US Markets: Dow Jones and Nasdaq Composite Index 1 Sept 2023
US Markets LIVE, 1 Sept 2023: The US stock market indexes opened higher on Friday after the latest job report showed that the US unemployment rate jumped in August. Dow Jones opened a gap-up of 154.33 points at the 34876.24 level while the S&P 500 made a positive opening of 22.94 points at the 4530.60 level. The Nasdaq Composite index also opened higher by 94.99 points at the 14129.96 level.
US Markets Live Today
At 12.25 EDT, The US markets are trading volatile at this moment, Dow Jones is trading slightly higher by 47.37 points or 0.14 percent at the 34769.28 level while the S&P 500 is trading almost flat, up by 3.31 points or 0.07 percent at 4510.97 levels. The tech-heavy Nasdaq Composite erased its early gains and is trading slightly lower by 15.62 points or 0.11 percent at 14019.35 levels.
US Market News
The US markets opened in an optimistic mode, as the Labor Department showed a report that the US unemployment rose to 3.8 percent in August, higher than the expectation of 3.5 percent, and wages rose less than expected. Meanwhile, non-farm payroll rose 187,000 above the expectation of 170,000.
The latest Labor Department report fueled the hopes among investors that the Federal Reserve will skip the interest rate hikes in the September meeting. According to the CME FedWatch Tool, the US markets are pricing a 91% likelihood that the Fed will pause the interest rate hike in the September meeting after the job report.
Another report showed that the ISM manufacturing index rose to 47.6 in August from 46.4, better than the expectation of 46.8. However, markets erased all early gains, as the 10-year Treasury yields jumped to a day-high and at 4.20%. Earlier, the yields on the US benchmark 10-year Treasury note fell to 4.075% after the job report but later rebounded.
Stock News Today
On the earning front, the shares of database software maker MongoDB and Dell Technologies gained 7% and 23% respectively, as the company reported stronger-than-expected quarterly earnings. The athletic apparel retailer Lululemon Athletic gained around 4% after the company beat market estimates.
The share of Papa John’s gained more than 2% after analyst Nick Setyan upgraded the shares to outperform from neutral and raised the target price.
The chipmaker Broadcom’s share price declined more than 5% after the company forecasted current-quarter revenue below expectations on lower demand.
Crude Oil Prices
Crude oil prices are trading higher at a 7-month-high due to supply concerns. Oil prices are heading for a strong weekly gain and snapped a two-week losing streak on optimism that major oil producers will extend output cuts to the end of the current year. Saudi Arabia and Russia have already agreed to extend their output cut.
The US WTI crude is trading higher by 1.78% at $85.12 per barrel while London-based Brent crude oil is up by 1.51% at $88.15 per barrel.
US Markets at Close
The US stock market indexes mostly closed higher on Friday, Dow Jones and S&P 500 gained 0.33 percent and 0.18 percent respectively while Nasdaq erased early gains and ended flat to the negative, down only 0.02 percent. The market sentiments were upbeat after the much-awaited job reports on Friday. The monthly job reports showed increase in jobs, but wage growth slowed as the unemployment rate rose unexpectedly in August.
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