US Markets: Dow & Nasdaq Dip as Treasury Yields Surge Post Powell’s Speech
US Markets LIVE, 9 November 2023: The US stock market indexes opened higher on Thursday as the S&P 500 and Nasdaq Composite continued their longest winning streak in two years.
Dow Jones Industrial Average (DJIA) opened slightly higher by 51.44 points at 34163.71, while the S&P 500 index made a positive opening of 8.63 points and opened at the 4391.41 level. The Nasdaq Composite index opened marginally higher by 43.21 points at the 13693.70 level.
US Markets Live Updates Today
At 11.10 a.m. EDT, The US market indices are trading volatile in a tight range. Dow Jones is trading flat, up by 0.22 points at the 34112.49 level while the S&P 500 is trading slightly higher by 3 points or 0.07 percent at 4385.78 levels. The tech-heavy Nasdaq Composite is trading higher by 20.30 points or 0.15 percent at 13670.72 levels.
US Market News
US stock market indexes are trading with little changes, as investors are waiting for Federal Reserve Chair Jerome Powell’s speech conducted by the International Monetary Fund (IMF) for further guidance on the monetary tightening trajectory. Traders remained on the sideline, ahead of Powell’s speech.
Earlier this week, a Fed official warned that there is a possibility of a further rate hike, to get back the inflation target of below 2% of the central bank target. On Wednesday, however, investors waited for Powell’s comments for further clues on interest rates, but he didn’t comment on the monetary policy or economic outlook.
On the economic front, Americans filing for jobless claims came slightly below expected, with 217,000 filings last week, a decline of 3000 from the previous week, and the forecast was 220,000.
The market sentiments become slightly negative due to profit booking ahead of Powell’s speech and slightly higher Treasury yields. Meanwhile, the 10-year Treasury yield is trading edged higher at 4.547%, which was closed at 4.506% on Wednesday.
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US Stocks In News
Tapestry shares are gaining more than 4% as the Luxury fashion firm beat profit expectations but missed on revenue, and its full-year outlook was about in line with estimates.
Walt Disney gained more than 6% as the company reported better-than-expected profit and sharp profit growth for its fiscal fourth quarter and expanded its cost-cutting plan.
The share price of MGM Resorts erased early gains and traded lower by more than 1% despite strong results and a new share buyback program.
Semiconductor technology stock Arm Holdings declined more than 6%, as the company posted its first quarterly print since its initial public offering in September.
The shares of Virgin Galactic rose more than 28% after the space tourism company beat third-quarterly expectations and raised strong fourth-quarter guidance.
Crude Oil Prices
Crude oil prices traded higher on Thursday, slightly recovering from their lowest levels of 3 months. Although crude oil is positive, the concern of slowing demand from China and the US, the two biggest economies in the globe remains.
The US WTI crude is trading higher by 1.81% at $76.67 per barrel while London-based Brent crude oil is also up by 1.91% at $81.06 per barrel.
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US Markets at Close
US stock markets closed lower on Thursday as Treasury yield surged after Fed Chair Powell’s speech. The 10-year Treasury yield ended at 4.662% on Thursday from the previous closing of 4.506%. Jerome Powell said in his speech that the US Fed will continue to move carefully but won’t hesitate to tighten policy further if required to set the inflation below the 2% target. The Dow Jones Industrial Average and S&P 500 index were down by 0.65% and 0.81% respectively, while the Nasdaq closed lower by 0.94% at the close.
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