US Markets: Dow Jones and Nasdaq Wipe Out Intraday Gains, Close in the Red
US Markets LIVE, Sept 22, 2023: The US stock market indexes, Dow Jones, S&P 500 & Nasdaq opened slightly higher on Friday, rebounding from a sharp three-day fall, but heading for weekly losses.
Dow Jones opened slightly higher by 6.66 points at the 34077.08 level, while the S&P 500 made a positive opening of 11.74 points at the 4341.74 level. The tech-heavy Nasdaq Composite index also made a positive opening of 63.19 points at 13287.17 level.
US Markets Live Updates Today
At 11.50 AM EDT, The US stock market indexes extended their early gains on Friday. Dow Jones is trading higher by 58.40 points or 0.17 percent at the 34128.82 level while the S&P 500 is also advancing by 21.22 points or 0.49 percent at the 4351.22 level. The tech-heavy Nasdaq Composite index extended its early gains and is trading higher by 106.72 points or 0.81 percent at 13330.71 levels.
US Market News
The US markets are rebounding after a sharp fall in the last three consecutive days after the Federal Reserve signaled one more rate hike this year and said the interest rate will remain higher for a longer period. After the Fed’s remark, Treasury yield climbed to a multiyear high and dragged the tech and growth stocks sharply.
The S&P 500 and the tech-heavy Nasdaq Composite index are down about 2% and 2.5% this week heading for the third weekly losses.
Meanwhile, the Nasdaq and S&P 500 are gaining the most on Friday, as tech stocks including Apple, Alphabet, and Meta are trading higher between 1% to 3% after the Treasury yields eased slightly from their multiyear high hit on Thursday. The 10-year Treasury yield slipped to 4.436% from 4.494% closed on Thursday
On the economic front, the S&P Global flash PMI data showed that the Manufacturing PMI index came slightly better than expected in September, but was still in contraction. Meanwhile, the Services PMI index is in expansion territory but came slightly lower than expected.
Investors are now concerned about the US government shutdown, and going ahead this can impact the economy further. House Republican leaders sent the chamber into recess on Thursday, likely to pass the bill to fund the government in the coming days.
Stocks in News Today
The shares of Squarespace gained more than 4% after UBS initiated a Buy rating and said the stocks were ready to jump on the back of expanding margins and growing revenue.
United Auto Workers (UAW) now expanded their strike to 38 new locations across 20 states, targeting Stellantis and General Motors, as the UAW President said on Friday. The union will not initiate additional strikes at Ford Motors. The share price of Ford is gaining more than 3% while General Motors and Stellanties are trading higher by 0.47% and 0.67% respectively.
The share price of British pharmaceutical company AstraZeneca is trading higher by more than 1% after the company reported positive results for drug trial treatment for a common type of breast cancer.
Oil Prices
The crude oil prices are trading higher on Friday on growing expectations of tighter supplies after the news that Russia has banned exports of gasoline and diesel with immediate effect to stabilize the domestic fuel markets. This is in addition to the previous announcement of output cuts.
The US WTI crude is trading higher by 1% at $90.53 per barrel while London-based Brent crude oil is trading higher by 0.69% at $93.94 per barrel.
US Markets at Close
The US stock markets pared intraday gains and ended lower for the fourth consecutive day on Friday, as the Fed’s hawkish stance pushed the Treasury yields at a multiyear high. Dow Jones and S&P 500 declined 0.31 percent and 0.23 percent. The technology-heavy Nasdaq also eased all intraday gains and ended just below the flatline, down by 0.09 percent at the close.
Also, read Stock Market Prediction Next Week (18-22 Sept 2023)
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