US Markets Update: Mixed Closes on Monday Precede Crucial Inflation Data
US Markets LIVE: 13 November 2023
The US markets opened lower on Monday, as Moody’s Investors Service on late Friday expressed concern about the U.S. credit outlook and downgraded US credit rating to negative.
Dow Jones Industrial Average (DJIA) opened slightly lower by 23.85 points at 34259.25, while the S&P 500 index made a negative opening of 8.58 points and opened at the 4406.66 level. The Nasdaq Composite index opened lower by 52.15 points at the 13745.96 level.
US Markets Live Updates Today
At 11.30 a.m. EDT, The US equity benchmarks erased most of their early losses. Dow Jones turned positive and is trading marginally higher by 31.89 points or 0.09 percent at the 34314.99 level while the S&P 500 also erased most of the early losses and is trading almost flat to negative, down by 2.04 points or 0.05 percent at 4413.20 levels. The tech-heavy Nasdaq Composite Index is trading slightly lower by 18.39 points or 0.13 percent at 13779.72 levels.
US Market News
The US stock markets turned negative after Friday’s strong rally, as Moody’s downgraded its outlook on the US credit rating from “stable” to “negative” while affirming its “Aaa” long-term rating. The reasons mentioned for downgrading include rising interest rates, political polarization, large fiscal deficits, and debt affordability concerns.
As anticipated, the Treasury yields climbed on Monday after the outlook changed. The 10-year Treasury yield after touching the day’s high of 4.697%, is trading at 4.675%, the yield was settled at 4.645% on Friday.
Some cautiousness was also there among investors ahead of consumer price data for October, which is scheduled to be released on 14 November, Tuesday. Investors are also waiting for the Retail sales data on Wednesday 15, November 2023.
US Stocks In News
We are in the last leg of the earning season, and big retailers are scheduled to release their quarterly earnings this week. Share of Home Depot is trading lower by 0.82% ahead of the quarterly earnings on Tuesday before the opening bell.
Meanwhile, Target will announce its results on Wednesday, and the share price down by 0.3%. Walmart is trading 0.32% higher and Macy’s is down about 3% and both will announce their earnings on Thursday.
The oil giant Exxon Mobil is making a long-term investment in lithium production for electric car batteries through a drilling operation, the company is launching in Arkansas.
The share of Monday.com jumped over 12% after the project management company reported strong quarterly earnings and issued a rosy forecast.
Shares of the project management company jumped 10% after Monday.com reported a strong quarter and issued an optimistic projection.
The share of Boeing rose more than 4% after Emirates Airlines announced the purchase of 95 Boeing aircraft for a total amount of $52 billion.
You may also like to read, Global Stock Market- A Comprehensive Weekly Overview (Nov 6-10, 2023)
Crude Oil Prices
Crude oil prices are trading higher on Monday, trying to recover some losses after a significant fall in the last week on demand concerns from China.
The US WTI crude is trading higher by 0.90% at $77.95 per barrel while London-based Brent crude oil is also up by 0.98% at $82.23 per barrel.
Also, read – Stock Market Prediction Next Week (13 – 17 Nov 2023)
US Markets at Close
U.S. stock market indexes closed mixed on Monday. Dow Jones Industrial Average( DJIA) pared early losses and ended higher by 0.16%, as energy and healthcare stocks gained, while S&P 500 and Nasdaq closed slightly lower by 0.08% and 0.22% respectively, as big tech stocks closed in the red ahead of the crucial inflation data, which is due on Tuesday. Investors are now looking ahead to the consumer inflation data for October, which is due on Tuesday and remained sidelined even the a private report showed a slowing in the pace of inflation.
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