On Wednesday, the Mortgage Bankers Association released its weekly report for the U.S.

EST, the Dow Jones Industrial Average, the S&P 500, and the Nasdaq 100 are roughly flat compared to yesterday’s close. Stock indices have erased most of their losses heading into the final hour of today’s trading session. Stocks Erase Losses Heading into the Close Investors should keep an eye out for potentially-sharp reversals to the downside as more economic data is released, all while the Federal Reserve continues to raise interest rates.

The last few updates represent a significant reversal from September when the estimate was around 0.3% growth for the quarter. Bureau of Economic Analysis, the Institute for Supply Management, and the U.S. This is higher than its previous estimate of 2.3%, which can be attributed to recent data released from the U.S. Currently, it estimates that the economy will expand by about 2.7% in the third quarter. The “nowcast” becomes more accurate as more economic data is released throughout the quarter. The Atlanta Federal Reserve updated its latest GDPNow reading, which allows it to estimate GDP growth in real time. Similarly, the Two-Year Treasury yield also increased, as it hovers around 4.15%. 10-Year Treasury yield increased significantly to 3.75%, an increase of 12.3 basis points. In addition, WTI crude oil remained above $80 per barrel as it continued its approach toward the $90 per barrel level.įurthermore, the U.S. Conversely, the energy sector was the session’s leader, with a gain of 2.13%. The utility sector was the session’s laggard, as it fell 2.22%. As a result, the recent two-day winning streak came to an end. The Dow Jones Industrial Average, the S&P 500, and the Nasdaq 100 fell 0.14%, 0.2%, and 0.08%, respectively. Stock indices finished Wednesday’s trading session in the red after staging a brief comeback in the final hour of trading.

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