US Markets LIVE Updates: Dow Jones and Nasdaq Composite Index, Sept 21, 2023
US Markets LIVE, Sept 21, 2023: The US stock market indexes opened lower on Thursday, as the Treasury yields climbed to multiyear highs, in response to a hawkish stance from a Federal Reserve.
Dow Jones opened lower by 108.64 points at the 34332.23 level, while the S&P 500 made a negative opening of 27.84 points at the 4374.36 level. The tech-heavy Nasdaq Composite index also made a gap-down opening of 141.07 points at 13328.06 level.
US Markets Live Today
At 11.50 AM EDT, The US stock market indexes extended their early losses, Dow Jones is trading lower by 129.19 points or 0.38 percent at the 34311.69 level while the S&P 500 is trading negatively by 41.69 points or 0.95 percent at 4360.51 levels. The tech-heavy Nasdaq Composite also extended early losses and is trading lower by 153.02 points or 1.14 percent at 13316.11 levels.
US Market News
The US stocks are down on Thursday, as the Treasury yields are at a record high, the 10-year Treasury notes climbed to 4.494% at its 15-year high, it was closed at 4.414% on Wednesday. The market sentiments were dampened after the Federal Reserve signaled it would keep interest rates higher for longer tenure and indicated a possibility of one more increase this year.
The economic data showed that the number of Americans filing new claims for unemployment benefits dropped to an eight-month low last week, pointing to a strong labor market and that could encourage the Fed to hike rates in the next meeting. The weekly jobless claims declined by 20,000 to 201,000 for the week ending Sept. 16, much lower than the economy’s expectation of 225,000 claims.
Meanwhile, the Philadelphia Fed manufacturing index for September came in at negative 13.5, much lower than the Analyst’s expectation of negative 0.7.
Stock in News Today
Among the corporate news, Cisco has announced its plan to acquire cybersecurity firm Splunk for $157 per share in cash or $28 billion. The share price of Splunk rose 21% while Cisco fell about 4% on Thursday.
The share price of Nutanix gained 0.65% after Bank of America upgraded the shares to buy from neutral rating and called the company a multi-lever growth story.
The shares of Darden Restaurants trading in the red despite the company beating the expectations of analysts polled by LSED on both lines for its fiscal first quarter.
FedEx gained more than 4% after the company’s fiscal first-quarter results beat expectations and the shipping company lifted its annual earning guidance.
The shares of KB Home fell about 4% despite the company beating expectations in its third-quarter earnings.
Oil Prices
The crude oil prices reversed, oil benchmarks were trading $1 down but now trading $1 up as Russia temporarily banned exports of gasoline and diesel to all countries outside a circle of four ex-Soviet states with immediate effect in order to stabilize the domestic fuel market, the government said on Thursday.
The US WTI crude is trading slightly higher by 1.07% at $90.61 per barrel while London-based Brent crude oil is trading higher by 0.77% at $94.21 per barrel.
US Markets at Close
The US stock market indexes extended early losses and ended sharply lower on Thursday, as fresh signs of a tight labor market pushed the Treasury yields to a multiyear high. The key US stock market indexes, Dow Jones and S&P 500 fell 1.08 percent and 1.64 percent respectively, while the tech-heavy Nasdaq composite index was down 1.82 percent on Thursday.
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