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Stocks fall with inflation in mind; ECB signals end of QE
Updated 1:47 PM EST
U.S. stocks opened lower on Thursday as investors watched bond market moves, followed a mixed set of headlines out of China and reacted to a key interest rate decision by the European Central Bank ahead of tomorrow’s crucial inflation reading.
A big rebound in Chinese exports, which soared nearly 17% from a year ago in May as factories came back to life after the easing of Covid restrictions, was tempered by news that Shanghai is seeking to resume lockdowns in the country’s biggest city after new Covid infections were identified.
The news reduced gains in regional and European stocks, where investors awaited a major policy decision from President Christine Lagarde.
No changes were made to the ECB’s all-time low interest rate streak, but traders were right to bet that its long-running quantitative easing program would come to an end – the end date was set for July 1 – and rate hikes were expected. for the summer as the region seeks to rein in record inflation while gently protecting its modest growth prospects.
“High inflation is a major challenge for all of us,” the ECB said. “In May, inflation rose again significantly, mainly due to soaring energy and food prices, particularly due to the impact of the war. But inflationary pressures have widened and intensified, with the prices of many goods and services rising sharply.”
The region-wide Stoxx 600 closed down 1.3% in Frankfurt after the ECB’s decision, following a 0.5% decline in the Asian benchmark MSCI ex-Japan.
In the United States, weekly jobless claims data as of 8:30 a.m. Eastern time showed a total of 225,000, the highest since mid-January, as investors take a cautious stance on at risk ahead of tomorrow’s May inflation reading, which is expected to show some easing. in the pressures on basic consumer prices.
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However, soaring oil and energy prices will likely keep this headline rate unchanged at an almost forty-year high of 8.3%.
In fact, U.S. gas prices approached a record national average of nearly $5 a gallon on Thursday, as oil prices hit near multi-week highs and crude inventory the country’s emergency has fallen to its lowest level in more than three decades.
U.S. gasoline prices hit an all-time high of $4.970 a gallon yesterday, according to AAA data, 1.5 cents higher than Tuesday’s previous high and 62% higher than the last year’s May average of $3.067 per gallon.
In global crude markets, WTI futures for July delivery, which are closely tied to gas prices in the United States, were last seen down 40 cents in the session at 121.71 dollars a barrel, following data from the Energy Department yesterday that showed inventory at the Strategic Petroleum Reserve. sit at the lowest levels since March 1987.
Benchmark 10-year Treasury yields last rose 3 basis points from Wednesday’s close at 3.033% while the U.S. dollar index, which tracks the greenback against a basket of six global currencies, rose 0.62% to 103.177.
On Wall Street, the Dow Jones Industrial Average fell 145 points early in the afternoon while the S&P 500 fell 26.8 points. The tech-focused Nasdaq lost 112 points.
You’re here (TSLA) – Get the report from Tesla Inc. Shares were the most active name in premarket trading, rising 31.7% following data from China showing a strong rebound in May sales and exports from the world’s largest auto market and an increase and upgrade of UBS’s price target.
SVC Health (SVC) – Get the CVS Health Corporation report shared rose 0.6% after the group reiterated its full-year profit outlook ahead of a series of investor meetings scheduled for the rest of June.
Target (TGT) – Get the target company report Shares fell after the retailer increased its quarterly dividend just days after warning that excess inventory and rising input prices would put pressure on profit margins in the near term.
Twitter (TWTR) – Get the report from Twitter Inc. Shares, meanwhile, edged down 1.36% after the microblogging website reportedly agreed to share a data ‘firehose’ with Elon Musk to allay his concerns about the level of fake accounts and bots on the platform.
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