US Markets: Dow Jones, S&P 500 & Nasdaq Composite Index – 15 Dec 2023
US Markets LIVE, 15 Dec 2023: The US stock market indexes opened mixed on Friday, heading for strong weekly gains post-Fed rally on optimism of early rate cuts.
The Dow Jones Industrial Average (DJIA) opened slightly lower by 53.85 at 37194.50, while the S&P 500 index made a negative opening of 5.32 points and opened at 4714.23. The Nasdaq Composite index opened slightly higher, by 35.9 points at 14797.46.
US Markets Live Updates Today
US markets at 11.20 a.m. EDT, The US markets are trading slightly higher at this moment. Dow Jones pared early losses and is trading slightly higher by 15.01 points or 0.04 percent at the 37263.36 level, while the S&P 500 is trading almost flat to the positive by 1.40 points or 0.03 percent at 4720.95 levels. The tech-heavy Nasdaq Composite Index trades higher by 63.51 points or 0.43 percent at 14825.07 levels.
US Markets News
The US stock markets are heading for a seventh consecutive week of gains, their beast winning streak since 2019. As of Thursday, all three indices were up more than 2.5% each for the week. The S&P 500 index is on the verge of reaching a new high, potentially following the Dow’s all-time high.
Meanwhile, the broad market index is less than 1.6% from making the record close, set in January 2022. The Nasdaq is approximately 8% below its highest-ever close and around 9% away from its all-time intraday peak.
The positive momentum in the markets is due to the Federal Reserve’s dovish policy, as the Fed has signaled more rate cuts in 2024 than earlier expected. The robust retail sales data on Thursday, along with the cooling annual inflation reading in the early week, have also boosted the market sentiments due to the hope of a strong economic recovery in 2024.
On the economic front, Industrial and manufacturing production both rose in November compared to the sharp decline in the previous month. The S&P Global Composite Flash PMI reading for December came slightly higher than the previous month. The 10-year US Treasury yield is trading lower at 3.907% from 3.922% settled on Thursday.
US Stocks In News
The shares of Costo Wholesale jumped about 4% after the membership-only retailer reported quarterly sales and profits that came above estimations after the closing bell on Thursday, supported by demand for cheaper groceries.
Solar stocks are trading higher after Jefferies initiated coverage with a buy rating. First Solar jumped more than 4%, while Sunrun and Enphase Energy are gaining more than 2% each.
Crude Oil Prices
Crude oil prices erased early gains and are trading slightly lower on Friday. The sentiments were earlier improved after the dovish Federal Reserve policy, as well as a weaker dollar. Furthermore, the expectation of demand growth next year after the International Energy Agency lifted its oil demand forecast for 2024 boosted the crude prices on Thursday.
These factors collectively uplifted market sentiments and acted as a mitigating factor, preventing crude prices from experiencing a significant decline on Friday.
The US WTI crude trades slightly lower by 0.54 % at $71.20 per barrel, while London-based Brent crude oil is down by 0.46% at $76.25 per barrel.
Also, read – US Markets: Post-Fed Rally Sustains, Dow Hits Second Consecutive Record High.
Hedging: Meaning, Risk, Strategies, and Types of Hedge
US Markets at Close
The US stock markets mostly closed higher on Friday, as the positive momentum continued post-Fed dovish policy updates. This was despite efforts by a Federal Reserve official to temper expectations. On Friday, the New York Fed President John Williams said in an interview that talk of rate cuts is still “premature” and the central bank could still tighten policy if required. The Dow Jones and Nasdaq indexes closed higher by 0.15% and 0.35% respectively, while the S&P 500 index closed edged lower by 0.01% on Friday.
If you like the post “US Markets LIVE: Dow Jones, S&P 500 and Nasdaq Composite Index – 15 Dec 2023” please share it with others.
Happy Investing!
Editor’s Desk
