US Markets LIVE: Dow Jones & Nasdaq Composite Index 11 Aug 2023
US Markets LIVE-11 Aug 2023: The US stock market indexes opened lower on Friday after the data showed the producer price index rose higher than expected in July. Dow Jones opened lower by 64.79 points at the 35111.36 level while S&P 500 also made a negative opening of 18.14 points at the 4450.69 level. The tech-heavy Nasdaq Composite made a gap-down opening of 104.33 points at the 13633.65 level.
US Markets Live Today
At 12 EDT, US stock market indexes are trading mixed, Dow Jones is trading higher by 98.94 points or 0.28 percent at the 35275.09 level while S&P 500 is trading slightly lower by 5.20 points or 0.12 percent at 4463.63 levels. The tech-heavy Nasdaq Composite index trimmed some early losses and is trading lower by 88.30 points or 0.64 percent at 13649.69 levels.
US Stock Market News
The US stock market sentiments dampened investors’ mood in the morning deal, as the producer price index (PPI) data showed a tick higher than June’s reading. On a monthly basis, July’s PPI rose 0.3% from the previous month, the expectation was 0.2% on MoM. However, as US inflation remains well above the Fed’s target, traders are now trimmed their rate cut hope this year.
Separately, the University of Michigan’s consumer sentiment reading came slightly lower than the previous month but better than expected at 71.2 in August, last month was 71.6 and the expectation was 71.
The yield on the US benchmark 10-year-old Tresusry note climbed above 4.15%, from 4.081% at Thursday’s close after the PPI rate announcement. It is currency trading at 4.13%.
Crude Oil Prices
The crude oil prices are trading higher on Friday, near their highest levels since January, on U.S. fuel demand and output cuts from Saudi and Russia which offset concerns about slow demand from China.
Meanwhile, the International Energy Agency (IEA) said the demand for crude oil for next year will be slower than earlier forecasts. IEA also warned that global inventories could draw down sharply over the rest of 2023 and it is likely to boost the prices
Brent crude is trading higher by 0.66% at $86.97 per barrel, while US WTI crude is trading at $83.36 per barrel, up by 62%.
US Stock Market Earnings Report
On the earnings front, the amusement park operator Six Flags Entertainment New is down around 3% after it missed earnings expectations. Maxeon Solar Technologies Ltd is down around 32% as quarterly earnings missed revenue guidance.
At close- The US stock market indexes ended mixed due to the renewed fear of inflation after the elevated Producer Price Index (PPI) data. Dow Jones closed higher by 0.30 percent while S&P 500 and Nasdaq ended lower by 0.11 percent and 0.68 percent respectively.
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