Dow Surges Over 500 Points: Analyzing Mixed Signals in US Markets Post PCE Data

 

Dow Jones, S&P 500 & Nasdaq at Close on 30 Nov 2023: The US stock market indexes opened higher on Thursday, as the latest inflation data increased the hope that US interest rates have peaked and the Fed could start reducing interest rates from next year.

Dow Jones Industrial Average (DJIA) opened higher by 166.15 points at 35596.57, while the S&P 500 index made a positive opening of 4.29 points and opened at 4554.87. The Nasdaq Composite index opened flat on a positive note, up by 6.56 points at the 14265.05 level.

 

US Markets Live Today

 

US Markets at 11.10 EDT, Dow extended its early gains and is trading higher by 311.82 points or 0.88 percent at the 35742.24 level while the S&P 500 is trading almost flat, down by 1.26 points or 0.03 percent at 4549.32 levels. The tech-heavy Nasdaq Composite extended its intraday losses and is trading lower by 83.28 points or 0.58 percent at 14175.21 levels. 

 

US Market News

 

The US stock markets are trading mixed, as investors digested the key inflation data and wrapped up November with some profit booking after registering the strongest monthly gains in over a year.

Data released on Thursday showed that the Personal consumption expenditures (PCE) price Index rose by 3.0% annually in October, down from 3.4% in September due to a decline in energy prices.

The Core PCE Price Index rose 3.5% annually, in line with expectations and slightly lower than the 3.7% recorded in September. Monthly basis, the PCE Price Index remained flat and the Core PCE Price Index was 0.2%

The key indices are wrapping up as the best month over a year after losing almost three months in a row. The Dow Jones was up around 8% in November, while the S&P 500 and Nasdaq have advanced 8.6% and 11% so far in November.

Pending home sales of existing homes, dropped 1.5% in October from the previous month. The Labor Department showed a report that the first-time claims for US unemployment benefits increased slightly to 218,000 for the week ended November 25th, with an increase of 7000 from the previous week.

The 10-year US Treasury yield climbed to 4.337%, it was settled lower at 4.265% on Wednesday.

 

US Stocks In News

 

The shares of Salesforce and Snowflake both gained above 5% and 3% respectively, on the back of posting strong quarterly earnings after the market close on Wednesday.

The computer software company Nutanix shares gained more than 2% after the company reported fiscal first quarterly earnings that topped market estimates.

 

Crude Oil Prices

 

Crude oil prices are trading flat on Thursday amid optimism that OPEC+ will reduce future production levels. Traders have shrugged off the concerns about weaker-than-expected Chinese manufacturing activity data and a continuous rise in US inventories.

The US WTI crude is trading slightly lower by 0.22 % at $77.68 per barrel while London-based Brent crude oil is marginally down by 0.39% at $82.56 per barrel.

 

Also, read –  US Markets on Nov 29: Dow Gains, While S&P 500 and Nasdaq Finish in the Red

Hedging: Meaning, Risk, Strategies, and Types of Hedge

 

US Markets at Close

 

The US stock market indexes ended mixed on Thursday. Dow Jones jumped over 500 points and wrapped up solid gains in November, as investors cheered further slowdown in PCE inflation and upbeat corporate earnings. The Dow Jones Industrial Average (DJIA) and S&P 500 index extended their early gains and ended higher by 1.47% and 0.38% respectively, while the tech-heavy Nasdaq Composite Index closed slightly lower by 0.23% on Thursday.

 

If you like the post “Dow Surges Over 500 Points: Analyzing Mixed Signals in US Markets Post PCE Data” please share it with others

 

Happy Investing!

Editor’s Desk