US Markets LIVE: Dow and Nasdaq Composite Index 7 Sept 2023
US Markets LIVE, 7 Sept 2023: The US stock market indexes opened lower on Thursday, as a sharp fall in Apple stock dragged other growth stocks on concerns over China iPhone carbs. Dow Jones opened lower by 92.01 points at the 34351.18 level, while the S&P 500 made a negative opening of 30.93 points at the 4434.55 level. The Nasdaq Composite index made a gap-down opening of 197.36 points at the 13675.11 level.
US Markets Live Today
At 12.10 PM EDT, Dow Jones pared early losses and is trading marginally higher by 85.76 points or 0.25 percent at the 34528.95 level, while the S&P 500 trimmed some losses and is trading lower by 16.81 points or 0.38 percent at 4448.67 levels. The tech-heavy Nasdaq Composite is also trading lower by 161.24 points or 1.16 percent at 13711.23 levels.
US Market News
The US market sentiments were hit and the Nasdaq index dragged, as Apple share fell more than 3% for the second consecutive day on Thursday after China widened curbs on the use of iPhones by state employees. According to Bloomberg News on Thursday, China is looking to broaden the iPhone ban to state-owned companies and agencies.
The news triggered a selloff among other technology and growth-related stocks including Tesla, Nvidia, and Advance Micro Devices, which fell between 2.5% to 3.5%. Share of Apple suppliers and companies that have China exposure including Skyworks Solutions, Qualcomm, and Qorvo also triggered a selloff and fell sharply lower by around 6%. The S&P 500 Information Technology index is trading lower by around 1.5%.
The market sentiments are also subdued, as investors are concerned that the interest rates are likely to remain elevated for a longer period. The report from the Labor Department showed the number of Americans filing for jobless claims stood at 216,000 for the week ended Sept. 2, much lower than the estimates of 234,000 claims.
The dollar index is at 104.97, gaining for the fifth straight day, near a six-month high, and set for an eighth straight weekly gain. The yields on benchmark 10-year Treasury notes edge higher to 4.286% after it closed at 4.284% on Wednesday.
Stocks in News Today
The share price of C3.ai fell around 12% after the company reported a lower-than-expected gross margin in the recent quarter, while ChargePoint Holdings fell sharply around 17% after missing revenue estimates.
The data storage company Seagate Technology declined more than 8% after Barclays downgraded the technology company from overweight to equal weight due to weaker fundamentals.
The share of WestRock gained more than 4% after the company is nearing a merger with Europe’s Smurfit Kappa, which will make the two of the world’s largest paper and packaging producers.
The share price of McDonald’s rose 0.80% after Wells Fargo upgraded the company from equal weight to overweight, saying the company is “ firing on all cylinders”
Crude Oil Prices
The crude oil prices are trading slightly lower on Thursday after the release of weak Chinese trade data, which overshadowed another draw in US crude inventories. The American Petroleum Institute (API) data showed the US crude inventories fell for a fourth straight week, declining 5.5 million barrels in the week ending Sept. 1.
The US WTI crude is trading slightly lower by 0.05% at $87.50 per barrel while London-based Brent crude oil is trading lower by 0.18% at $90.42 per barrel.
US Markets at Close
The US stock market indexes closed mixed on Thursday, as a sell-off in tech stocks dragged Nasdaq and S&P 500. Dow Jones erased early losses and closed marginally higher by 0.17 percent. The S&P 500 and Nasdaq indexes trimmed their intraday losses but closed lower by 0.32 percent and 0.89 percent respectively.
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