US Markets LIVE: Dow Jones and Nasdaq Composite Index Sept 14, 2023
US Markets LIVE Sept 14, 2023: The US stock market indexes opened higher on Thursday after August retail sales came stronger than expected, while investors shrugged off a slightly higher inflation reading.
Dow Jones opened higher by 111.97 points at the 34687.50 level, while the S&P 500 made a positive opening of 20.34 points at the 4487.78 level. The tech-heavy Nasdaq Composite index also made a higher opening of 76.18 points at 13889.76 level.
US Markets Live Today
At 12 EDT, The US stock market key indexes extended their early gains. Dow Jones is trading higher by 259.56 points or 0.75 percent at the 34835.09 level while the S&P 500 is also trading higher by 32.40 points or 0.73 percent at 4499.84 levels. The tech-heavy Nasdaq Composite index extended its early gains and is trading higher by 112.47 points or 0.81 percent at 13926.06 levels.
US Market News
The data released on Thursday showed, August’s Producer Price Index (PPI) rose 1.6% on a yearly basis, higher than the expectations of 1.2%, and it rose 0.7% from July versus expectations for a gain of 0.4%.
In addition to this, August’s retail sales jumped 0.6%, against expectations of a 0.2% rise from the prior month. Meanwhile, the weekly jobless claim data showed that Americans seeking unemployment benefits rose by 3000 to 220,000 last week, slightly lower than expectations.
The US markets are gaining despite higher-than-expected inflation readings, as investors are hoping that the Federal Reserve will hold the key interest rates next week. Investors are also in fear that if the economy continues to surprise to the upside, then Fed officials will opt for one more rate hike at the end of this year.
The British chip designer Arm Holdings is in focus, as its long-awaited initial public offering is due later Thursday. The company has set a price of $51 apiece.
The yield on a 10-year Treasury note is edge higher at 4.279%, it settled at 4.259% in the previous close on Wednesday.
Stock News Today
On the earnings front, home builder Lennar is trading more than 1% higher, while the computer software company Adobe System trades marginally lower ahead of the quarterly results. Both the companies will post quarterly results after the market closes on Thursday.
The share price of Penn Entertainment trades higher by about 7% as Deutsche Bank is bullish on the shares in the short term.
The Delta Airline trades lower by 0.49% after the company cut profit estimates due to rising cost
According to the BMO Capital Markets, the recent pullback of the Energy stock First Solar has created an attractive entry point. Analyst Ameet Thakkar has upgraded the stock to outperform. The share price of First Solar is trading higher by about 2%.
Oil Prices
The crude oil prices rose on Thursday. The oil prices climbed to their highest level in 2023, as supplies are set to remain tight for the rest of the months in the current year. On the other hand, the demand outlook for oil at the international level will remain strong even after US crude stockpiles rise.
The International Energy Agency (IEA) and the Organisation of the Petroleum Exporting Countries (OPEC) both in their recent individual reports have mentioned that oil demand will increase this year and that will make the oil markets tighten further.
The US WTI crude is trading higher by 1.60% at $89.64 per barrel while London-based Brent crude oil is also trading higher by 1.74% at $93.47 per barrel.
US Markets at Close
The US stock markets ended higher on Thursday, the Dow Jones gained more than 300 points, as investors shrugged off the hotter-than-expected inflation readings. The British chipmaker Arm shares jumped nearly 25% after it debuted on the public markets on Thursday.
The US stock market benchmarks extended gains as the session progressed on Thursday. Dow Jones and S&P 500 finished higher by 0.96 percent and 0.84 percent respectively while the tech-heavy Nasdaq gained by 0.81 percent.
Also, read Stock Market Prediction Next Week (11-15 Sept 2023)
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