U.S. stocks struggle to hatch gains ahead of Easter break
Main U.S. indexes ~flat
Mar Chicago PMI 41.4 vs 46 estimate
Mar U Mich sentiment final 79.4 vs 76.5 estimate
Feb pending home sales change MM 1.6% vs 1.5% estimate
Euro STOXX 600 index up ~0.2%
Dollar ~flat; gold gains; crude up >1%; bitcoin up ~3%
U.S. 10-Year Treasury yield ~flat at ~4.20%
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U.S. STOCKS STRUGGLE TO HATCH GAINS AHEAD OF EASTER BREAK
Wall Street's main stock indexes are little changed early on Thursday in thin trading ahead of the Easter break, as investors await more data to gauge the Federal Reserve's policy path on the last business day of a strong first quarter.
Overnight, Fed Governor Christopher Waller said recent disappointing inflation data affirms the case for the Fed to hold off on cutting its short-term interest rate target, but he did not rule out trimming rates later in the year.
In any event, a majority of S&P 500 .SPX sectors are higher. However, price action is subdued.
Real estate .SPLRCR, up only around 0.5%, is posting the biggest gain, while tech .SPLRCT, off just ~0.2%, is the weakest group.
Gold stocks .HUI are an outperformer.
Here is an early market snapshot around 1015 EDT:
(Terence Gabriel)
*****
FOR THURSDAY'S EARLIER LIVE MARKET POSTS:
GDP - NOT THE THREE LETTERS EUROPE STOCKS ARE LOOKING FOR - CLICK HERE
STRONG Q1 GAINS MAY HAVE BULLS CHARGING THROUGH 2024 - CLICK HERE
A SWEET RISE IN COCOA, BUT BITTER EASTER EGGS - CLICK HERE
EURO ZONE COMPANIES MORE CONFIDENT - SURVEY - CLICK HERE
A HAT-TRICK FOR THE STOXX - CLICK HERE
EUROPEAN SHARES SET TO END A SECOND QUARTER IN THE GREEN - CLICK HERE
EUROPEAN FUTURES RISE AHEAD OF LONG WEEKEND - CLICK HERE
YEN TRADERS ON TENTERHOOKS - CLICK HERE
earlytrade02282024 https://tmsnrt.rs/4accUTw
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
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