US Markets LIVE: Dow Jones & Nasdaq Composite Index 17 Aug 2023
US Markets LIVE-17 Aug 2023: The US stock market indexes made a positive opening on Thursday, as investors digested the last round of quarterly earnings and economic data, and assessed the outlook for the Fed’s last policy meeting. Dow Jones opened higher by 63.87 points at the 34829.61 level while S&P 500 made a positive opening of 11.99 points at the 4416.32 level. The Nasdaq Composite index also made a higher opening of 52.67 points at the 13527.30 level.
US Markets Live Today
At 11.35 AM EDT, The US stock market indexes erased all early gains and are trading marginally lower. Dow Jones erased all gains and is trading slightly lower by 22.35 points or 0.06 percent at the 34743.39 level while S&P 500 is trading lower by 5.23 points or 0.12 percent at 4399.10 levels. The tech-heavy Nasdaq Composite also erased all its early gains and is trading lower by 65.40 points or 0.49 percent at 13409.23 levels.
US Market News
The US stock market indexes opened higher, as Cisco Systems jumped more than 4% after the computer networking company reported better than quarterly earnings and its CEO talked about AI opportunities. Markets reacted negatively, as investors were concerned after the Fed officials said in the last meeting minutes that additional tightening may be required to tame inflation.
The weekly jobless claims ended on 12 Aug came in at 239,000, slightly lower than expected. The Philadelphia manufacturers index was up 12 in August, compared with the negative (-13.5) in July and much higher than the expectation( -10).
Meanwhile, a leading economic indicator that measures U.S. business cycles, fell again in July, in line with the Dow Jones estimates but less than the previous month, indicating a continued uncertain economic outlook.
Walmart, the world’s biggest retailer is trading lower by over 1% even after reporting upbeat second quarterly earnings and raising its full-year guidance. Ross Stores and Applied Materials will be reporting their quarterly earnings after the markets
The yield on the 10-year-old U.S. Treasury note hit its highest point since October 2022 on Thursday. It was last trading just below the high at 4.30%.
Crude Oil
The crude oil prices are trading higher after a fall in the previous session on hints the Peoples Bank of China will help the country’s ailing property sectors, and thus the wider economy. Data from the Energy Information Administration (EIA) showed that U.S. crude oil inventories declined by nearly 6 million barrels last week
The US WTI crude is trading higher by 1.90% at $ 80.87 per barrel while London-based Brent crude is trading higher by 1.49% at $ 84.69 per barrel.
US Markets at Close- The US stock market indexes closed lower on Thursday, as Walmart declined around 2% despite upbeat quarterly earnings and a surge in Treasury yields due to renewed fear of interest rate hikes later this year. The key US stock market indexes, Dow Jones and S&P 500 fell 0.84 percent and 0.77 percent respectively while Nasdaq was down 1.17 percent on Thursday.
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