From the Desk - Economic Commentary
Brandon Casey, Member Strategist - 4/24/2024
U.S. stocks are mixed Wednesday morning as stocks look to continue their winning streak this week. Both the Nasdaq and S&P 500 are higher today, while the DJIA edged lower. With over a quarter of S&P 500 corporations having reported earnings, nearly 80% have beaten expectations so far.
Looking at economic data today, durable goods orders rose 2.6% in March, meeting expectations and up from 0.7% last month. Excluding transportation, orders were up 0.2% for the month. Core capital goods orders, which most closely resemble business spending in GDP, were up 0.2% for the month.
U.S. Treasury yields are higher this morning, with the 2-year Treasury yield up 4.1 basis points to 4.95%, the 5-year Treasury yield up 5.6 basis points to 4.68%, and the 10-year Treasury yield up 7.1 basis points to 4.67%. Longer-term advance rates are slightly lower today.
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