U.S. stock futures surged to the upside on Thursday after softer-than-expected consumer price data. Up just 83 points ahead of the data, Dow Jones Industrial Average futures
YM00,
were up 900 points, or 2.7%, to 33,434. S&P 500 futures
ES00,
surged 118 points, or 3.1%, to 3,873.25, with those futures up just 11 points ahead of the data. Nasdaq-100 futures
NQ00,
surged 390.50 points, or 3.6%, to 11,215. Bond yields were tumbling, with that of the 10-year note
TMUBMUSD10Y,
plunging 21 basis points to 3.939% and that of the two-year
TMUBMUSD02Y,
off 23 basis points to 4,399%. The ICE Dollar Index
DXY,
slid 0.8%, while gold
GC00,
surged $21 to $1,735.90 an ounce. The CPI report showed headline October inflation cooling more than expected to 7.7%, which has encouraged investors hoping the Federal Reserve can begin easing up on interest rate hikes sooner than later.
Tag: TMUBMUSD10Y
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Dow futures jump 700 points, 10-year Treasury yield drops below 4% on softer-than-expected CPI
+2.70% +3.65% +4.70% 3.907% 4.365% -1.44% +1.84% -
TMUBMUSD10Y | U.S. 10 Year Treasury Note Overview | MarketWatch
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Redfin, Zillow stocks drop after inflation data fuels jump in Treasury yields
Shares of real estate services companies were knocked lower Wednesday after surprisingly strong inflation data sent Treasury yields climbing. A big jump in longer-term Treasury yields this year has weighed heavily on the housing market, as they reduce affordability by boosting mortgage lending rates. Shares of Redfin Corp.
RDFN,
-5.86%
slumped 4.6%, Zillow Group Inc.
Z,
-1.85%
ZG,
-1.91%
dropped 4.0%, Anywhere Real Estate Inc.
HOUS,
-6.29%
shed 2.9% and RE/MAX Holdings Inc.
RMAX,
-1.92%
lost 2.3%. Meanwhile, the yield on the 10-year Treasury note
TMUBMUSD10Y,
3.787%
rose 7.6 basis points (0.076 percentage points) to 3.034%. Meanwhile, the S&P 500
SPX,
-2.11%
fell 1.0%. -
New home sales decline in March
U.S. new-home sales decreased 8.6% to an annual rate of 763,000 in March, the government said Tuesday. That figure represents the quantity of homes that would be sold over a yearlong period of time if the same number of properties were bought each month based on the rate of sales in March. Compared to a year ago, sales were down 12.6%. Economists polled by MarketWatch expected new-home sales in March to drop to an annual rate of 770,000.
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Home prices rose at breakneck pace in February, Case-Shiller report shows
The S&P CoreLogic Case-Shiller 20-city price index posted a 20.2% year-over-year gain in February, up markedly from 18.9% the previous month. On a monthly basis, the index increased 2.4% between January and February.
Meanwhile, the Case-Shiller national home price index increased 19.8% between February 2021 and February, up from the previous month. This represented the third-largest pace of home-price appreciation in the Case-Shiller report’s history. -
Existing-home sales fall for second consecutive month amid rising mortgage rates
Existing-home sales decreased 2.7% between February and March, dropping to a seasonally-adjusted, annual rate of 5.77 million, the National Association of Realtors said Wednesday. Compared to a year ago, sales were down 4.5%. Economists polled by MarketWatch had projected existing-home sales to come in at 5.75 million.
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Housing starts rise despite surging mortgage rates
U.S. home builders started construction on homes at a seasonally-adjusted annual rate of roughly 1.79 million in March, representing a 0.3% increase from the upwardly-revised figures for the previous month, the U.S. Census Bureau reported Tuesday. Compared with March 2021, housing starts were up nearly 4%. Meanwhile, permitting for new homes occurred at a seasonally-adjusted annual rate of roughly 1.87 million, up 0.4% from February and 6.7% from a year ago. Economists polled by MarketWatch had expected housing starts to occur at a median pace of 1.73 million and building permits to come in at a median pace of 1.82 million.