US Markets on Nov 27: Analyzing the Drop in Dow Jones, S&P 500, and Nasdaq
US Markets LIVE, 27 Nov 2023: The US stock market indexes opened slightly lower on Monday after gaining more than 1% higher during the holiday-shortened week.
Dow Jones Industrial Average (DJIA) opened slightly lower by 13.71 points at 35376.44, while the S&P 500 index made a negative opening of 4.48 points and opened at 4554.86. The Nasdaq Composite index also opened marginally lower by 11.54 points at the 14239.31 level.
US Markets Live Updates Today
US Markets at 11.10 a.m. EDT: The US stock market indexes are trading marginally lower, Dow Jones Industrial Average (DJIA) is trading lower by 68.57 points or 0.19 percent at the 35321.58 level while the S&P 500 is also trading in the red by 8.16 points or 0.18 percent at 4551.18 levels. The tech-heavy Nasdaq Composite trimmed is trading slightly lower by 8.87 points or 0.06 percent at 14241.98 levels.
US Stock Market News
The US markets are trading with little change following four straight weeks of gains, as investors are looking ahead to the key economic data to be released later this week. Meanwhile, investors remain busy watching retailers focus on holiday shopping which picked up steam with the Cyber Monday deal for signs of consumer resiliency.
Earlier, Investors remained concerned about the weakening of US retailer’s consumer spending, while the markets are getting back on track after Thanksgiving Day. Black Friday’s e-commerce spending jumped 7.5% higher from the previous year. Some e-commerce stocks including Amazon and Shopify also rose on Cyber Monday.
On Monday, the Commerce Department reported that new homes sold at a slower-than-expected pace in October, but still showed some improvement as compared to the same period last year. Treasury yields continued their southward journey. The 10-year US Treasury yields dropped slightly to 4.434%, it settled slightly higher at 4.471% on Friday.
US Stocks In News
The online retail stocks Amazon and Shopify are trading higher by 1.5% and 4% respectively due to Cyber Monday deals and offers.
The cybersecurity company Okta declined more than 3% as Jefferies downgraded the shares to market perform from outperform.
The shares of Teva Pharmaceutical gained more than 3.6% as UBS upgraded the stock to buy from neutral. The upgrade is due to a strong brand pipeline and upcoming outcomes of two major clinical trials.
Crude Oil Prices
Crude oil prices are trading flat and steady ahead of the OPEC+ meeting rescheduled on 30 Nov 2023. The US WTI crude is trading slightly lower by 0.22% at $75.36 per barrel while London-based Brent crude oil is also down by 0.20% at $80.32 per barrel.
Also, read – Stock Market Today: Asian Markets Slide Post Release of Regional Economic Data
Stock Market Prediction Next Week ( 28 Nov-1 Dec 2023)
US Markets at Close on 27 Nov 2023
The US markets closed slightly lower on Monday after four straight weeks of gains. Investors were reluctant to take any big bet ahead of the economic data due later this week. Energy stocks declined due to a drag in oil prices, while e-commerce stocks gained due to the Cyber Monday offer. The 10-year US Treasury yields declined to 4.391% on Monday, it closed slightly higher at 4.471% on Friday. The Dow Jones Industrial Average (DJIA) and S&P 500 index closed lower by 0.16% and 0.20% respectively, while the Nasdaq Composite Index was down by 0.07% on Monday.
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