As of today, the S&P 500 Index is up 0.07%, the Dow Jones Industrial Average has increased by 0.29%, and the Nasdaq 100 Index is down 0.25%. Trading was mixed, with June E-mini S&P futures up 0.10% and June E-mini Nasdaq futures down 0.17%. Crude oil prices fell more than 1% amid reports that the U.S. proposed a temporary waiver on sanctions against Iran.
Key economic data from China revealed that April industrial production rose by 4.1% year-over-year, significantly below the expected 6.0% growth. Additionally, April retail sales saw a mere 0.2% increase compared to the forecasted 2.0%. In the U.S., 83% of S&P 500 companies that reported Q1 earnings surpassed estimates, with an overall anticipated earnings growth of 12% year-over-year.
Geopolitical tensions are impacting markets, highlighted by Pakistan’s deployment of 8,000 troops and support systems to Saudi Arabia. Meanwhile, the U.S. bond markets experienced pressure due to rising energy prices linked to escalating conflicts in the Middle East, with the 10-year T-note yield dropping to 4.583% from recent highs.
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