US Markets on Dec 7: Nasdaq Index Soars as Alphabet and AMD Rally
US Markets LIVE, 7 Dec 2023: The US stock market indexes opened higher on Thursday, as investors eagerly waited for the monthly job market report due on Friday, which could provide more insights into the Fed’s future monetary policy path.
The Dow Jones Industrial Average (DJIA) opened higher by 69.74 points at 36124.17, while the S&P 500 index made a positive opening of 19.5 points and opened at 4568.84. The Nasdaq Composite index also opened higher by 83.73 points at 14230.44.
US Markets Live Today
US markets at 11.20 a.m. EDT, the Dow Jones Industrial Average (DJIA) turned negative and is trading slightly lower by 19.90 points or 0.06 percent at the 36034.53 level while the S&P 500 is trading higher by 19.04 points or 0.42 percent at 4568.38 levels. The tech-heavy Nasdaq Composite is also trading higher by 117.58 points or 0.83 percent at 14264.30 levels.
US Markets News
The S&P 500 index is trading on a positive note and is trying to snap its 3-day losing streak, as the job markets remained in focus this week.
The weekly jobless claims released on Thursday showed that the Americans who filed for the first time for unemployment benefits came in at 220,000 in the last week slight uptick from 219,000 recorded in the previous week, while the expectation was 222,000. The weekly jobless claims were almost steady, indicating that the pace of layoffs hasn’t increased.
The US Treasury yields climbed after the weekly job data. The 10-year Treasury yield is trading slightly higher at 4.15%, it was settled lower at 4.109% on Wednesday.
Earlier, on Wednesday the ADP employment reports showed private payroll increased below expectation in November. Tuesday’s JOLTs data also showed October’s job opening was the lowest level in the last two years. Investors are now eagerly awaiting the monthly non-farm payroll data due on Friday, as further weakness in job data will increase the chances of interest rate reduction sooner.
US Stocks In News
The shares of GameStop were trading lower in the early trade on Thursday after the video game retailer reported lower-than-expected third-quarter revenue. The stock pared early losses and is up 2% at this moment.
The shares of SHWY were down more than 3% as the online pet-care retailer trimmed its annual sales guidance due to inflationary pressures that have hit customer demand.
The shares of Google parent Alphabet jumped more than 5% on Thursday after the company launched its “most powerful” and “most capable” artificial intelligence model “Gemini”. The model, slated to come in three different sizes, will power products such as its Bard chatbot.
The shares of Rivian gained around 2% after Stifel initiated coverage of the electric vehicle company with a buy rating. The investment bank views that the share price will move higher, as Amazon’s agreement to buy 10,000 vehicles from Rivian will have a significant impact on the stock.
Crude Oil Prices
Crude oil prices are trading slightly higher on Thursday, after falling sharply to a six-month low on Wednesday. Investors remained concerned about the slowdown in China and sluggish demand from the US.
The US WTI crude is trading slightly higher by 0.89 % at $70 per barrel while London-based Brent crude oil is marginally higher by 0.73% at $74.85 per barrel.
Also, read – US markets closed lower despite early gains following a job market slowdown
Stock Market Prediction Next Week (4- 8 Dec 2023)
US Markets at Close
The US markets ended higher on Thursday, due to a rally in tech stocks led by Alphabet and AMD after both the company launched their AI products on Wednesday. The Google parent Alphabet gained more than 5% while AMD rose over 9% after both the company announced their AI Products on Wednesday. The Dow Jones and S&P 500 index snapped a 3-day losing streak and advanced 0.17% and 0.80% respectively. The tech-heavy Nasdaq Composite Index rallied 1.37% on Thursday.
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