US Markets
Friday, November 10th, 2023 5:54 pm EDT
Key Points
- Market Performance: Stocks experienced a rise on Friday, with the S&P 500 climbing by 0.8%, the Nasdaq Composite adding 1.2%, and the Dow Jones Industrial Average advancing by 0.5%. This followed the end of an eight-day winning streak for the S&P 500.
- Treasury Yields and Economic Resilience: The article highlights the movement in Treasury yields, which were down about 5 basis points for the 10-year and 30-year counterparts. Despite uncertainties about the Federal Reserve’s future actions on interest rates, the article emphasizes the resilience of the economy, contributing to equities’ performance over the year-to-date period.
- Economic Outlook and Stock-Specific Movements: UBS’s perspective on the economy is mentioned, citing a “softish” economic landing with continued high job openings and strong private sector balance sheets. The article also notes the parsing of consumer sentiment data for November, revealing an increase in inflation expectations. Additionally, it highlights stock-specific movements, such as Trade Desk’s 17% decline due to weak revenue guidance and Plug Power’s 41% drop linked to a wider-than-expected third-quarter loss and revenue miss. The overall weekly performance of major indices is summarized, with slight changes in the S&P 500, a small loss in the Dow, and a slight gain in the Nasdaq Composite. The article concludes by noting the end of winning streaks for the S&P 500 and Nasdaq Composite on Thursday.
The article reports on stock market movements, noting a rise in stocks on Friday after the S&P 500 broke an eight-day winning streak. The S&P 500 increased by 0.8%, the Nasdaq Composite rose by 1.2%, and the Dow Jones Industrial Average advanced by 0.5%. Treasury yields, which had increased the previous day after comments from Federal Reserve Chair Jerome Powell, were down about 5 basis points for both the 10-year and 30-year yields.
Despite uncertainties about the Fed’s future rate cuts, the article highlights the resilience of the economy over the year, with UBS noting a “softish” economic landing. The U.S. equities are said to be supported by a high level of unfilled job openings and solid private sector balance sheets. However, expectations for economic growth slowing in the coming months are acknowledged.
The article also discusses consumer sentiment data for November, indicating an increase in inflation expectations. The University of Michigan’s latest survey showed a reading of 60.4, a 5.3% decrease from the previous month and below the Dow Jones forecast of 63.7.
Stock-specific movements are mentioned, including Trade Desk’s 17% decline after weak revenue guidance for the fourth quarter, and Plug Power’s 41% drop due to a wider-than-expected third-quarter loss and a revenue miss.
The overall performance of major indices throughout the week is summarized, noting slight changes in the S&P 500, a small loss in the Dow, and a slight gain in the Nasdaq Composite. The article concludes by highlighting the end of winning streaks for the S&P 500 and Nasdaq Composite on Thursday.
For the full original article on CNBC, please click here: https://www.cnbc.com/2023/11/09/stock-market-today-live-updates.html
