Stock Market News Today, 11/30/23 – Stocks Close Mixed amid New Economic Data
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Stock Market News Today, 11/30/23 – Stocks Close Mixed amid New Economic Data

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U.S. stocks closed mixed on Thursday as the Fed’s preferred inflation gauge indicated that inflation has cooled down further. 

Last updated: 4:08PM EST

Stock indices finished today’s trading session mixed, with the Nasdaq 100 (NDX) down by 0.25%, while the S&P 500 (SPX) and Dow Jones Industrial Average (DJIA) are up by 0.38% and 1.47%, respectively.

The Communications sector (XLC) was the session’s laggard, as it lost 0.58%. Conversely, the Health Care sector (XLV) was the session’s leader, with a gain of 1.26%.

Furthermore, the U.S. 10-Year Treasury yield increased to 4.33%, while the Two-Year Treasury yield jumped to 4.7%.

Meanwhile, the October Pending Homes Sales report declined by -1.5% month-over-month to 71.4. The drop, which was narrower than the expected -2% drop, is a decrease from the 1% increase recorded in September. On a year-over-year basis, pending transactions fell 8.5%, better than the 11% drop reported in September. 

Elsewhere, Federal Reserve Bank of New York President John Williams said that the Fed’s restrictive stance may continue as it works to bring inflation back to its 2% target. While noting that the monetary policy is one of the most restrictive in over two decades, Williams reiterated that future policies will be determined by incoming economic data. 

According to the President, if inflation persists, more tightening may be warranted, but noted the Fed’s benchmark rate is likely at or near its peak. “If price pressures and imbalances persist more than I expect, additional policy firming may be needed,” he added.

Last updated: 9:30AM EST

Stocks opened higher on Thursday morning, with the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) up by 0.19%, 0.17%, and 0.55%, respectively, at 9:30 a.m. EST, November 30.

The Fed’s preferred gauge of inflation, the personal consumption expenditures (PCE) price index, excluding food and energy prices, went up by 0.2% in October, easing from 0.3% in September. On a year-over-year basis, the PCE index rose by 3.5% in October, in line with estimates. This indicator also showed that inflation had cooled down from 3.7% in September.

The headline index remained flat in October, compared with economists’ forecasts of a 0.1% increase. On a year-over-year basis, the PCE index went up by 3%, in line with estimates.

Meanwhile, the jobless claims data indicated that jobless claims reached their highest level in the past two years. Initial jobless claims rose by 7,000 to 218,000, in the week ending November 25. This was below economists’ forecasts of 220,000. Continuing jobless claims in the week ending November 18 increased by 86,000 to 1.93 million. That’s the highest level since November 2021.

First published: 3:38AM EST

U.S. Futures are in the green on the last trading day of November. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up by 0.21%, 0.12%, and 0.36%, respectively, at 3:38 a.m. EST, November 30.

Shares of cybersecurity firms, Salesforce (CRM) and Snowflake (SNOW) rose in extended trade yesterday thanks to better-than-expected earnings results. Notably, the three major averages are on track to finish the month on positive footing, while also marking some of their best monthly performances in over a year.

Remarkably, the U.S. 10-year treasury yield is floating near 4.27% at the time of writing. And the WTI crude oil futures are hovering near $78.04 per barrel as of the last check.

Meanwhile, Microsoft (MSFT) has bagged a non-voting seat on OpenAI’s new board. Sam Altman marked his official return as the CEO of OpenAI yesterday and wrote about the recent updates in a memo to employees. 

Also, Occidental Petroleum (OXY) is reportedly in talks for the potential acquisition of Permian oil producer CrownRock.

Interestingly, after winning an aggressive battle against the three major Detroit automakers, the United Auto Workers (UAW) union has now launched its largest-ever campaign to unionize at least 13 automakers, including Tesla (TSLA).

On the economic front, traders await the all-important Personal Consumption Expenditures (PCE) data today along with the Weekly Initial Jobless Claims report. Traders will keenly watch the PCE figures since the Federal Reserve considers the PCE as an important gauge of inflation.

Elsewhere, European markets are trading higher on Thursday as markets await the preliminary estimates of eurozone inflation figure for November today.

Asia-Pacific Markets Mostly End Higher on Thursday

A majority of Asia-Pacific indices ended higher on Wednesday. China’s manufacturing purchasing managers index (PMI) contracted further in November. At the same time, Japan’s factory output rose more than anticipated, pushing Japanese stocks higher.

Hong Kong’s Hang Seng index and China’s Shanghai Composite indexes finished higher by 0.29% and 0.26%, respectively while the Shenzhen Component index ended lower by 0.18%.

In the meantime, Japan’s Nikkei and Topix indices finished up by 0.50% and 0.44%, respectively.

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