Expedia Group Inc EXPE:NASDAQ

Last Price$95.98NASDAQ Closing Price as of 4:00PM ET 6/29/22
NASDAQ 15-minute delayed Bid/Ask Quotes
Today's Change-1.89(1.93%)
Bid (Size)$95.01 (55)
Ask (Size)$96.55 (1)
Day Low / High$94.09 - 97.98
Volume3.8 M

Midday Report: US Equity Indices Advance, Treasury Yields Decline as Federal Reserve Begins Policy Meeting

12:52PM ET 5/03/2022 MT Newswires
US equity benchmarks rose while government bond yields retreated midday Tuesday after touching the 3% landmark in the previous session as factory orders beat expectations and the Federal Reserve kicked off its two-day policy meeting.

The Dow Jones Industrial Average climbed 0.4% to 33,184.8, with the S&P 500 up 0.6% to 4,180.5 and the Nasdaq Composite less than 0.1% higher at 12,542.6.

Energy, utilities, and real estate led the gainers, with all but two sectors, consumer discretionary and technology, in the green.

The US 10-year yield dropped 5.6 basis points to 2.94% intraday.

Over the past four decades, policy interest rates have topped out at progressively lower levels during Fed monetary policy tightening, the Wells Fargo Investment Institute said in a research note on Tuesday. In 2000, the federal funds rate peaked at 6.5%; in 2006, it peaked at 5.25%; and in 2018, it peaked at 2.5%.

The Wells Fargo Investment Institute recently increased its 2022 year-end target range for the federal funds rate to 2.5%-2.75% from 1.5%-1.75% as its economists concluded the red-hot inflation in the US is likely to be "sticky." Fed's meeting will end on Wednesday, with policymakers widely anticipated to lift interest rates by 50 basis points. Market participants will be looking out for Fed's guidance to gauge the pace of rate increases this year.

West Texas Intermediate crude-oil futures slumped $1.47 to $103.71 per barrel.

New orders for US factory goods rose by 2.2% in March, above expectations for a 1.2% increase in a survey compiled by Bloomberg and following a 0.1% increase in February.

US job openings rose to more than 11.5 million in March, the Bureau of Labor Statistics said. That number beat the 11.2 million expected in a survey compiled by Bloomberg and was up from about 11.3 million reported in February. The March level represents 7.1% of total employment, up from 7% in February and 5.5% a year earlier.

In company news, Elliott Management called for a full strategic review of Western Digital (WDC) and offered $1 billion equity capital to facilitate the separation of its NAND flash memory business. Shares of Western Digital surged 15% intraday, the most in S&P 500.

(EXPE) said it expects a "robust" travel season this summer as demand continues to recover, setting the stage for improving sales as losses narrow even amid a challenging macroeconomic and geopolitical environment. Shares of travel bookings operator slumped 14%, the worst performer on the S&P 500.

Gold rose 0.4% to $1,871.30 per ounce, and silver was up 0.5% to $22.69 per ounce. Among energy ETFs, the United States Oil Fund was down 2.2% to $76.68, and the United States Natural Gas Fund was up 6% to $27.57.