Moody’s Analytics chief economist Mark Zandi discusses the impact of the $ 1.9 trillion COVID relief bill on the economy and its concerns about inflation.
U.S. stock futures traded lower ahead of Friday’s Wall Street session, as the 10-year Treasury yield increased.
Nasdaq futures suggested a 1.7% decline, while Dow futures indicate a 0.2% loss.
The US Treasury in 10 years rose to 1.60%.
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Some scheduled economic reports can set the direction of the day.
The Labor Department’s Bureau of Labor Statistics will release wholesale inflation data for February. The main producer prices are expected to increase 0.5% in the monthly comparison, according to Refinitiv’s projections, compared to a 1.3% increase in January. In comparison with the same period of the previous year, the prices paid by wholesalers should increase by 2.7%.
The preliminary consumer sentiment index at the University of Michigan for March will also be released. Refinitiv’s estimate is 78.5, almost two points above the final February reading of 76.8.
OTHER 712,000 AMERICANS REQUESTED FOR UNEMPLOYMENT BENEFITS IN THE LAST WEEK
In Asia, the Tokyo benchmark rose 1.7%, Hong Kong’s Hang Seng fell 2.2%, but China’s Shanghai Composite index rose 0.5%.
In Europe, London’s FTSE fell 0.4%, Germany’s DAX fell 0.6% and France’s CAC fell 0.2%.
BIDEN SIGNS $ 1.9T CORONAVIRUS RELIEF ACCOUNT IN FIRST MAIN LEGISLATIVE VICTORY
US markets soared on Thursday after President Joe Biden sanctioned a comprehensive pandemic aid package that would provide $ 1,400 checks to most Americans and direct billions of dollars to schools, state and local governments and businesses affected by pandemic-related outages, which started a year ago.
That and progress in coronavirus vaccinations have helped to resolve some of the uncertainties that have plagued markets in recent weeks.
| Ticker | Safety | Last | Change | Change % |
|---|---|---|---|---|
| I: DJI | DOW JONES AVERAGE | 32485.59 | +188.57 | + 0.58% |
| SP500 | S&P 500 | 3939.34 | +40.53 | + 1.04% |
| I: COMP | NASDAQ COMPOSITION INDEX | 13398.672681 | +329.84 | + 2.52% |
The S&P 500 added 1% to 3,939.34. The Dow Jones totaled 0.6% to 32,485.59, its second highest consecutive increase.
The Nasdaq compound gained 2.5% to 13,398.67.
The biggest IPO in years occurred Thursday at the New York Stock Exchange, where Coupang, the South Korean equivalent of Amazon in the US, or Alibaba in China, started trading under the ticker “CPNG”.
| Ticker | Safety | Last | Change | Change % |
|---|---|---|---|---|
| CPNG | COUPANG INC WITH USD 0.0001 CL A | 49.25 | 0.00 | 0.00% |
The stock soared 40.7%. In fact, it is the largest initial public offering for an Asian company since Alibaba went public about seven years ago, and the largest in the U.S. since Uber’s more than $ 8 billion IPO in 2019.
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On Friday, US reference oil fell 8 cents to $ 65.93 a barrel in the electronic trading of the New York Mercantile Exchange. Brent crude, the international pricing standard, added 7 cents at $ 69.70 a barrel.
The Associated Press contributed to this report.