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Stock Market News Today, 11/28/23 – Stocks Close Higher; Fed Official Sees Potential for Rate Hikes
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Stock Market News Today, 11/28/23 – Stocks Close Higher; Fed Official Sees Potential for Rate Hikes

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U.S. stocks finished higher on Tuesday, led by the Consumer Discretionary sector.

Last updated: 4:09PM 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 0.3%, 0.1%, and 0.24%, respectively.

The Health Care sector (XLV) was the session’s laggard, as it lost 0.51%. Conversely, the Consumer Discretionary sector (XLY) was the session’s leader, with a gain of 0.58%.

Furthermore, the U.S. 10-Year Treasury yield saw a decrease to 4.33%, while the Two-Year Treasury yield plunged 15 basis points to 4.74%.

Meanwhile, Federal Reserve Governor Michelle Bowman said on Tuesday that future rate hikes may be required if incoming economic data indicates that progress on inflation has stalled or is insufficient to bring it down to the Central Bank’s target of 2% in a timely manner. 

Furthermore, Bowman noted that monetary policy is not on a preset course, saying she will keep an eye on incoming data and evaluate the implications. She also said that prematurely declaring victory in the fight against inflation poses a risk, adding that inflation may remain above the 2% target if further policy tightening is discouraged. 

Elsewhere, fellow Fed Governor Christopher Waller, who has always been hawkish, adopted a more dovish stance, stating that he is “increasingly confident” that the current state of monetary policy will slow the economy and return inflation to 2%.

Last updated: 9:30AM EST

Stocks opened lower on Tuesday, with the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) down by 0.09%, 0.11%, and 0.02%, respectively, at 9:30 a.m. EST, November 28.

U.S. home prices continued to climb for the seventh straight month to a record high, as indicated by the S&P CoreLogic Case-Shiller 20-city house price index. The index climbed by 0.2% in September compared to the prior month. This was the index’s highest level since its creation back in the 1980s. Furthermore, home prices in 20 major U.S. metro markets went up by 3.9% on a yearly basis.

First published: 3:55AM EST

U.S. Futures are in the red on Tuesday morning as the holiday fever fades and traders get back to business as usual. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are down by 0.23%, 0.13%, and 0.04%, respectively, at 3:45 a.m. EST, November 28.

Remarkably, the U.S. 10-year treasury yield is trending near its lows, sitting at 4.39% at the time of writing. And the WTI crude oil futures are hovering near $75.07 per barrel as of the last check.

Cybersecurity firm CrowdStrike (CRWD) will report its Q3FY24 results today after the bell. On the economic front, Housing Prices and the all-important Consumer Confidence reports are expected today. Meanwhile, a slew of Federal Reserve officials will share their thoughts on the health of the U.S. economy through the day.

Interestingly, Chinese fashion retailer Shein is planning an IPO in the U.S. soon, according to confidential documents filed with the SEC. The listing is expected to increase Shein’s global footprint and allow it to tap the public markets of one of the world’s largest economies.

Furthermore, as per Adobe Analytics, Cyber Monday sales in the U.S. are expected to top $12 billion, benefiting both retailers and “buy now, pay later” companies. In other news, Zscaler (ZS) shares fell over 5% in after-hours trading yesterday despite the company reporting better-than-expected Q1FY24 results.

Elsewhere, European markets are trading in the red on Tuesday following their U.S. counterparts. Stocks fail to gain momentum without any positive news to look forward to.

Asia-Pacific Markets Ended lower on Monday

Asia-Pacific indices ended mixed on Tuesday.

Hong Kong’s Hang Seng index ended down by 0.98%, while China’s Shanghai Composite and Shenzhen Component indexes ended up by 0.23% and 0.49% respectively.

On the contrary, Japan’s Nikkei and Topix indices finished lower by 0.12% and 0.21%, respectively.

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