On October 26, 2023, U.S. stock indexes saw marginal gains with the S&P 500 up by 0.03%, the Dow Jones Industrial Average up 0.01%, and the Nasdaq 100 up 0.10%. This market movement comes amid lower crude oil prices, which eased supply concerns and stabilized bond yields, with the 10-year Treasury note yield at 5.23% after reaching a 19-year high of 5.27% earlier in the week.
Crude oil prices fell over 1% due to increased exports from Saudi Arabia, which reported crude exports of 5.28 million barrels per day in September, the highest in seven months. Today’s economic data includes a 0.3% month-over-month increase in the July S&P composite-20 home price index, exceeding expectations of 0.2% and marking the largest year-over-year increase (+2.47%) in 14 months.
Markets are currently pricing in a 70% chance of a 25-basis-point rate hike by the Federal Reserve at its upcoming meeting on October 27-28. In Europe, mixed market activity includes a 2.5-week high for the Euro Stoxx 50, while the Eurozone’s September economic confidence indicator unexpectedly fell to 97.9, against expectations of a rise to 99.0.
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