US Markets
Tuesday, November 21st, 2023 3:00 pm EDT
Key Points
- Market Decline and Retail Performance: Stock markets experienced a decline, with the Dow Jones Industrial Average slipping 0.2%, the S&P 500 dipping 0.3%, and the Nasdaq Composite falling 0.4%. This decline was attributed to disappointing retail results. Lowe’s saw a 2.3% decline after reducing its full-year sales outlook, Best Buy dropped 4.6% following a reduced full-year outlook and a revenue miss, and clothing retailer American Eagle tumbled 16.9% due to weaker-than-expected operating income guidance for the full year.
- Anticipation of Federal Reserve Meeting Minutes: Traders were eagerly awaiting the release of the Federal Reserve’s meeting minutes from October 31 to November 1. The focus was on gaining insights into policymakers’ rate decisions, particularly after the central bank maintained its benchmark rate at 5.25%-5.5%. Traders sought to understand the factors that might influence future decisions. Fed funds futures pricing indicated a high likelihood that the Federal Open Market Committee would keep rates steady at its upcoming December meeting.
- Tech Earnings and Market Performance: Traders were turning their attention to earnings reports from tech giants Nvidia and HP. Nvidia shares, which reached an all-time high on Monday, experienced a 0.7% dip on Tuesday. Despite the overall market decline, Wall Street had recently enjoyed a strong session, with the S&P 500 and Nasdaq posting their fifth consecutive day of gains. The outperformance of tech shares played a significant role in leading the major averages higher during this period.
Stocks experienced a decline as traders evaluated disappointing retail results and anticipated the release of the Federal Reserve meeting minutes. The Dow Jones Industrial Average slipped by 0.2%, the S&P 500 dipped 0.3%, and the Nasdaq Composite fell 0.4%. Several retail giants faced notable decreases, including Lowe’s, which saw a 2.3% decline due to a reduction in its full-year sales outlook. Best Buy dropped 4.6% following a trimmed full-year outlook and a revenue miss. American Eagle, a clothing retailer, tumbled 16.9% after providing weaker-than-expected operating income guidance for the full year.
Investors awaited the release of the Federal Reserve’s meeting minutes from October 31 to November 1, scheduled for 2 p.m. ET. The focus was on gaining insights into policymakers’ rate decisions, especially after the central bank maintained its benchmark rate at 5.25%-5.5%. Traders were keen to understand the factors that might prompt a change in the future. Fed funds futures pricing indicated a high likelihood that the Federal Open Market Committee would keep rates steady at its upcoming December meeting.
Additionally, attention turned to earnings reports from Nvidia and HP. Nvidia shares, which reached an all-time high on Monday, experienced a 0.7% dip on Tuesday. The market had recently enjoyed a positive trend, with the S&P 500 and Nasdaq both recording their fifth consecutive day of gains. The tech sector particularly stood out, contributing to the overall upward movement in major averages on Wall Street.
For the full original article on CNBC, please click here: https://www.cnbc.com/2023/11/20/stock-market-today-live-updates.html
