US Markets LIVE: Dow Jones & Nasdaq Composite Index 16 Aug 2023
US Markets LIVE 16 Aug 2023: The US stock market indexes opened lower on Wednesday ahead of the Federal Reserves minutes of the last meeting, due later in the day. Dow Jones opened marginally lower by 31.43 points at the 34914.96 level while S&P 500 made a slightly negative opening of 4.07 points at the 4433.79 level. The Nasdaq Composite index also made a lower opening of 37.88 points at the 13593.17 level.
US Markets Live Today
At 11.30 AM EDT, The US stock market indexes are trading mixed. Dow Jones pared early losses and is trading higher by 91.26 points or 0.26 percent at the 35037.65 level. The S&P 500 also erased early losses and is trading slightly higher by 3.98 points or 0.09 percent at 4441.84 levels. The tech-heavy Nasdaq Composite index tried to erase its losses but currently trading lower by 32.63 points or 0.24 percent at 13598.42 levels.
US Market News
The US stock market indexes mostly recovered early losses and are trading in the green territory, as investors are waiting for the release of the minutes from the Federal Reserves July meeting later at 2 pm ET. Investors are eagerly waiting for the minutes to gauge Fed’s next move.
Dow is trading higher as Target’s quarterly earnings lifted the retail sector. The share price of Target jumped above 4% after the retailer’s second-quarter profit beat expectations even after its annual forecast cut.
The share price of Travelers, Caterpillar, and oil major Chevron is trading higher by over 1% and lifted the Dow index. Energy stocks rebounded after a fall in the previous session, the stocks like Marathon Oil, Philips 66, and APA are trading 0.60-1% higher.
Nasdaq is trading under pressure, as Tesla trading lower by 0.4% after the electric-car maker cut prices for the second time in three days in China by more than 6%.
On the economic front, the official data showed, that Housing Starts rose by 3.9% MoM to 1.45 million in July. The latest data showed that US Industrial production rose by 1.0% in July, better than expected as the rise in the production of motor vehicles lifted the production index.
The yield on the 10-year Treasury note is at 4.210% after hitting the session’s high of 4.239% and slightly down from the Tuesday close of 4.218%.
Crude Oil
Crude oil prices are trading with little changes on Wednesday, as investors worry about China’s economic slowdown offset against expectations of tighter supply in the United States. The supply cuts by Saudi Arabia and Russia have pushed oil prices higher over the past seven weeks. The latest report showed that the US Oil stockpiles dropped by 6 million barrels last week, while production rose by 100,000 barrels a day.
The US WTI Crude oil is trading slightly lower by 0.09% at $80.92 per barrel while London-based Brent crude is trading almost flat at $84.86 per barrel.
At Close-The US stock market indexes closed lower for the second day in a row due to a spike in Treasury yields after the release of the Federal Reserve’s minutes of the last policy meetings. The major US stock market indexes, Dow Jones and S&P 500 declined 0.52 percent and 0.76 percent respectively. The tech-heavy Nasdaq composite index fell 1.15 percent on Wednesday. Read more here
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