US Markets: Dow, S&P 500, and Nasdaq End Higher Amid Volatility on Friday
US Markets LIVE, 25 Aug 2023: The US stock market indexes opened higher on Friday, as the indexes tried to rebound after Thursday’s selloff. Dow Jones opened higher by 117.64 points at the 34217.06 level while S&P 500 made a positive opening of 13.07 points at the 4389.38 level. The Nasdaq Composite index made a higher opening of 50.04 points at the 13514.37 level.
US Markets Live Today
At 12.05 EDT, The US markets are highly volatile, Dow Jones recovered intraday losses and is trading higher by 132.16 points or 0.39 percent at the 34231.58 level while the S&P 500 is trading higher by 8.19 points or 0.19 percent at 4549 levels. The tech-heavy Nasdaq Composite also erased all intraday losses and is trading flat at 13464.63 levels.
US Market News Updates
The US stock market indexes erased early gains and are trading volatile after Federal Reserve Chair Jerome Powell’s remarks were released. The US markets turned negative after Powell signaled more rate hikes could come this year, as inflation is too high.
He further cautioned that past rate hikes had yet to fully slow down the economy but would proceed carefully on any further rate hikes.
The Treasury yields have risen after Powell’s hinted more interest rate hikes this year. The yields on 10-year Treasury notes rose to 4.275%, higher from Thursday’s close at 4.241%
On the economic front, according to the University of Michigan’s survey, the consumer sentiments index fell to 69.5 in August from 71.6 reported in July and came lower than the expectation of 71.2.
Meanwhile, the inflation expectations for the year ahead ticked up to 3.5% from 3.4% in July, while the expectation was a tick lower from the previous month at 3.3%
Stocks in News Today
The online buy now pay later payment firm Affirm jumped more than 23% after the company reported stronger-than-expected fiscal fourth-quarter results.
The shares of Marvell Technology fell around 8% after the chipmaker posted a fall in second-quarter revenue.
The share price of Hawaiian Electric Industries tumbled around 17% after Maui County sued the utility and S&P Global Ratings cut its credit rating.
Crude Oil Prices
Crude Oil prices are trading slightly higher on Friday but are expected to close lower for a second consecutive week due to concerns over slowing demand from China and increased U.S. inventory supply as well as a stronger dollar.
The dollar index is at its highest level since March 16 following Fed’s Chair Jerome Powell’s speech at the Jackson Hole symposium, it traded as high as 104.623.
The US WTI crude is trading higher by 0.53% at $79.47 per barrel while London-based Brent crude oil is up by 0.73% at $83.97 per barrel.
US Markets at Close
The US Markets ended higher on Friday amid volatility, as tech shares rebounded after an intraday dip. Dow Jones gained 247.48 or 0.73 percent and closed at 34346.90 levels, while the S&P 500 was up by 29.40 or 0.67 percent and finished at 4405.71 levels. The tech-heavy Nasdaq Composite index jumped 126.67 points or 0.94% and settled at 13590.65 levels.
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