Stock Market News Today, 11/10/23 – Indices Close Higher; Investor Sentiment Rises

Last updated: 4:07PM EST

Stock indices finished today’s trading session in the green, as the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 2.25%, 1.56%, and 1.15%, respectively.

The Utilities sector (XLU) was the session’s laggard, as it gained 0.53%. Conversely, the Technology sector (XLK) was the session’s leader, with a gain of 2.61%.

Furthermore, the U.S. 10-Year Treasury yield saw a slight decrease to 4.62%. Similarly, the Two-Year Treasury yield was also little changed, as it hovers around 5.05%.

Last updated: 2:30PM EST

Stocks are in the green so far in today’s trading session. Meanwhile, the American Association of Individual Investors (AAII) Sentiment Survey shows that investors are more optimistic about the S&P 500 (SPX) and the Nasdaq 100 (NDX).

Indeed, the survey showed that Bull sentiment increased from 24.30 to 42.60, while Bear sentiment decreased from 50.30 to 27.20. The reduction in AAII Bears is the greatest in 20 years and the fourth largest since 1990. 

According to the report, five of the 12 greatest dips in bearish sentiment occurred between April 2000 and September 2001, as well as in 2008. Furthermore, three occurred in the first half of 2003, even though that February was the month before the start of the new bull market. Essentially, extreme changes in sentiment happen either during the middle of bear markets or the beginning of new bull markets, according to BTIG analyst Jonathan Krinsky.

Last Updated: 12:00PM EST

Stocks are in the green so far in today’s trading. On Friday, the University of Michigan released its preliminary results on consumer inflation expectations over the next five years. Consumers now expect inflation to be 3.2%, which was higher than the expected 3% and increased compared to the previous month.

Taking a look at consumer sentiment, results came in at 60.4, which was lower than the expected 63.7. This is also a decrease compared to last month’s reading of 63.8. In addition, consumer expectations missed the mark, too. November saw a print of 56.9 versus the forecast of 59.5. This was also a decrease compared to last month’s result of 59.3.

Last Updated: 9:35AM EST

As bond yields fall, the three major U.S. indices opened higher today, with the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) up by 0.42%, 0.25%, and 0.34%, respectively, at the time of writing.

This is despite Federal Reserve Chair Jerome Powell’s comments yesterday that the Fed is “not confident” if enough has been done to tame inflation. Powell said that the Fed is committed to pursuing a monetary policy stance that is “sufficiently restrictive” to bring down inflation to 2% over time.

Coming to key stocks in focus, shares of Plug Power (PLUG) plunged as the hydrogen energy solutions company missed revenue estimates and reported a wider-than-anticipated Q3 loss. Also, Trade Desk (TTD) stock tanked as the ad-tech company issued weak Q4 revenue guidance, citing “transitory cautiousness around certain advertisers” in some industries, including the auto industry that was hit by the United Auto Workers union strike.

Additionally, shares of discount marketplace Groupon (GRPN), biotechnology company Illumina (ILMN), and game-engine software maker Unity Software (U) fell following the announcement of their quarterly results.

Elsewhere, European indices trended lower on Friday morning as traders absorbed Powell’s cautious statement about inflation.

Asia-Pacific Markets Ended Mixed on Friday

Major Asia-Pacific indices ended mixed on Friday in reaction to the U.S. Fed chair’s comments.

Hong Kong’s Hang Seng index closed 1.76% lower. Also, China’s Shanghai Composite and Shenzhen Component indices fell 0.47% and 0.53%, respectively.

Meanwhile, Japan’s Nikkei declined 0.24%, while Topix ended 0.07% higher.

Interested in more economic insights? Tune in to our LIVE webinar.

Disclosure