US Markets LIVE: Dow and Nasdaq Composite Index 28 Aug 2023
US Markets LIVE, 28 Aug 2023: It was a positive opening for the US markets on Monday, as a pullback in Treasury yields boosted big tech and growth stocks ahead of crucial economic data this week. Dow Jones opened higher by 94.74 points at the 34441.64 level while S&P 500 made a positive opening of 20.32 points at the 4426.03 level. The Nasdaq Composite index also made a higher opening of 104.71 points at the 13695.36 level.
US Markets Live Today
At 11.50 AM EDT, Dow Jones extended its early gains and is trading higher by 165.80 points or 0.48 percent at the 34512.70 level while the S&P 500 erased some early gains but trading positive by 9.92 points or 0.23 percent at 4415.63 levels. The tech-heavy Nasdaq Composite trimmed most of its early gains but is trading higher by 42.67 points or 0.31 percent at 13633.31 levels.
US Market News
The U.S. market sentiments are positive and the indexes are trading higher as the yield on the 10-year U.S. Treasury note is trading slightly lower from Friday’s close of 4.234%. The big tech and growth stocks including Apple, Microsoft, Google, and Tesla are trading higher between 0.50 percent to 1.50 percent. The communication services and technology sectors are gaining the most among the 11 major S&P sectors.
Markets were volatile on Friday, pared all losses, and ended higher even after Federal Reserve Chair Jerome Powell hinted about the potential rate hikes if required at the Jackson Hole. Investors shrugged off worries about the interest rate and now shifted their focus to a report on the personal consumption expenditures (PCE) price index.
PCE price index is also known as the Fed’s preferred inflation gauge, which is scheduled to be released on Thursday, and the non-farm payroll and Unemployment data are due on Friday. According to CME Group’s FedWatch tool, traders have priced in around a 20% chance that the Fed will hike interest rates in its next September meeting.
Stocks in News Today
The Shares 3M gained more than 5% after the news that the company agreed to a roughly $5.5 billion settlement of claims related to defective earplugs.
The share price of a Chinese electric vehicles company listed in the US, Xpeng Inc. jumped 5% in premarket, and currently trading around 2.5% higher after it agreed to buy Didi’s smart electric car development arm in a deal worth $744 million.
The share price of Mister Car Wash is trading more than 8% higher after Piper Sandler upgraded the rating to overweight from neutral.
The US-listed Chinese companies including JD.com, Baidu, and Alibaba are trading around 3% higher, as the sentiment was boosted after China halved the stamp duty on stock trading and other measures related to property sectors.
Crude Oil Prices
The crude oil prices are extending their previous session’s gain on Monday, as China took steps to support the economy and reduce the concerns about global demand. The upside remained capped as investors still worried about the pace of growth in China and the Fed’s interest rate hike path.
Investors are also closely watching the news on Tropical Storm Idalia and any risk leading to oil and gas output in the U.S. Gulf.
The US WTI crude is trading higher by 0.60% at $80.30 per barrel while London-based Brent crude oil is up by 0.29% at $84.16 per barrel.
US Markets at Close
The US stock markets closed higher on Monday, as investors focus now shifted to crucial economic data due later this week to gauge the Fed’s move on the interest rate hike path. Tech and growth stocks gained, as yields on 10-year-old Treasury notes ended lower by 3 bps from Friday’s close of 4.234%. The key US market indexes, Dow Jones and S&P 500 advanced by 0.62 percent and 0.63 percent respectively, while Nasdaq gained 0.84 percent on Monday.
Also, read Stock Market Prediction Next Week (28 Aug-1 Sept 2023)
Global Stock Market Weekly Analysis (21-25 Aug 2023)
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