US Markets LIVE: Dow and Nasdaq Composite Index 8 Sept 2023
US Markets LIVE: Sept 8, 2023– The US stock markets opened on a cautious note on Friday and are heading to finish the week with losses. Dow Jones opened slightly lower by 13.32 points at the 34487.41 level, while the S&P 500 made a flat opening at the 4451.30 level. The Nasdaq Composite index opened slightly higher by 5.88 points at the 13754.71 level.
US Markets Live Today
At 11.55 AM EDT, Dow Jones turned positive soon after opening and is trading higher by 93.22 points or 0.27 percent at the 34593.95 level while S&P 500 is trading higher by 16.54 points or 0.37 percent at 4467.68 levels. The tech-heavy Nasdaq Composite index extended its early gains and is trading higher by 67.73 points or 0.49 percent at 13816.57 levels.
US Market News
The US stock markets are trading higher on Friday but indices are heading for the weekly losses. The sharp fall in heavyweight Apple-led tech and growth stocks dragged the equity benchmarks in recent sessions. The share price of Apple and other big tech stocks bounced back and lifted the indices on Friday.
The market upside remained capped as there were renewed concerns about the future path of the Federal Reserve’s interest rates, particularly after lower-than-expected initial jobless claims data on Thursday. Investors now feel that the Fed will keep the interest rates at higher levels for a longer period.
Investors still expect that the Fed will pause interest rate hikes in the September meeting, but the strong economic data suggests that there could be another rate hike this year.
According to CME Group’s Fed Watch tool, as of Friday morning, traders are pricing more than a 55% chance that the central bank will hike interest rates in November after likely pausing it in a September meeting.
The yields on 10-year Treasury notes edge lower around 4.230%, after settling at 4.248% in the previous close on Thursday. The decline in Treasury yields helped to boost major growth stocks including Tesla and Meta Platforms.
Stock in News Today
The shares of e-signature stock DocuSign fell more than 4% even after the company beat second-quarter estimates and posted upbeat third-quarter guidance. The home furnishing company RH fell by around 12% after the company reported soft guidance for the third quarter revenue.
The multi-departmental store retailer Kroger gained around 4% after reporting mixed second-quarter results. The company further said it would pay as much as $1.2 billion to settle most claims related to opioids.
The satellite imagery stock Planet Labs fell more than 17% after the company reported a weaker-than-expected quarterly report.
Crude Oil Prices
Crude oil prices gained on Friday, erasing early losses despite the ongoing concerns over the slowdown in China and a strong dollar. The tight supply of crude oil after the recent extension of production cut announcement by Saudi Arabia and Russia helped to boost crude prices.
In addition to this, the shrink in US crude inventories also helped the oil benchmarks to trade near the highest level of 2023.
The US WTI crude is trading higher by 0.82% at $87.58 per barrel while London-based Brent crude oil is trading higher by 0.86% at $90.69 per barrel.
US Markets at Close
The US stock market indexes S&P 500 and Nasdaq snapped a 3-day losing streak and ended marginally higher on Friday. Dow Jones and S&P 500 ended marginally higher by 0.22 percent and 0.14 percent respectively, while the tech-heavy Nasdaq index closed just above the flat line, up by 0.09 percent on Friday. You can also read “Global Stock Market – Weekly News and Analysis Report” for the week ending September 8.
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