US Markets LIVE: Dow and Nasdaq Composite Index 29 Aug 2023
US Markets LIVE, 29 Aug 2023: The US stock markets opened on a cautious note on Tuesday ahead of crucial economic data this week. Dow Jones opened slightly lower by 28.86 points at the 34531.12 level while the S&P 500 made a flat to-negative opening at the 4432.75 level. The Nasdaq Composite index also opened marginally lower by 17.9 points at the 13695.36 level.
US Markets Live Today
At 11.55 AM EDT, The US markets turned positive soon after opening, Dow Jones is trading higher by 202.56 points or 0.59 percent at the 34762.54 level while the S&P 500 is also trading higher by 48.60 points or 1.10 percent at 4481.91 levels. The tech-heavy Nasdaq Composite is gaining the most among the key indexes and is trading higher by 216.05 points or 1.58 percent at 13921.18 levels.
US Market News
The market sentiments got boosted after the release of the latest U.S. economic data. The Bureau of Labor Statistics showed the data that the number of job openings fell in July, as compared to June, the report pointed to a sign of easing labor demand and increased the hopes that the Fed would soon end its rate-hike cycle.
Separately, the index of the Conference Board’s Consumer Confidence fell more than expected in August, as compared to the previous month. Investors are now cautiously looking ahead for the key economic data, the Fed’s preferred gauge of inflation- the personal-consumption expenditure (PCE) price index on Thursday and the August employment report on Friday.
The tech-heavy Nasdaq Composite Index is gaining the most, as the US benchmark 10-year Treasury yields fell to 4.157%, from 4.204% late Monday.
Stock News Today
The falling Treasury yields supporting the growth stocks, Amazon, Tesla, Alphabet, and Nvidia are trading higher between 0.80 percent to 4 percent.
The drugmaker Catalent climbed as much as 8% before giving up some of its early gains, as the company reached a settlement with investor Elliott Investment Management to conduct a review
The shares of Telecom Companies Verizon and AT&T are gaining around 2% each after Citi upgraded both the company to “buy” from “neutral”
The shares of retailer Best Buy jumped more than 5% after its quarterly earnings beat estimates. Meanwhile, the share of Salesforce is trading slightly lower ahead of the quarterly earnings.
The shares of Chinese EV manufacturer Nio trading around 6% lower after the company reported bigger-than-expected losses in the quarter and lower deliveries
Crude Oil Prices
Crude oil prices are trading marginally higher on Tuesday due to potential supply disruption as Tropical Strom Idalia is heading towards Florida and expected to make landfall on Wednesday. This may impact crude production on the eastern side of the U.S. Gulf Coast and is likely to cause supply disruption
The US WTI crude is trading higher by 0.42% at $80.41 per barrel while London-based Brent crude oil is up by 0.42% at $84.22 per barrel.
US Markets at Close
The US stock market indexes ended higher on Tuesday, as Treasury yields slipped due to weaker economic data which has increased the hope that the Fed is likely to pause rate hikes in the September meeting. The US stock market benchmarks, Dow Jones and S&P 500 gained 0.85 percent and 1.45 percent respectively, while Nasdaq climbed 1.74 percent on Tuesday.
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