US Markets, 5 Oct: Dow Stays Flat, Nasdaq Composite Dips Slightly

 

US Markets LIVE, 5 Oct 2023: The US stock market indexes opened slightly lower on Thursday, as investors were cautious ahead of the monthly job data, which could determine the Fed’s next move on the interest rate path.

Dow Jones opened slightly lower by 30.32 points at the 33099.23 level, while the S&P 500 made a negative opening of 4.44 points at the 4259.31 level. The tech-heavy Nasdaq Composite index also made a slightly lower opening of 7.89 points at the 13228.12 level.

 

US Markets Live Updates Today

 

At 12 AM EDT,  Dow Jones extended losses and is trading lower by 172.74 points or 0.52 percent at the 32956.81 level while the S&P 500 is also trading lower by 29.87 points or 0.70 percent at 4233.88 levels. The tech-heavy Nasdaq Composite also extended its early losses and is trading lower by 107.68 points or 0.81 percent at 13128.33 levels. 

 

US Market News

 

The US stock market indexes extended their early losses as investors remain cautious and waiting for more insights into the job markets. Investors are now looking ahead to Friday’s monthly job report. The 10-year US Treasury yield spiked to a 16-year high early this week and is now trading steady at 4.74% at Wednesday’s level.

The Labor Department data showed, that the number of Americans filing new claims for unemployment benefits came in at 207,000, rose just 2000 last week, while the expectation was 210000. The slight increase in jobless claims was in line with market expectations.

A separate report from the Commerce Department showed the trade deficit contracted 9.9% to $58.3 billion, the lowest level since September 2020.

 

Stock in News Today

 

The shares of Constellation Brands declined 2.3% despite the company earnings beating expectations and offered 2024 EPS guidance above consensus.

The packaged food giant ConAgra Foods is also trading lower by 0.72% even after the company beat EPS expectations and reaffirmed its 2024 EPS guidance.

The share of Denim retailer Levi Strauss is trading lower by 0.80%, the company will report its earnings after the closing bell.

The cleaning product maker Clorox fell more than 8% after the company said, it expects to post a first-quarter loss, much weaker guidance than had been previously provided.

Electric Vehicle (EV) stocks are in focus, as shares of Rivian tanked around 20% after it announced a $1.5 billion convertible bond sale and issued disappointing guidance for the third quarter.

 

Crude Oil Prices

 

Crude oil prices continued their previous session selloff as traders fretted about huge US gasoline stockpiles and uncertainty about the demand for oil. The oil prices fell more than $5 a barrel on Wednesday, a sharp one-day fall in the last 12 months after the release of US gasoline inventories.

The US WTI crude is trading lower by 1.84% at $82.67 per barrel while London-based Brent crude oil is trading lower by 1.72% at $84.72 per barrel.

 

US Markets at Close

 

The US stock market indexes trimmed intraday losses and closed slightly lower near their flat line on Thursday, as investors remain cautious ahead of the monthly job data due on Friday. The key US stock market index, Dow Jones closed flat to negative, down only 0.03 percent and S&P 500 ended lower by 0.13 percent. The tech-heavy Nasdaq was down by 0.12 percent on Thursday.

 

Also, read  Stock Market Prediction Next Week (25- 29 Sept 2023)

                   Global Stock Market Weekly Analysis (18-22 Sept 2023)

 

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