US Markets LIVE: Dow Jones and Nasdaq Composite Index – 8 Dec 2023
US Markets LIVE, 8 Dec 2023: The US stock market indexes opened lower on Friday, as a strong job report for November tempered the investor’s hope of early interest rate cuts by the Federal Reserve next year.
The Dow Jones Industrial Average (DJIA) opened slightly lower by 32.56 points at 36084.82, while the S&P 500 index made a negative opening of 9.95 points and opened at 4576.20. The Nasdaq Composite index also opened lower by 60.53 points at 14279.46.
US Markets Live Today
US Markets at 11.20 a.m. EDT, The US markets are trading near their flat line at this moment. Dow Jones Industrial Average (DJIA) is up by 4.92 points or 0.01 percent at the 36122.30 level while the S&P 500 is trading almost flat, down by only 0.51 points or 0.01 percent at 4585.08 levels. The tech-heavy Nasdaq Composite trimmed most of its intraday gains but is trading slightly higher by 3.56 points or 0.02 percent at 14343.55 levels.
US Market News
The US stock market indexes are trading volatile swinging on both sides of their flat line on Friday, as investors assessed the strong job data for November. Investors remained optimistic about a resilient economy and anticipation of a potential interest rate cut in early next year.
The latest report showed that the nonfarm payrolls increased by 199,000 jobs in November, slightly higher than the estimate of 190,000 and much above the 150,000 jobs added in October.
According to the Labor Department, the unemployment rate fell to 3.7%, against expectations that it would remain steady at 3.9%, while average earnings rose 0.4% monthly, compared with forecasts of 0.3% growth.
According to the CME Group’s FedWatch tool, the Fed’s interest rate cut expectation in March eased to 46.7% after the strong job data from 57.7%. The US Treasury yields climbed after the robust job data. The 10-year Treasury yield is trading higher at 4.232%, it was settled at 4.156% on Thursday.
A separate report from Michigan University showed that consumer sentiment rose to 69.4, the highest level since July and ahead of Dow Jones estimates of 62.4. Inflation expectations also declined to 3.1% down from 4.5% in November for a one-year outlook.
US Stocks in News
The shares of Carrier Global jumped more than 5% after the company agreed to sell its Global Access Solutions Business for $4.95 billion in cash to Honeywell. Meanwhile, the shares of Honeywell dropped 0.5%
First Solar gained more than 4% as Morgan Stanley upgraded the solar stock to overweight from equal weight.
The chip stock Qorvo gained above 4% after Morgan Stanley upgraded the stock to overweight from equal weight due to demand growth in China and the benefits from the transition to 5G.
Crude Oil Prices
The crude oil prices are trading higher on Friday as traders gauged that the stronger-than-expected US job data could increase the demand in the world’s largest crude consumer. In the last few sessions, crude oil traded lower due to the slowdown in China, weaker demand from the US, huge stockpiles, and below-expectation voluntary production cut by OPEC+ in the next year.
The US WTI crude is trading higher by 3.03 % at $71.44 per barrel while London-based Brent crude oil is marginally higher by 2.59% at $75.97 per barrel.
Also, read – US Markets on Dec 7: Nasdaq Index Soars as Alphabet and AMD Rally
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