US Markets 17 Oct: Dow Jones Edges Higher, S&P 500 Flat, Nasdaq Slips

 

US Markets LIVE 17 Oct 2023: The US stock market indexes opened lower on Monday, as Treasury yields spiked after the hotter-than-expected retail sales data released on Tuesday.

Dow Jones Industrial Average opened lower by 114.7 points at the 33869.84 level, while the S&P 500 made a negative opening of 28.4 points at the 4345.23 level. The Nasdaq Composite index made a lower opening of 148.11 points at the 13419.87 level.

 

US Markets Live Today

 

At 12.10 PM  EDT, The US markets mostly pared early losses and turned green. Dow Jones turned positive and is trading higher by 110.19 points or 0.32 percent at the 34094.73 level while the S&P 500 added 12.71 points or 0.29 percent at the 4386.34 level. The tech-heavy Nasdaq Composite trimmed most of its early losses but is trading slightly higher by 10.92 points or 0.08 percent at 13578.91 levels. 

 

US Market News

 

The US stock market indexes mostly recovered their early losses, The indexes were trading lower in the morning deal, as the 10-year Treasury yields climbed to 4.863% on early Tuesday due to the hotter-than-expected retail sales data for September. The US 10-year Treasury yield slipped to 4.818% and was closed at 4.712% on Monday

The fresh data showed that U.S. retail sales rose 0.7% in September, while the economists estimated a rise of 0.3%, according to a Reuters poll. The spike in Tready yields fretting investors for tighter Federal Reserve policy for longer than expected. Investors have remained concerned about the potential impact of the Israel-Hamas conflict on the global economy

The rising Treasury yields pressured the mega-cap stocks such as Apple, Microsoft, Alphabet, and Amazon. These stocks were all down between 0.22% to 1.30% in the morning deal now recovered.

The chip stocks are mostly trading lower, Nvidia was down more than 6% after the US government said it plans to halt shipments of advanced artificial intelligence chips to China. The other chip stocks Advance Micro Devices, Marvell Technology, and Qualcomm slightly recovered but are still trading lower.

 

Stocks in News Today

 

The shares of Bank of America gained more than 1.5% after the bank beat analyst expectations in the third quarter, while Goldman Sachs slipped around 1% after the financial giant reported its third-quarter results.

The shares of Lockheed Martin gained around 1% after the defense company reported better than estimated third quarterly results. The pharmaceutical stock Johnson & Johnson erased intraday gains even after beating analyst expectations in the third quarter earnings and raised its full-year guidance.

The shares of Choice Hotels dropped more than 4% after the news that the hotel chain proposed buying Wyndham Hotels & Resorts. Meanwhile, the shares of Wyndham Hotels & Resorts gained above 10% after the news. 

The discount retailer Doller Tree gained more than 3% after Goldman Sachs upgraded the stock from neutral to buy rating.

 

Crude Oil Prices

 

Crude oil prices are trading slightly lower on Tuesday after the previous session’s selloff. Traders are closely monitoring the developments in the Middle East as well as the potential for additional supply from Venezuela. Traders remain cautious ahead of the key economic data from China.

The US WTI crude is trading lower by 0.57% at $84.77 per barrel while London-based Brent crude oil is down by 0.48% at $89.22 per barrel.

 

US Markets at Close

 

The US stock market indexes ended on a  mixed note on Tuesday, as a jump in  Treasury yields after stronger retail sales stoked fears of another interest rate hike this year. The key US stock market index Dow Jones closed slightly higher by 0.04 percent, while the S&P 500 ended flat to the negative, down by only 0.01 percent. The tech-heavy Nasdaq Composite index closed lower by 0.25 percent on Tuesday.

 

Also, read  Stock Market Prediction Next Week (16- 20 Oct 2023)

US Markets 16 Oct: Dow, S&P 500, and Nasdaq Soar on Corporate Earnings Focus

 

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