US Markets Surge as Treasury Yields Drop Despite Fed’s Hawkish Tone – 7 Nov 2023
US Markets LIVE, 7 November 2023: The US stock market indexes opened mixed on Tuesday, as investors took a breather after last week’s strong rally.
Dow Jones Industrial Average (DJIA) opened slightly lower by 20.21 points at the 34075.65 level, while the S&P 500 index made a flat to positive opening, up by only 0.23 points and opened at the 4366.21 level. The Nasdaq Composite index opened marginally higher by 37.01 points at the 13555.79 level.
US Markets Live Updates Today
At 11 a.m. EDT, The US stock market indexes extended their early gains, Dow Jones turned positive and is trading higher by 69.69 points or 0.20 percent at the 34165.55 level while the S&P 500 index extended early gains and added 14.73 points or 0.34 percent at 4380.71 levels. The tech-heavy Nasdaq Composite index also extended its early gains and is trading higher by 122.42 points or 0.91 percent at 13641.20 levels.
US Market News
The US stock markets are trading higher as investors focus now shifted to more corporate earnings. The equity benchmarks ended higher on Monday despite a jump in Treasury yields. The 10-year Treasury yield which bounced back to 4.649% on Monday, is now edge lower at 4.607%.
The Nasdaq composite index gained 7th consecutive session on Monday while Dow Jones and S&P 500 were up for 6th straight session. The market sentiments improved after the Federal Reserve kept the interest rates steady at last week’s meeting, which also saw a decline in Treasury yields and a surge in stocks.
On the economic front, the US trade data showed that the trade gap widened in September as imports increased more than exports. According to the Commerce Department, the overall trade gap of the world’s no.1 economy widened more than expected to $61.5 billion, up from a revised $58.7 billion in August.
You may also like to read- Analysing Dow and Nasdaq Futures: Ahead of Fed’s Speech & Rising Treasury Yields
US Stocks In News
Uber Technologies shares slipped 1.4% as the ride-hailing company missed expectations on the top and bottom lines in the third quarterly results. Meanwhile, the trends in gross bookings are running much higher than estimated.
The share trading of WeWork has halted as the workspace provider company has filed for bankruptcy in a New Jersey court.
The energy sector is down more than 2% due to a sharp fall in crude oil prices. The energy stocks EQT Corp and APA Corp are trading more than 4% lower while EOG Resources, Marathon Oil, and Schlumberger are down over 3%
The share price of Datadog is trading more than 29% higher as the software company reported third quarterly earnings better than estimates and raised guidance for the 4th quarter.
Crude Oil Prices
Crude oil prices are trading sharply lower on Tuesday over a two-month low, as weaker-than-expected trade data from China raised concerns over slow demand from the world’s second-largest importer.
The US WTI crude is trading lower by 3.17% at $78.26 per barrel while London-based Brent crude oil is also down by 3.10% at $82.54 per barrel.
Also, read – US Markets, 6 Nov: Dow, S&P 500, and Nasdaq Edge Up Amidst Yield Surges
US Markets at Close
US stock market indexes closed higher on Tuesday, as Treasury yields fell despite hawkish remarks from Fed officials. The 10-year Treasury yield fell to 4.568% despite Fed governor Governor Michelle Bowman’s remark on Tuesday about the possibility of further rate hikes ahead. Dow Jones Industrial Average (DJIA) and S&P 500 index gained 0.17% and 0.28% respectively, gaining for the seventh consecutive session. Meanwhile, the Nasdaq composite index advanced 0.90% and ended higher for the eighth straight day on Tuesday.
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