US Markets, 6 Nov: Dow, S&P 500, and Nasdaq Edge Up Amidst Yield Surges
US Markets LIVE, 6 Nov 2023: The US stock market indexes opened marginally higher on Monday after a strong rally in the last week. Dow Jones Industrial Average (DJIA) opened slightly higher by 31.29 points at the 34092.61 level, while the S&P 500 index made a positive opening, up by 5.93 points and opened at the 4364.27 level. The Nasdaq Composite index opened higher by 35.8 points at the 13514.08 level.
US Markets Live Updates Today
At 10.50 a.m. EDT, The US markets are trading just above their neutral line. Dow Jones is trading slightly higher by 21.72 points or 0.06 percent at the 34083.04 level while the S&P 500 is trading flat to positive, up by 4.62 points or 0.11 percent at 4362.96 levels. The tech-heavy Nasdaq Composite is also trading marginally higher by 34.64 points or 0.26 percent at 13512.92 levels.
US Market News
The US stock market indexes are trading slightly higher, as the markets are trying to maintain their last week’s positive momentum. The US markets experienced a strong rally last week due to a combination of several factors like oversold stocks, solid earnings, a decline in Treasury yields, crude prices, as well as the hope for an end to the Fed’s interest rate hiking cycle.
All three major indexes, Dow Jones, S&P 500, and Nasdaq gained between 5% to 6% each and ended as their best week of the year. The 10-year Treasury yield which spiked at the record high level of 5.022% on 23rd October, declined to 4.519% on last Friday.
However, the upside remains capped on Monday due to profit booking at higher levels and as the 10-year Treasury yield climber to 4.628% at this moment.
The upcoming week will be less eventful as compared to the last week. On the earning front traders will be closely monitoring the third quarterly result of Walt Disney, Wynn, Uber, and MGM Resorts. On the economic front, the focus will be on Michigan Consumer Expectations data on Friday. Meanwhile, traders will closely follow the Federal Reserve Chair Powell’s speech on an IMF policy panel later this week.
Also read, US Futures Updates: Dow and Nasdaq are Steady After Significant Rally Last Week
US Stocks In News
Tesla shares erased early gains and are trading slightly lower at this moment. The shares of electric vehicle maker was up after the news that it plans to build and produce electric vehicles at 25000 euros at a factory near Berlin.
The Shares of Bluegreen Vacations gained more than 100% after the vacation timeshare provider agreed to sell to Hilton Grand Vacations for $75 a share in cash in a deal expected to close next year’s first half.
Crude Oil Prices
Crude oil prices are rising on Monday after a significant fall in the last week, as traders are motivated by the prospect of tighter supplies, while closely monitoring any development in the Middle East. Meanwhile, Saudi Arabia and Russia have confirmed that they will maintain their ongoing supply cut until the year-end.
The US WTI crude is trading higher by 2.02% at $82.14 per barrel while London-based Brent crude oil is also up by 1.64% at $86.28 per barrel.
Also, read – Stock Market Prediction Next Week (6 – 10 Nov 2023)
US Markets at Close
US stock markets closed slightly higher on Monday. The upside remains capped due to a resurgence in Treasury yields ahead of the remarks of Fed officials later this week and corporate earnings. The 10-year Treasury yields climbed to 4.649%, the yield was closed at 4.519% on Friday. Dow Jones Industrial Average (DJIA) and S&P 500 gained 0.10% and 0.18% respectively while the tech-heavy Nasdaq was up by 0.30% at the close.
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