US Markets LIVE, 23 Aug 2023: The US stock market indexes opened marginally higher on Wednesday, as investors are cautiously waiting for the second quarterly earnings from Nvidia and economic data. Dow Jones opened marginally higher by 49.76 points at the 34338.59 level while S&P 500 made a positive opening of 8.89 points at the 4396.44 level. The Nasdaq Composite index made a slightly higher opening of 26.56 points at the 13532.43 level.
US Markets Live Today
At 12.05 EDT, Dow Jones extended early gains and is trading higher by 143.07 points or 0.42 percent at the 34431.90 level while S&P 500 is trading higher by 39.62 points or 0.90 percent at 4427.17 levels. The tech-heavy Nasdaq Composite index is gaining the most, the index is trading higher by 197.02 points or 1.46 percent at 13702.90 levels.
US Market News
The US stock market indexes extended early gains due to a rally in tech shares. The big tech stocks Alphabet and Meta are trading higher by 2-3%, while Nvidia is advancing above 1% ahead of the second quarterly earnings.
Nvidia is scheduled to report the earnings after the bell on Wednesday. The market analysts are expecting the company to report a surge in profit and revenue in the second quarter.
On the economic front, the S&P Global flash PMI showed that business activity in the US private sector expanded at a slower pace in early August. The S&P Global Composite PMI fell to 50.4 in August from 52 in the previous month, the expectation was 52.
The S&P Global manufacturing flash PMI for August came to 47 from 49, while Services PMI also fell to 51 from 52.4. However, the Commerce Department showed that the newly constructed homes sold stronger than expected in July.
Meanwhile, investors are looking ahead to the Federal Reserves Aug 24-26 Jackson Hole symposium event that will begin on Thursday. Fed Chairman Jerome Powell will deliver his speech on 25 August, Friday, Traders will be closely watching the event for more clues on the central bank’s interest rate path.
The yields on US benchmark 10-year Treasury notes declined from Tuesday’s close at 4.329% and currently trading at 4.228%
US Quarterly Earnings Report
The share price of major athletic goods retailers fell on Wednesday and capped the market upside. Foot Locker’s share price fell sharply by 34% after the company reported a downbeat profit forecast. This dragged the share price of Nike for the ninth straight day and Under Armour. Dicks Sporting Goods also extended its losses for the second consecutive day
The share price of Peloton Interactive tanked more than 20% as the fitness equipment maker’s quarterly results disappointed investors. Meanwhile, the share prices of Abercrombie & Fitch, Williams-Sonoma, and Advance Auto Parts are trading higher after their own quarterly earnings results.
Crude Oil Prices
The crude oil prices are trading lower on Wednesday due to weak manufacturing data reported across the globe ahead of the central banker’s Jackson Hole annual meeting. The flash manufacturing PMI data for the month of August declined in Japan, the Euro area, and the US raising concern about an economic slowdown.
Traders fear that this could again lower oil demands in the coming days. The US WTI crude is trading lower by 0.80% at $79 per barrel while London-based Brent crude oil is down by 0.82% at $83.33 per barrel.
US Stock Markets at Close
The US stock markets ended higher on Wednesday, as big tech stocks rallied ahead of Nvidia’s quarterly result, that announced after the closing bell. The key US stock market indexes Dow Jones and S&P 500 gained 0.54% and 1.10% while Nasdaq jumped 1.59% on Wednesday. Nvidia reported better-than-expected second-quarterly results and upbeat guidance after the closing bell on Wednesday.
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