US Markets LIVE: Dow Jones & Nasdaq Composite Index, 4 Aug 2023
US Markets LIVE, 4 Aug 2023: The US stock market indexes opened higher on Friday, as investors digested big tech earnings and monthly job reports. Dow Jones opened higher by 14.24 points at the 35230.13 level while S&P 500 also made a positive opening of 12.07 points at the 4513.96 level. The tech-heavy Nasdaq Composite also opened a gap-up at 14025.96 level, up by 66.24 points.
US Markets Live Today
At 12.18 EDT, Dow Jones extended its gains and is trading higher by 213.07 points or 0.61 percent at the 35428.96 level while S&P 500 is trading higher by 29.12 points or 0.65 percent at 4531.01 levels. The tech-heavy Nasdaq Composite also jumped 121.80 points or 0.87 percent and is trading at 14081.51 levels.
US Market News
The US stock market indexes are marching northward direction on Friday, as the report showed the economy added fewer jobs than expected in July. The official job reports showed that the US employer added 187,000 jobs in July, lower than the 200,000 new positions expected. The unemployment rate came ticked lower to 3.5% in July from 3.6%.reported in the previous month.
Despite the cooler job reports, the average hourly wages indicated more inflation, rising 0.4% for the month, ahead of 0.3% expectations. Traders are assessing the impact of the latest job report on future interest rate moves by the Federal Reserve.
The yield on the 10-year-old Treasury fell slightly after a 3-day rally at 4.071% from the previous close of 4.179%.
Crude Oil Rally
Crude Oil prices are trading higher on Friday, heading for the sixth consecutive week of gains on the back of production cuts announced by Saudi Arabia and Russia. Saudi Arabia announced a production cut of one million barrels per day until the end of September.
Russia has also said it will cut its oil exports by 300,000 barrels per day next month. The announcement came ahead of the OPEC+ members meeting on Friday. Brent crude oil is trading higher by 1.17% at $86.10 per barrel while WTI crude oil is up 1.26% at $82.58 per barrel.
US Stock Market Earnings Report
The market sentiments are positive as investors digested a new set of quarterly earnings including the earnings from Amazon. The e-commerce giant jumped more than 10% after beating the quarterly results and positive guidance. Apple lost around 3% after reporting lower revenue compared to the same period last year. Both the results came post-market hours on Thursday.
Other than the above big tech, DraftKings is gaining around 6% are the quarterly earnings beat analyst expectations. Booking Holdings also gained around 10% due to stronger-than-expected quarterly earnings. Meanwhile, Amgen is up around 5% on strong quarterly earnings, supporting the Dow to hold on to modest gains.
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