US Markets Wrap-Up: Dow Jones Soars 252 Points, Nasdaq Closes Above 15,000

 

US Markets LIVE, 19 Dec 2023: The US markets opened slightly higher on Tuesday, trying to extend their recent gains despite Fed officials’ efforts to temper the investor’s expectations regarding potential interest rate cuts.

The  Dow Jones Industrial Average (DJIA) opened slightly higher by 5.8 at 37311.82, while the S&P 500 index made a positive opening of 3.16 points and opened at 4743.72. The Nasdaq Composite index opened marginally higher by 17.83 points at 14923.02.

 

US Markets Live Updates Today

 

US markets at 11.15 a.m. EDT, Dow Jones extended early gains and is trading higher by 208.60 points or 0.56 percent at the 37514.62 level while the S&P 500 is trading positive by 22.84 points or 0.48 percent at 4763.40 levels. The tech-heavy Nasdaq Composite Index is also trading higher by 77.58 points or 0.52 percent at 14982.77 levels. 

 

US Markets in News

 

The US markets extended their early gains. The market sentiments remained positive as the Federal Reserve in its last monetary policy meeting indicated it was done raising interest rates. The central bank also signaled three rate cuts in 2024, as inflation fell sharply. 

However, gains were capped in the last two days after Fed policymakers tried to dampen the enthusiasm that was fueled by the dovish stance adopted during the last Fed’s monetary policy meeting.

Cleveland Fed President Loretta Mester said on Monday that she disagreed that the borrowing costs would be lowered as early as March, and said markets are “a bit ahead” in rate cut expectations. She emphasized that traders prematurely assumed the Fed’s swift normalization and jumped to the conclusion. This followed similar comments from other Fed officials also.

The 10-year US Treasury yield which climbed slightly to 3.939% on Monday, is trading lower to 3.911% on Tuesday. Investors shrugged off concerns about the Fed’s hawkish talks and looked ahead to the Fed’s preferred gauge of CPE inflation data later this week.

 

US Stocks in News

 

The share of FedEx is trading flat ahead of the quarter results after the closing bell.

Alphabet share is trading 0.3% higher, as the company has reached a settlement to pay $700 million in a lawsuit filed by U.S. states and consumers. The legal action pertained to anti-competitive practices within Google’s Play app store on Android devices, the court’s filing showed on Monday.

The solar company Enphase Energy and consumer health company Kenvue gained over 6% and 5% respectively, the top gainers in the S&P 500.

Apple stocks gained 0.30% despite the company saying that it will hold sales of its series 9 and Ultra 2 smartwatches in the US from this week.

The shares of residential and commercial solar company Sunnova gained over 13% after Piper Sandler upgraded the stock to overweight from neutral, citing the company would benefit from the Fed’s rate cuts.

The shares of Accenture gained 0.77% despite the IT consulting firm saying it expects its current quarter revenue to drop more than the prior three-month period due to the negative currency effect.

 

Crude Oil Prices

 

On Tuesday, Crude oil prices are trading higher extending their previous session gains, despite the U.S. revealing intentions to expand a naval task force aimed at safeguarding shipping routes through the Red Sea.

The US WTI crude trades higher by 1.69 % at $74.05 per barrel while London-based Brent crude oil is also down by 1.74% at $79.29 per barrel.

 

Also, read –  US Markets on 18 Dec: A Closer Look at the Dow, S&P 500, and Nasdaq Close

Stock Market Prediction Next Week ( 18- 22 Dec 2023)

 

US Markets at Close

 

The US markets extended their early gains and closed near the day’s high on Tuesday, as investors shrugged off Fed official’s hawkish message. The major US market index, the Dow Jones Industrial Average (DJIA) gained 251.90 points or 0.68% and ended at 37557.92, while the S&P 500 index closed near the record high, gaining 27.81 points or 0.58% and finished at 4768.37. The tech-heavy Nasdaq Composite Index advanced 98.03 points or 0.66% and settled at 15003.22.

 

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