US Markets LIVE: Dow and Nasdaq Composite Index 22 Aug 2023
US Markets LIVE, 22 Aug 2023: The US stock market indexes opened higher on Tuesday, as the rally in the tech stocks continued for the second consecutive day. Dow Jones opened marginally higher by 30.48 points at the 34494.17 level while S&P 500 made a positive opening of 15.56 points at the 4415.33 level. The Nasdaq Composite index made a gap-up opening of 96.35 points at the 13593.94 level.
US Markets Live Today
At 12.10 EDT, Dow Jones and S&P 500 turned negative after opening higher and are trading lower at this moment. Dow Jones is down by 128.84 points or 0.37 percent at the 34334.85 level while S&P 500 is trading lower by 7.09 points or 0.16 percent at the 4392.68 level. The tech-heavy Nasdaq Composite trimmed most of its early gains but is trading higher by 24.53 points or 0.18 percent at 13522.12 levels.
US Market News
The S&P 500 and Nasdaq index traded higher in the early session, as tech stocks extended their previous session gains. The gains were mainly due to the optimism on Nvidia’s share ahead of its quarterly results due on Wednesday, which gained 8% higher in the previous session.
However, S&P 500 turned negative and the Nasdaq index trimmed its early gains, as US Treasury yields rose near the day’s high on growing worries about interest rates will remain higher for a long period and profit booking witnessed in Nvidia shares. Meanwhile, Tesla, Alphabet, Microsoft, and Palantir continue to trade higher.
On Tuesday, the data released by the National Association of Realtors showed that home sales declined at a faster pace than expected in July. The existing home sales dropped 2.2% in July from the previous month, the expectation was a 0.2% decline.
According to US Securities and Exchange Commission, Charles Schwab is looking for job cuts, which will reduce headcounts in addition to closing or downsizing its certain corporate offices.
After Moody’s downgrade, now S&P Global has cut the credit ratings and outlook on multiple US regional banks due to higher funding costs and large deposit outflows. S&P cut the credit rating of Associated Banc-Corp, Valley National Bancorp, UMB Financial, and others on Monday.
US Quarterly Earnings Report
The home improvement retailer Lowe’s advanced more than 3% after the company posted mixed results but assuring its full-year guidance. The share price of Zoom is trading lower even after beating expectations in the quarterly earnings on both the top and bottom lines. Dick’s Sporting Goods tanked around 23% after the retailer reported a drop in profit for its second quarter and reduces its earnings outlook for the year.
Crude Oil Prices
Crude oil benchmarks are trading marginally lower on Tuesday, as traders were concerned about the Chinese economic recovery and waiting for more cues on US Fed’s monetary policy tightening path at the Jackson Hole Symposium meeting this weekend.
Further, traders are also looking for U.S. crude oil and gasoline inventories data later in the day, while the Energy Information Administration (EIA) will release its own data on Wednesday. Brent crude oil is trading lower by $84.10 per barrel, down by 0.43% while WTI crude is trading lower by 0.46% at $ 79.76 per barrel.
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