US Markets Sept 28: Dow, S&P 500, and Nasdaq Surge Amid Easing Treasury Yields

 

 

US Markets LIVE, Sept 28, 2023: The US stock market indexes opened slightly lower on Thursday, as rising Treasury yields and the possibility of a government shutdown worried investors.

Dow Jones opened lower by 30.83 points at the 33519.44 level, while the S&P 500 made a slightly negative opening of 4.86 points at the 4269.65 level. The tech-heavy Nasdaq Composite index also made a lower opening of 49.48 points at the 13043.37 level on Thursday.

 

US Markets Live Updates Today

 

At 11.50 AM EDT, The US stock market indexes turned green at this moment, Dow Jones is trading higher by 189.42 points or 0.56 percent at the 33739.69 level while the S&P 500 is also trading up by 34.01 points or 0.80 percent at 4308.52 levels. The tech-heavy Nasdaq Composite pared early losses and is trading higher by 129.82 points or 0.99 percent at 13222.67 levels. 

 

US Market News

 

The US stock market indexes are gradually moving northwards. The sentiments were downbeat in the early trade, as investors were worried about higher interest rates for a longer period. The indices erased early losses but the upside still remains capped as the 10-year Treasury yields hit a fresh 15-year high at 4.684% in the early trading on Thursday. 

The equity markets are taking their cues from the bond markets lately, as surges are closely monitored and pushing stocks into new lows. The sentiments are also subdued as the weekly jobless data came less than expected.

The number of Americans filing for the weekly unemployment benefits rose by 2,000 to 204,000 for the week ending Sept. 23, the expectation was 214,000.

The real gross domestic product increased by 2.1% on an annual basis in the second quarter, according to the final estimate released on Thursday. The GDP rate is unchanged from the last estimate but came a tick below Dow Jones estimates of 2.2%.

However, the market got some support after the release of weak pending home sales data. The National Association of Realtors showed that the pending home sales fell 7.1% to 71.8 in August from July’s revised data of 77.3. This is the largest fall since September 2022, which could be due to the impact of higher interest rates. The economist’s expectation was a 0.8% fall.

Investors will be looking ahead to the personal consumption expenditures (PCE) price index data due on Friday. The PCE reading is the Federal Reserve’s preferred gauge of inflation.

Investors are also worried about this week’s possible government shutdown and its impact on the economy if lawmakers in Washington can’t come to an agreement on a temporary spending deal to keep things funded after Saturday.

 

Stock News Today

 

The share of the US chipmaker Micron Technology is down more than 3% after the company’s profit margins took a hit as earnings fell at a faster pace than revenue. The big tech shares like Apple, Microsoft, and Amazon also trading lower at this moment.

The shares of Duolingo gained about 1% after UBS initiated coverage of Duolingo on Wednesday with a buy rating, saying it is a best-in-class brand.

The used car-selling company CarMax fell more than 9% as the company’s fiscal second-quarter earnings fell from the previous year due to weakening demand for used cars.

The athletic footwear company Nike is trading marginally lower by 0.30 percent ahead of the quarterly results after the market close.

 

Oil Prices

 

The crude oil prices are trading slightly lower on Thursday but remained near their highest level in more than a year. The fall in US crude stockpiles added further worries over the tight supply. The crude prices jumped more than 32% over the past three months after the extension of the output cut by Saudi Arabia and Russia. 

The US WTI crude is trading lower by 0.83% at $92.90 per barrel while London-based Brent crude oil is trading lower by 0.71% at $93.72 per barrel.

 

US Markets at Close

 

The US stock market indexes pared early losses and closed higher on Thursday, as investors bought the recent beaten-down tech stocks after easing in Treasury yields. Dow Jones and S&P 500 gained 0.35 percent and 0.59 percent respectively, while the tech-heavy Nasdaq advanced 0.83 percent at the close on Thursday.

 

Also, read  Stock Market Prediction Next Week (25- 29 Sept 2023)

                   Global Stock Market Weekly Analysis (18-22 Sept 2023)

 

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