US Markets LIVE: Dow Jones & Nasdaq Composite Index 15 Aug 2023
US Markets LIVE-15 Aug 2023: The US stock market indexes opened lower on Tuesday, as strong-than-expected retail sales data increased fear that interest rates could stay higher for a longer period. Dow Jones opened lower by 88.26 points at the 35219.37 level while S&P 500 also made a negative opening of 10.85 points at the 4478.87 level. The tech-heavy Nasdaq Composite made a slightly lower opening of 27.85 points at the 13760.48 level.
US Markets Live Today
At 12 EDT, The US stock market indexes extended their early losses and are trading in the deep red. Dow Jones extended its losses and is trading lower by 243.40 points or 0.69 percent at the 35064.23 level while S&P 500 is trading lower by 28.59 points or 0.64 percent at 4461.13 levels. The tech-heavy Nasdaq Composite also extended its initial losses trading lower by 63.33 points or 0.46 percent at 13725 levels.
US Market News
The US stock market indexes are trading lower on Tuesday after the Commerce Department’s data showed that retail sales grew 0.7% in July, as compared to expectations of a 0.4% rise, pointing to the U.S. economy remains strong. Investors are worried that the higher PPI inflation and strong retail sales data indicate that the Fed would continue to raise the rate in the September meeting.
The US big banking stocks are trading lower after the report that the Fitch rating could downgrade multiple banks. The share price of JP Morgan Chase, Citigroup, Wells Fargo, and Bank of America are trading lower by around 2% The S&P 500 banking index hit a one-month low, down nearly 2% at this moment.
Nvidia share extended its previous day’s gain and is trading higher around 1.6% after UBS and Wells Fargo lifted the share price target. Meanwhile, the share price of General Motors fell 1.5% after Berkshire Hathaway cut its stake in the automaker.
Concerns about China’s disappointing economic data continued to weigh on investors’ sentiments. China’s industrial production missed the expectation and retail sales also grew less than expected from the same period last year. Meanwhile, the rate cut from the Peoples Bank of China (PBOC) also failed to impress the investors.
The U.S.-listed shares of Chinese companies JD.Com, Alibaba Group and Bilibili shares are trading lower between 2% and 4%.
The yield on the 10-year-old US benchmark Treasury note gained and hit a near 10-month high of 4.268% from 4.195% close on Monday.
Crude Oil
The crude oil prices are trading lower around 2% as disappointing economic data released from China raised concerns about the economic recovery, despite the surprise rate cut by the PBOC. The better-than-expected US retail sales data also increase the potential Fed’s rate hikes in September, this is another reason for the fall in crude oil prices.
The US WTI crude oil is trading lower by 2.10% at $80.80 per barrel while London-based Crude oil Brent is trading lower by 1.90% at $84.58 per barrel.
US Stock Market Earnings Report
The retailer Home Depot reported quarter earnings and its revenue beats analyst expectations, the share price hit 1.7% higher after the earnings and now trading marginally higher. The share price of Target and Walmart are trading marginally lower ahead of their quarterly earnings this week.
At close– The key US stock market indexes Dow Jones and S&P 500 declined by 1.02 percent and 1.16 percent respectively. Nasdaq Composite Index also extended early losses and closed lower by 1.14 percent on Tuesday.
Also, read Best Options Trading Books in India-Must Read 2022
Hedging: Meaning, Risk, Strategies, and Types of Hedge
If you like the post “US Markets LIVE: Dow Jones & Nasdaq Composite Index 15 Aug 2023” please share it with others
Happy Investing!
Editor’s Desk
