US Markets on Dec 4: Tech Stocks Take a Breather, Dow & Nasdaq in the Red

 

US Markets LIVE, 4 Dec 2023: The US stock market indexes opened lower on Monday and started the week on a subdued note after the previous month’s strong gains, as investors are looking ahead to key employment data later this week. 

The  Dow Jones Industrial Average (DJIA) opened lower by 156.12 points at 36089.38, while the S&P 500 index made a negative opening of 30.26 points and opened at 4564.37. The Nasdaq Composite index also opened lower by 136.37 points at 14168.66.

 

US Markets Live Today

 

US Markets Live at 11.10 a.m. EDT, The key indices extended their early losses on Monday. Dow Jones Industrial Average (DJIA) extended its early losses and is trading lower by 169.16 points or 0.47 percent at the 36076.34 level while the S&P 500 is trading down by 45.69 points or 0.99 percent at 4548.94 levels. The tech-heavy Nasdaq Composite fell sharply and is trading lower by 235.02 points or 1.64 percent at 14070.01 levels. 

 

US Markets News

 

The US stock market indexes witnessed a profit booking on Monday after a robust rally in the last month, as traders are analyzing the next steps for monetary policy. The interest rate-sensitive Technology shares including Nvidia, Alphabet, and Meta dragged the Nasdaq index by falling more than 2%

The rally in markets seen in November, as investors increasingly bet that the US central bank will cut interest rates next year, particularly after sliding inflation rates. Investors maintained this belief even after Fed Chairman Powell’s warnings last Friday, saying it is “premature” to anticipate easing in policy.

There will be no updates from Fed officials this week ahead of next week’s Fed policy meeting. Investors will be closely looking into monthly job data scheduled later this week for further monetary policy clues.

The economic data released on Monday showed that the Factory Orders fell in October more than expected and sharply lower than in September. The 10-year US Treasury yield climbed to 4.275%, it was settled lower at 4.2% on Friday. 

 

US Stocks In News

 

Stocks are trading lower, while Gold and Bitcoin rallied on Monday. Marathon Digital and Riot Platforms gained more than 7% and 9% respectively as bitcoins are in demand. Coinbase and Microstrategy are also gaining more than 5%.

In corporate news, Alaska Airlines fell more than 16% after the carrier company agreed to buy rival Hawaiian Airlines for $ 1.9 billion. The acquisition is likely to close within 12-18 months.

The shares of Uber Technologies gained more than 5% after S&P Dow Jones Indices said it would enter the stock in the S&P 500 along with Jabil and Builders FirstSource. The three will replace Sealed Air, Alaska Air Group, and Solar Edge Technology. The share price of the other two Jabil and Builders FirstSource are also gaining more than 2% 

 

Crude Oil Prices

 

Crude oil prices recovered early losses and are trading flat on Monday amid uncertainty over the likely extent of the output cuts agreed by the top producers in last week’s meeting. 

Last week, Crude oil prices fell around 2%, despite OPEC+ announcing additional production cuts to supper prices. As the cuts were voluntary, this raised doubts about whether all producers would fully implement it or not.

The US WTI crude is trading slightly lower by 0.05 % at $74.03 per barrel while London-based Brent crude oil is marginally higher by 0.03% at $78.89 per barrel.

 

Also, read –  Global Stock Market Updates: Key Takeaways from Nov 27 to Dec 1, 2023

US Markets on Dec 1: Dow & Nasdaq Close Higher Despite Powell’s Caution

 

US Markets at Close

 

The US stock market indexes trimmed some intraday losses and closed lower on Monday. The rising Treasury yields ahead of the monthly job data dampened the market sentiments on Monday. The 10-year US Treasury yield climbed to 4.259%, it was settled lower at 4.2% on Friday. Growth sectors including tech stocks paused their recent rally as Treasury yields climbed. the Dow Jones Industrial Average (DJIA) and S&P 500 index declined 0.11% and 0.54% respectively, while the Nasdaq Composite Index was down by 0.84%.

 

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