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Moody’s Analytics Chief Economist Mark Zandi discusses the impact of the $ 1.9 trillion COVID relief bill on the economy and his concerns about inflation.
US equity futures traded lower ahead of Friday’s Wall Street session, as the 10-year US Treasury yield rose.
Nasdaq futures suggested a decline of 1.7%, while Dow futures indicate a loss of 0.2%.
The 10-year US Treasury rose to 1.60%.
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A few scheduled economic reports could set the direction of the day.
The Labor Department’s Bureau of Labor Statistics will release wholesale inflation data for February. Producer prices are expected to rise 0.5% on a month-over-month basis, Refinitiv forecasts, down from the 1.3% increase recorded in January. Year over year, prices paid by wholesalers are expected to rise 2.7%.
The University of Michigan’s preliminary consumer sentiment index for March will also be released. The Refinitiv estimate is 78.5, nearly two points above the final February reading of 76.8.
ANOTHER 712,000 AMERICANS DEPOSITED FOR UNEMPLOYMENT BENEFITS LAST WEEK
In Asia, the Tokyo benchmark rose 1.7%, the Hong Kong 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%.
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U.S. markets surged Thursday after President Joe Biden passed legislation on a massive pandemic relief program that would provide $ 1,400 with checks to most Americans and funnel billions of dollars to schools, governments of states and premises and businesses affected by the pandemic-related shutdowns, which began a year ago. since.
That and advances in coronavirus vaccinations have helped sort out some of the uncertainty that has rocked markets in recent weeks.
| Teleprinter | security | Latest | Change | Change% |
|---|---|---|---|---|
| I: DJI | MEDIUM DOW JONES | 32485.59 | +188.57 | + 0.58% |
| SP500 | S&P 500 | 3939.34 | +40.53 | + 1.04% |
| I: COMP | NASDAQ COMPOSITE INDEX | 13398.672681 | +329.84 | + 2.52% |
The S&P 500 added 1% to 3,939.34. The Dow added 0.6% to 32,485.59, its second consecutive record.
The Nasdaq composite gained 2.5% to 13,398.67.
The largest IPO in years was on Thursday at the New York Stock Exchange where Coupang, the South Korean equivalent of Amazon in the United States, or Alibaba in China, began trading under the symbol “CPNG”.
| Teleprinter | security | Latest | Change | Change% |
|---|---|---|---|---|
| CPNG | COUPANG INC COM USD0.0001 CL A | 49.25 | 0.00 | 0.00% |
The title climbed 40.7%. This is in fact the largest initial public offering by an Asian company since Alibaba went public about seven years ago and the largest in the United States since Uber’s more than 8 years’ IPO. billion dollars in 2019.
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Benchmark US crude slipped 8 cents to $ 65.93 a barrel in electronic trading on the New York Mercantile Exchange on Friday. Brent, the international price standard, added 7 cents to $ 69.70 a barrel.
The Associated Press contributed to this report.
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