in April but both exports and imports slump
The Philippines’ trade deficit narrowed to $4.53 billion in May from a deficit of $4.93 billion in March.
Both the country’s exports and imports fell sharply compared to April 2022, with exports down 20.2% year-on-year and imports down 17.7%.
In comparison, March saw exports fall 9.1% and imports fall 2.7% yoy.
Government data showed that the commodity group with the highest annual decline in export value in April was electronic products, which fell $582.6 million.
Electronic products were also the second-largest contributor to the fall in imports, surpassed only by mineral fuels, lubricants and related materials, which fell $927.86 million.
China remained the Philippines’ top trading partner, accounting for 15.8% of export value in April and supplying 23.9% of imported goods.
— Lim Hui Jie
9 hours ago
The S&P 500 is in for a four-week winning streak
The S&P 500 heads into a fourth straight week of gains for the first time since last August. As of Thursday’s close, the broader index was up nearly 0.3%.
Meanwhile, the Dow Jones Industrial Average is on track to gain a second straight week, or best streak since the four consecutive weeks of gains that ended in April. The benchmark is 0.2% higher.
On the other hand, the Nasdaq Composite is on track to break its six-week winning streak. The tech-heavy index is only slightly down this week, down 0.02%.
— Sarah Min, Chris Hayes
10 hours ago
Stocks make the biggest moves in the after hours
Check out the companies making headlines after hours.
- DocuSign — DocuSign rose 5.6% in extended trading after the e-contract company beat analysts’ expectations for first-quarter revenue and earnings. According to Refinitiv, DocuSign posted adjusted earnings of 72 cents per share in the first quarter, beating consensus estimates of 56 cents. It reported sales of $661 million, beating expectations of $642 million.
- Vail Resorts — Shares fell 3.9% after Vail Resorts missed earnings expectations for the third quarter. The mountain resort company reported earnings of $8.18 per share, while analysts polled by Refinitiv had expected $8.84 per share. Revenue was $1.24 billion, below the estimate of $1.27 billion.
- General Motors – General Motors rose 3% after CEO Mary Barra and Tesla CEO Elon Musk said the automaker, along with Ford Motor, will partner with Tesla to leverage the electric vehicle maker’s charging network in North America. Tesla shares were also up 3% in extended trading.
Read the full list here.
— Sarah Min
10 hours ago
Stock futures open little changed
US stock futures were little changed Thursday night.
Dow Jones Industrial Average futures fell 38 points, or 0.11%. S&P 500 futures fell 0.05%, while Nasdaq 100 futures rose 0.05%.
— Sarah Min