Nasdaq, S&P, and Dow futures observe limited moves ahead of the long weekend
Major market averages observe limited movement on Thursday and rates remained mostly unchanged after the S&P 500 closed at a new record high, and ahead of the upcoming long weekend marked by Good Friday.
Early on and the Dow (DJI) was -0.1%, the S&P 500 (SP500) was flat, and the Nasdaq Composite (COMP:IND) was near even.
Rates ticked up as the 10-year Treasury yield (US10Y) rose 1 basis point to 4.20% and the shorter-end more rate-sensitive 2-year yield (US2Y) moved up 2 basis points to 4.60%
See how Treasury yields have done across the curve at the Seeking Alpha bond page- mention this right after rates.
“Slightly lighter US trading in the lead up to a prolonged weekend saw the return of buying interest, as the major indices snapped their run of losses and the S&P500 closed at a new record high,” said Richard Hunter of Interactive Investor.
Lighter trade will often exacerbate market moves, which was part of the reason for the rally in the absence of any major economic or corporate news, Hunter added.
“The performance of markets over a successful opening quarter to the year has shown that investors are increasingly accepting that three rate cuts are the most likely outcome, rather than the several which had previously been pencilled in,” he said.
On the economic front the U.S. gross domestic product in the U.S. Department of Commerce’s final Q4 estimate rose at an annual rate of 3.4%, topping the 3.2% consensus.
Initial jobless claims for the week ended March 23 came in at -2K to 210K compared to the 212K consensus and 212K prior (revised from 210K) figures.
Moreover, the University of Michigan Consumer Sentiment Index rose to 79.4 in March versus the 76.5 forecasted and 76.9 level in February.