On May 8, 2023, U.S. stock indices displayed mixed performance: the S&P 500 Index rose by 0.18%, while the Dow Jones Industrial Average fell by 0.58%. The Nasdaq 100 Index increased by 0.60%. Strong gains were observed in the semiconductor sector, specifically Nvidia, which rose over 1% amid optimism surrounding potential U.S.-China trade deals regarding semiconductors during the upcoming summit between President Trump and Xi Jinping.
Key economic data revealed that the U.S. Producer Price Index (PPI) for April surged by 1.4% month-over-month, exceeding expectations of 0.5%, with a year-over-year increase of 6.0%, the highest in over three years. Additionally, yields on the 10-year Treasury note reached a 10-month high of 4.49%. Meanwhile, WTI crude oil prices increased by over 1% as the International Energy Agency reported ongoing reductions in global oil inventories.
In the mortgage sector, U.S. mortgage applications climbed by 1.7% for the week ending May 8, bolstered by a 3.9% uptick in purchase applications. The average 30-year fixed mortgage rate slightly increased to 6.46%. Across wider markets, overseas stocks also showed mixed results, with the Euro Stoxx 50 up 0.53% and China’s Shanghai Composite rising to an almost 11-year high, up by 0.67%.
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