US Markets LIVE: Dow and Nasdaq Composite Index Sept 11, 2023
US Markets LIVE-Sept 11, 2023: The US stock markets opened higher on Monday, as tech shares rebounded ahead of the key economic data due later this week. Dow Jones opened higher by 73.42 points at the 34650.01 level, while the S&P 500 made a positive opening of 23.49 points at the 4480.98 level. The Nasdaq Composite index also opened higher by 122.51 points at the 13884.03 level.
US Markets Live Updates Today
At 12 EDT, The US stock market indexes trimmed their early gains but are trading in the positive territory. Dow Jones is trading higher by only 17.78 points or 0.05 percent at the 34594.37 level while the S&P 500 is trading positive by 15.44 points or 0.35 percent at 4472.93 levels. The tech-heavy Nasdaq Composite index is trading higher by 79.74 points or 0.58 percent at 13841.26 levels.
US Market News
The US markets are trading higher, as buying witnessed in tech and growth-related stocks after the recent weakness. Tesla jumped more than 6% after Morgan Stanley upgraded the stocks and set a target of $ 400 on AI optimism. The other tech shares Meta Platforms and Microsoft are also trading higher.
The stocks are also gaining on hopes that Federal Reserves will pause the interest rate hikes in the upcoming September meeting. Last week, the US markets declined due to stronger-than-expected economic data which fear among investors that the Fed will keep the higher interest rate for a longer period.
Investors will closely monitor the consumer price index (CPI) inflation and producer price index (PPI) later this week to gauge the Fed’s interest hike path. The retail sales and Michigan’s consumer sentiments data will also throw some light on the demand and consumer sentiments and how well their spending could hold up for the rest of the year
The US markets trimmed some gains, as the yields on 10-year Treasury notes climbed to 4.296% after settling at 4.271% in the previous close on Friday.
Stock News Today
The share of semiconductor company Qualcomm is gaining more than 3% after the company said that it will supply Apple with 5G modems for smartphones through 2026.
The shares of Charter Communication and Walt Disney gained more than 1% as both are close to reaching an agreement to renew the carriage partnership.
The exposure management solutions provider- Tenable Holdings rose more than 3% JP Morgan upgraded the stock from neutral to overweight.
The shares of e-commerce giant Alibaba slipped more than 2% after former group CEO Daniel Zhang resigned just two months after concentrating his focus on cloud computing, raising concern over the unit’s spin-off plan.
Crude Oil Prices
The crude oil prices are trading slightly lower on Monday, down from their 10-months higher after a strong rally due to the extension of the production cuts by Saudi Arabia and Russia till the end of the year.
Traders are now looking ahead to the monthly report from The International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) later this week.
The US WTI crude is trading lower by 0.34% at $87.21 per barrel while London-based Brent crude oil is also trading slightly lower by 0.19% at $90.48 per barrel.
US Markets at Close
The US stock market indexes ended higher on Monday, as Telsa gained 10% and other big tech stocks rallied ahead of Apple’s iPhone 15 launch due to Tuesday and inflation data later this week. The key US stock market indexes, Dow Jones and S&P 500 gained 0.25 percent and 0.67 percent respectively, while the Nasdaq Composite index was up by 1.14 percent at the close.
Also, read Stock Market Prediction Next Week (11-15 Sept 2023)
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