As of today, the S&P 500 Index is up 0.11%, while the Dow Jones Industrial Average has reached a new all-time high with a 0.57% increase. The Nasdaq 100 Index is down 0.18%. Notably, crude oil prices have plummeted by 3%, reaching a 3.25-month low, aided by a recent US-Iran agreement to reopen the Strait of Hormuz, which has eased inflation expectations.
April housing starts fell 15.4% month-over-month to a six-year low of 1.177 million, worse than the projected 1.430 million. Building permits also dropped 0.7% month-over-month to 1.413 million, below the expected 1.418 million. The two-day FOMC meeting begins today under new Fed Chair Kevin Warsh, with expectations to maintain interest rates steady.
In overseas markets, the Euro Stoxx 50 is up 0.61%, while Japan’s Nikkei-225 rose to a new all-time high, closing at up 0.13%. The 10-year T-note yield decreased by 2 basis points to 4.45% amid declining inflation expectations influenced by crude oil prices.
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