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May 05, 2023
- SPDR S&P Regional Banking ETF was the biggest decliner after giving up 5.45% yesterday As things stand, iShares Preferred & Income Securities ETF (down 2.23%) and iShares Trust – iShares iBonds Dec 2021 Term Treasury ETF (down 0.039%) are underperforming today
- European markets are currently lower as trading gets underway.
Ahead of today's session: leading equity indices in the US declined as Dow Jones lost 0.86% and ended the session at 33,128. S&P 500 shed 0.72% and closed at 4,061.22.
Trading in the US will continue today in around 5 hours time, meanwhile European markets are currently lower as trading gets underway.
In a tough day for US markets, both stocks and bonds suffered from risk-off sentiment and a higher likelihood of a hawkish Fed at its next FOMC meeting. The yield on one month US government debt rose to 5.76%. Rising yields could potentially push the Federal Reserve towards a more hawkish monetary policy stance in the immediate term.
Kellogg Co & GoDaddy Inc. have released their earnings reports with Nova Ltd. and Charles River Laboratories International, Inc. are set to publish their respective reports as scheduled.
Market's down-tick coincides with some negative macro data published earlier as Initial Jobless Claims in United States fell short of market expectations (240,000) with a reading of 242,000, continuing the decline from the previous figure of 229,000. United States Crude Oil Inventories fell short of the -1.1 million projections, with new data of -1.28 million.
Amid the market gloom, United States Interest Rate released Wednesday with a figure of 5.25, while the previous figure was five.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Non Farm Payrolls are set for a continuation of decline with 180,000 while previous data was 236,000; data will be released today at 12:30 UTC. United States Unemployment Rate expected to decline to 3.6 while its preceding data was 3.5, data will be available today at 12:30 UTC.
Yesterday's bearishness meant that SPDR S&P Regional Banking ETF lost 5.45% yesterday before closing at $36.08. As things stand, iShares Preferred & Income Securities ETF (down 2.23%), iShares Trust – iShares iBonds Dec 2021 Term Treasury ETF (down 0.039%) are also underperforming today.
IShares Trust – iShares iBonds Dec 2021 Term Treasury ETF has been pretty quiet for the last a month, trading mostly flat and moving by only 0.02 cents on average.
SPDR S&P Regional Banking ETF | -5.45% at $36.08
Over the last 5 days, SPDR S&P Regional Banking ETF has fallen 15.42%. Yesterday's session continued down the same path: a tough session dominated by bearish sentiment left KRE $2.08 lower, while setting a $34.52 to $37.04 session range.
