US Markets on 18 Dec: A Closer Look at the Dow, S&P 500, and Nasdaq Close
US Markets LIVE, 18 Dec 2023: The US stock market started on a positive note on Monday after gaining for the seventh straight week. Investors are eagerly anticipating the crucial economic data later this week, that could offer more insights about the Fed’s interest rate cuts.
The Dow Jones Industrial Average (DJIA) opened slightly higher by 24.98 at 37330.14, while the S&P 500 index made a positive opening of 6.39 points and opened at 4725.58. The Nasdaq Composite index opened flat on a positive note at 14814.02.
US Markets Live Updates Today
US Markets at 11.40 a.m. EDT, The US stock market indexes extended their early gains. Dow Jones is trading higher by 77.30 points or 0.21 percent at the 37382.46 level while the S&P 500 is trading positive by 21.73 points or 0.46 percent at 4740.90 levels. The tech-heavy Nasdaq Composite trades higher by 55.97 points or 0.38 percent at 14869.89 levels.
US Markets News
The S&P 500 index rose for a seventh consecutive week, its longest winning streak since 2017. The Dow Jones index registered fresh intraday records on Friday, while Nasdaq closed at a new 52-week high. The market sentiments turned positive last week after the Federal Reserve signaled three rate cuts in 2024 due to cooling inflation.
Investors are digesting the Federal Reserve’s shift toward a more dovish stance and this continued rally in both stock and bond markets. The rally in high-growth stocks was due to a sharp decline in Treasury yields, below 4%. The 10-year US Treasury yield is now slightly higher on Monday at 3.967% from 3.914% settled on Friday.
Meanwhile, the markets aggressively priced in no recession or slowdown due to the resilient economic data released in the past two weeks. Nevertheless, some analysts believe a slowdown can be possible, as few indicators are still suggesting a deceleration in growth.
Investors are eagerly waiting for crucial economic data including, Q3 GDP data and the Federal Reserve’s preferred gauge of PCE inflation data, later this week for more clues on economic growth and interest rate cut trajectory.
US Stocks In News
Energy stocks outperformed in the S&P 500 index the sector jumped more than 1% as crude oil prices are trading higher by more than 3%. The shares of Coterra Energy and Marathon Oil are trading higher by 2.09% and 1.48%
The shares of US Steel jumped more than 26% after Japan’s Nippon Steel showed interest in buying the company in a deal valued at $14.9 billion
Adobe shares trimmed early gain and are trading higher by 0.88% after the company said it would end its $20 billion merger and cloud-based design platform Fugma because of regulatory hurdles.
Crude Oil Prices
Crude oil prices are trading higher extending their last week’s gain as tension mounts after the attacks by Iran-aligned Yemeni Houthi militant group on ships in the Red Sea. This has caused disruptions in maritime trade, triggering concerns about potential supply disruptions.
The Oil major BP temporarily suspended all transits through the body of water. Additionally, other shipping companies also announced during the weekend that they would avoid the route.
The US WTI crude trades higher by 3.13 % at $74.02 per barrel while London-based Brent crude oil is also down by 3.03% at $78.85 per barrel.
Also, read – Global Stock Market Insights: Central Bank Policies Drive Gains in US, Europe, & Asia
Stock Market Prediction Next Week ( 18- 22 Dec 2023)
US Markets at Close
The US stock markets ended in positive territory on Monday, as investors continued to assess mixed messages from Federal Reserve policymakers about the interest-rate trajectory. The Dow Jones Industrial Average (DJIA) ended flat to positive at 37306.02, while the S&P 500 index gained 21.37 points or 0.45% and finished at 4740.56. The tech-heavy Nasdaq composite index advanced 91.27 points or 0.62% and settled at 14905.19.
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