US Markets: Dow Jones, S&P 500 and Nasdaq Composite Index (31 October 2023)
US Markets LIVE, 31 Oct 2023: The US stock market indexes opened with little change on Tuesday, as investors remain cautious ahead of the Federal Reserves policy outcome on Wednesday.
Dow Jones Industrial Average (DJIA) opened higher by 100.15 points at the 33029.11 level, while the S&P 500 index added 4.51 points and opened at the 4171.33 level. The Nasdaq Composite index opened edge lower by 2.86 points at the 12786.62 level.
US Markets Live Updates Toda1.55
At 11.55 a.m. EDT, The US markets are trading just below their flat line at this moment. Dow Jones turned negative soon after opening and is trading lower by 38.36 points or 0.12 percent at the 32890.60 level while the S&P 500 is trading almost flat up by 0.26 points or 0.01 percent at 4167.08 levels. The tech-heavy Nasdaq Composite is trading slightly lower by 34.19 points or 0.27 percent at 12755.30 levels.
US Market News
The US stock markets are trading near their flat line, as Federal Reserves kick off a two-day monetary policy on Tuesday, and the traders preferred to remain on the sideline ahead of the outcome, which is due on Wednesday. Though it is widely expected that the Fed will keep the interest rate the same, however, Fed Chair Jerome Powell’s commentary will be crucial for further rate hikes trajectory.
The Conference Board on Tuesday showed that October’s consumer confidence comes in higher than expected. On Tuesday, the Labor Department said that the compensation cost for US private workers rose at a slightly faster-than-expected rate in the third quarter.
The 10-year Treasury yield is trading slightly lower at 4.855% ahead of the Fed interest rate decision, it ended at 4.895% on Monday.
The major US market indices are hovering near their neutral line and are set to close October month in the negative for the third consecutive month. The Dow Jones Industrial Average and S&P 500 index are trading lower by about 1.5% and 2.7% respectively, while the Nasdaq is down by around 3.9% in the month of October.
US Stocks In News
The share of JetBlue is trading lower by more than 13% after the Airline company reported the third quarterly results below the analysts’ expectations.
The social media platform Pinterest gained more than 17% after the company reported stronger-than-expected third quarterly results
Caterpillar reported solid third-quarter results that beat analyst’s estimates, but its share price fell more than 5% due to the concern about the demand for equipment sales.
The shares of Pfizer are down about 1% after the pharma company reported narrower than expected loss in the third quarter after writing down inventory for its Covid-19 vaccine and treatment.
Crude Oil Prices
Crude oil prices are trading slightly higher on Tuesday after falling sharply on Monday despite Middle Estate tension escalating and Israel stepping up its ground assault on Gaza.
This is mainly due to weak data out of China which limited the gains on fears of slowing demand. Traders also preferred to book some profit ahead of the US Central Bank’s interest rate decision.
The US WTI crude is trading marginally higher by 0.38% at $82.62 per barrel while London-based Brent crude oil is also trading slightly higher by 0.30% at $86.62 per barrel.
US Markets at Close
The US stock market indexes ended with moderate gains on Tuesday, the last trading day of the month, as investors digested a slew of corporate earnings. The indices ended lower for the third straight monthly loss for the first time since March 2020. Dow Jones and S&P 500 gained 0.38 percent and 0.65 percent respectively on Tuesday, while the tech-heavy Nasdaq was up 0.48 percent.
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