US Markets Rally: Dow, S&P 500, and Nasdaq Soar After 4-Day Slump
US Markets LIVE: Sept 25, 2023– The US stock market indexes opened lower on Monday as investors are concerned about last week’s Federal Reserve’s hawkish stance and the possibility of a US government shutdown.
Dow Jones opened lower by 56.25 points at the 33907.59 level, while the S&P 500 made a negative opening of 9.44 points at the 4310.62 level. The tech-heavy Nasdaq Composite index also made a lower opening of 39.27 points at 13172.54 level on the first trading day of the week.
US Markets Live Updates Today
At 12 EDT, The US key equity indices mostly erased their early losses and turned positive. Dow Jones trimmed its early losses and is trading slightly lower by 25.74 points or 0.08 percent at the 33938.10 level while S&P 500 erased all losses and is trading higher by 7.97 points or 0.18 percent at 4328.03 levels. The tech-heavy Nasdaq Composite also pared all losses and is trading higher by 31 points or 0.23 percent at 13242.80 levels.
US Market News
The US stock market indexes are trading slightly above their flat line as investors are still concerned about last week’s Fed’s hawkish stance. Fed has signaled to keep the interest rate elevated for a long time, one more rate hike this year and fewer rate cuts in 2024, and 2025 hit the market sentiments.
This has pushed the Treasury yields to a multiyear high and pressuring the stocks. The 10-year Treasury yields hit 4.53% on Monday, trading near the levels it was last seen in 2007 when it hit 5.57%.
Investors are now looking ahead to the final second-quarter GDP reading, followed by Fed Chair Jerome Powell’s speech scheduled on Thursday. Investors will also be closely watching for the Fed’s preferred gauge of inflation Personal Consumption Expenditures (PCE) index data on Friday
Stock News Today
The share price of Netflix rose after Hollywood writers reached an agreement with Studios to end a monthslong strike. The shares of Paramount, and Warner Bros Discovery fell sharply by over 3%
The online retail giant Amazon’s share price is gaining 1.5% after the company said it is aiming to invest up to $4 billion in artificial intelligence firm Anthropic.
The share price of packaging company Sealed Air Corp is trading 3% higher, as Citi analyst Anthony Pettinari upgraded the stock to buy from neutral on Monday and said the stock has the potential to rally 30%.
The share price of chemical company Dow Inc. is trading higher by 2% at $51.26, as JP Morgan has upgraded the stock to overweight from neutral and maintained its price target of $55.
Oil Prices
The crude oil prices are trading slightly lower after last week’s negative closing. The sentiments are slightly negative after the hawkish Federal Reserve stance which raised concerns about hitting the economic activity and thus lower the demand in the largest consumer in the world.
However, prices still remain near the 10-month high levels, on forecasts of a wide crude supply deficit in the fourth quarter in the wake of Saudi Arabia and Russia extending additional supply cuts till the year-end.
The US WTI crude is trading lower by 0.72 at $89.38 per barrel while London-based Brent crude oil is trading lower by 0.65% at $91.36 per barrel.
US Markets at Close
The US stock market indexes closed higher on Monday, snapping their four-day losing streak, as a rally in Amazon fueled other big tech stocks, while energy stocks gained despite the fall in crude oil prices. Dow Jones gained 0.13 percent in the late trade while and S&P 500 was up by 0.40 percent. The technology-heavy Nasdaq was also up by 0.45 percent on Monday.
Also, read Stock Market Prediction Next Week (25- 29 Sept 2023)
Global Stock Market Weekly Analysis (18-22 Sept 2023)
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