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Stock Market News Today, 11/29/23 – Stocks Close Mixed; U.S Crude Oil Stockpiles Rises
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Stock Market News Today, 11/29/23 – Stocks Close Mixed; U.S Crude Oil Stockpiles Rises

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U.S. stocks closed mixed as investors weigh new economic data.

Last updated: 4:05PM EST

Stock indices finished today’s trading session mixed, with the Nasdaq 100 (NDX) and the S&P 500 (SPX) down by 0.14% and 0.1%, respectively. Meanwhile, the Dow Jones Industrial Average (DJIA) was up by 0.04%.

The Consumer Staples sector (XLP) was the session’s laggard, as it lost 0.84%. Conversely, the Real Estate sector (XLRE) was the session’s leader, with a gain of 0.76%.

Furthermore, the U.S. 10-Year Treasury yield decreased to 4.27%, while the Two-Year Treasury yield fell to around 4.65%.

On Wednesday, the Energy Information Administration data showed that U.S. crude oil, gasoline, and distillate fuel stockpiles increased higher-than-expected, as refineries boosted their capacity use last week. 

According to the report, commercial crude oil stockpiles increased to 449.7 million after adding 1.6 million barrels in the week ending November 24. The EIA noted the figure is slightly higher than the five-year average for the week, and it beat analysts’ expectations of 900,000 barrels. 

Furthermore, the report stated gasoline stockpiles increased by 1.8 million barrels to 218.2 million, significantly higher than estimates of a 100,000-barrel increase. Elsewhere, Distillate stocks, mostly diesel fuel, beat expectations of 800,000 barrels after it jumped by 5.2 million to 110.8 million in the period ending November 24. Both Gasoline and Distillate are higher than their five-year averages for the week, the EIA noted.

The increase in the stockpiles comes amid increased speculation about an OPEC production cut, which could send oil prices higher. Latest reports indicate member states are still at loggerheads over future production quotas, with Saudi Arabia’s push for a million barrels cut seeing fierce opposition from Nigeria and Angola. 

With the uncertainty still lingering, crude oil has seen a volatile trading session so far today. 

Last updated: 9:30AM EST

Stocks opened higher on Wednesday, with the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) up by 0.71%, 0.46%, and 0.19%, respectively, at 9:30 a.m. EST, November 29.

The U.S. GDP growth was revised to 5.2% on an annualized basis in the third quarter. This was up from the prior estimate of 4.9% and higher than the 2.1% increase seen in the second quarter. This upward revision was due to an uptick in consumer spending, private inventory investment, exports, state and local government spending, federal government spending, residential fixed investment, and nonresidential fixed investment.

First published: 4:01AM EST

U.S. Futures are inching higher on Wednesday morning following positive comments from Federal Reserve Governor Christopher Waller. The official believes that the Fed’s monetary policy is already “restrictive” meaning markets should not expect any further rate hikes. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up by 0.29%, 0.24%, and 0.23%, respectively, at 4:00 a.m. EST, November 29.

Meanwhile, the U.S. 10-year treasury yield is flirting with lows, sitting at 4.27% at the time of writing. And the WTI crude oil futures are hovering near $76.60 per barrel as of the last check. On the economic front, Gross Domestic Product estimates for the third quarter will be released.  

Cybersecurity firm Salesforce (CRM) will release its Q3FY24 results after the bell, today. In the meantime, CrowdStrike (CRWD) stock slipped in Tuesday’s after-hours trading despite beating Q3FY24 expectations. Also, Farfetch (FTCH) stock rallied yesterday on the news of a takeover by founder and CEO José Neves. The company even postponed the release of its Q3 results set for today.

In other news, Charlie Munger, the renowned investor, billionaire philanthropist, and vice chairman of Berkshire Hathaway (BRK.B), passed away at the age of 99 yesterday. His departure marks the end of a remarkable journey that will undoubtedly leave a lasting imprint on the pages of financial history. Further, electric vehicle maker Tesla (TSLA) is prepping for the first deliveries of Cybertruck, from Gigafactory Texas. The much-awaited event will be hosted on Thursday, November 30, at 1:00 p.m. EST.

Moreover, Uber Technologies (UBER) has teamed up with London’s iconic black taxis, marking a big win for the ride-hailing service provider. Drivers can start signing up for trip referrals from today while the full-fledged service will go into effect in early 2024.

Elsewhere, a majority of European markets are trading higher on Wednesday as investors parse through positive comments from Federal Reserve officials.

Asia-Pacific Markets Mostly End Lower on Wednesday

A majority of Asia-Pacific indices ended lower on Wednesday.

Hong Kong’s Hang Seng index and China’s Shanghai Composite and Shenzhen Component indexes finished lower by 2.08%, 0.56% and 0.91% respectively.

Similarly, Japan’s Nikkei and Topix indices finished lower by 0.26% and 0.51%, respectively.

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