US Markets LIVE: Dow and Nasdaq Composite Index 21 Aug 2023
US Markets LIVE, 21 Aug 2023: The US stock market indexes opened higher on Monday, as a rally in tech stocks supported the indexes to cut some of last week’s losses. Dow Jones opened higher by 30.62 points at the 34531.28 level while S&P 500 made a positive opening of 10.57 points at the 4380.28 level. The Nasdaq Composite index also opened higher at 56.48 points at the 13347.26 level.
US Markets Live Today
At 12.05 EDT, The US stock market indexes are trading mixed, as Dow Jones and S&P 500 are trading lower while Nasdaq is trading higher due to a rally in the tech stocks. Dow Jones erased its early gains and is trading lower by 210.97 points or 0.61 percent at the 34289.69 level while S&P 500 also pared early gains and trading lower by 4.47 points or 0.10 percent at 4365.24 levels.
The tech-heavy Nasdaq Composite extended its early gains and is trading higher by 63.24 points or 0.48 percent at 13354.02 levels.
US Market News
The major retailers including Macy’s, Nordstrom, and Kohl’s are trading lower ahead of their quarterly earnings this week. After last week’s Fed minutes where policymakers showed concern about the upside risk of inflation and signaled for further rate hikes, now all eyes are on the Federal Reserves Jackson Hole Symposium.
World’s top central bankers, policymakers, and economists are set to gather at an annual symposium for three days this weekend. Fed Chair Jerome Powell’s speech is on 25 Aug 2023, investors remain cautious and will closely monitor the event for more clarity on the economic outlook and the future path of interest rates.
The yield of the 10-year U.S. Treasury note is trading higher above 4.347%. Last week it closed at 4.253 on Friday.
Quarterly Earnings Report
The share price of Palo Alto Networks jumped around 16% after the cybersecurity company reported better-than-expected quarterly results on Friday. Nvidia and Snowflake are trading higher around 3- 4% ahead of its much anticipated quarterly earnings on Wednesday.
Other tech giants Meta Platform, Microsoft, Pinterest, and Telsa are also trading in the green. Zoom Video Conferencing will announce its second quarterly earnings after the closing bell on Monday, the share price of Zoom is trading higher by over 1 percent.
Crude Oil Prices
After last week’s decline, crude oil prices are trading marginally higher on Monday. This is due to the rate cut by the Chinese Central Bank and also due to expectations of lower output from some oil producers in August.
Last week crude oil snapped a 7-week winning streak due to concern about rising interest rates by Fed and a slowdown in China. However, production cuts from OPEC+ members supported the oil prices from the big fall.
The US crude WTI is trading at $81.14 per barrel, up by 0.60 percent while London-based Crude Brent is up by 0.60 percent at $85.31 per barrel.
US Markets at Close
The US stock market indexes closed mixed on Monday. Dow Jones closed lower due to weakness in consumer staples and energy stocks, while S&P 500 and Nasdaq gained due to a rebound in tech stocks despite higher Treasury yields. The key stock market indexes, Dow Jones closed marginally lower by 0.11 percent, while S&P 500 and Nasdaq gained 0.69 percent and 1.56 percent respectively.
Also, read Global Stock Market Retreat: Yield Surge and Economic Concerns
Hedging: Meaning, Risk, Strategies, and Types of Hedge
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