Mark Zandi, chief economist at Moody’s Analytics, discusses the impact of the $ 1.9 billion COVID relief bill on the economy and its concerns about inflation.
U.S. stock futures traded lower ahead of the Wall Street session Friday, as yields on the U.S. Treasury rose for ten years.
Nasdaq futures showed a decline of 1.7%, while Dow futures indicated a loss of 0.2%.
The U.S. Treasury for ten years rose to 1.60%.
GET FOX-BUSINESS PARTS BY CLICK HERE
A few scheduled economic reports can determine the direction for the day.
The Labor Department’s Bureau of Labor Statistics will report wholesale inflation data for February. According to Refinitiv’s forecasts, significant producer prices will increase by 0.5% month – on – month, according to the Refinitiv forecasts, compared to the increase of 1.3% in January. Over the year, the prices paid by wholesalers would rise by 2.7%.
The University of Michigan’s preliminary index of consumer sentiment for March is also announced. The Refinitiv estimate is 78.5, almost two points above February’s final reading of 76.8.
ANOTHER 712,000 Americans filed for unemployment benefits last week
In Asia, Tokyo’s benchmark rose 1.7%, Hong Kong’s Hong Kong up 2.2%, but China’s Shanghai Composite Index rose 0.5%.
In Europe, the London FTSE fell by 0.4%, the DAX of Germany by 0.6% and the CAC of France by 0.2%.
BID SIGNS $ 1.9 T CORONAVIRUS REDEMPTION BILL IN FIRST BIG LEGISLATION
U.S. markets increased Thursday after President Joe Biden signed a comprehensive pandemic relief package that would provide $ 1,400 checks to most Americans and provide billions of dollars to schools, state and local governments and businesses affected by pandemic-related shutdowns leads, which began a year ago. ago.
This and the progress with vaccinations against the coronavirus have helped to settle the uncertainty that has been on the market over the past few weeks.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| Ek: DJI | DOW JONES AVERAGE | 32485.59 | +188.57 | + 0.58% |
| SP500 | S&P 500 | 3939.34 | +40.53 | + 1.04% |
| I: COMP | NASDAQ COMPOSITION INDEX | 13398.672681 | +329.84 | + 2.52% |
The S&P 500 added 1% to 3,939.34. The Dow added 0.6% to 32,485.59, its second-highest point in a row.
The Nasdaq Composition rose 2.5% to 13,398.67.
The largest stock exchange in years took place on the New York Stock Exchange on Thursday, where Coupang, the South Korean equivalent of Amazon in the US, or Alibaba in China, started trading under the type “CPNG”.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| CPNG | COUPANG INC COM USD0.0001 CL A. | 49.25 | 0.00 | 0.00% |
The share rose by 40.7%. It is actually the largest initial public offering of an Asian company since Alibaba was announced about seven years ago, and the largest in the US since Uber’s more than $ 8 billion exchange in 2019.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
On Friday, standard U.S. crude oil fell 8 cents to $ 65.93 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard for pricing, added 7 cents to $ 69.70 a barrel.
The Associated Press contributed to this report.