en English
en Englishfr Frenchde Germanit Italianru Russianes Spanish

Stock Market Today: Dow wraps up strong November with swashbuckling 520-point gain

Stock Market Today: Dow wraps up strong November with swashbuckling 520-point gain By Investing.com

Breaking News

‘;

AuthorYasin EbrahimStock Markets

Published Nov 29, 2023 07:14PM ET
Updated Nov 30, 2023 04:26PM ET

© Reuters.

Investing.com — The Dow wrapped up a strong November, with swashbuckling gains on Thursday as investors cheered further a slowdown in inflation and mostly better than expected corporate earnings. 

By 16:00 ET (21:00 GMT), the Dow Jones Industrial Average rose 520 points, or 1.5%, the S&P 500 rose 0.4%, while the NASDAQ Composite fell 0.2%.

The blue-chip Dow Jones Industrial Average rose 8% in November, its best month since October last year. The broad-based S&P 500 was up nearly 9% in November, while the tech-heavy Nasdaq jumped 10.7%, with both indexes delivering their best monthly performances since July 2022. 

Inflation continues to slow, but Treasury yields climb

The October personal consumption expenditures price index, the Fed’s preferred measure of inflation, slowed to a 0% pace, compared with forecasts for a 0.1%, from a 0.4% last month, taking the annualized figure to 3.4%, down from 3.7% the prior month. 

Core PCE inflation, which the Fed believes is a more accurate gauge of underlying inflation slowed to a 3.5% pace from 3.7% the prior month.   

The slowing pace of inflation comes even as the labor market appears strong than expected as initial jobless claims climbed by less than expected.   

Treasury yields shrugged of the signs of slowing inflation, with the yield on the 10-year Treasury up 7.1 basis points to 4.339%. 

Salesforce shines on earnings stage

Salesforce Inc (NYSE:CRM) jumped more than 9% after the company lifted its annual guidance following Q3 results that topped Wall Street estimates as ongoing efforts to cut costs boosted margins. 

Salesforce will likely continue to expand margin, Goldman Sachs, “albeit at a more moderate rate, when a macro recovery starts to form.”

Ford lowers annual guidance amid labor strike impact

After withdrawing guidance in October owing to uncertainty over costs relating labor strikes, Ford Motor Company (NYSE:F) reinitiated its guidance for 2023, now expecting to deliver an operating profit between $10 billion and $10.5 billion. But that was lower than prior guidance delivered in July for operating profit between $11B and 12B.

The guidance included the $1.7B hit following production disruptions owing to United Auto Workers labor strikes. The costs associated with the new U.S labor agreement with UAW is expected to cost $8.8B.

Fed speak continues ahead of Powell speech

Fed New York President Williams said Thursday that the Fed’s rate-hike cycle has likely come to end, though warned that if disinflation doesn’t continue, then the central bank could resume hikes.

“Based on what I know now, my assessment is that we are at, or near, the peak level of the target range of the federal funds rate,” Williams said, though added that “if price pressures and imbalances persist more than I expect, additional policy firming may be needed.”

The remarks come ahead of a speech by Fed chairman Jerome Powell on Friday. The Fed chief is expected to deliver remarks at a fireside chat with Spelman College President Helene Gayle at 11:00ET.

Tesla starts deliveries of Cybertruck; Microsoft linked with OpenAI board

Tesla Inc (NASDAQ:TSLA) started deliveries of its Cybertruck electric pickup on Thursday, with a starting price of $60,990 as CEO Elon Musk bets big on electric truck segment.

That was well above the $40,000 price tag Musk first touted for the base model in 2019.

Additionally, Microsoft (NASDAQ:MSFT) will take a spot on OpenAI’s board of directors, according to returning Chief Executive Officer Sam Altman.

Oil falls as OPEC+ cut plans fail to inspire bulls 

Oil prices fell in volatile trade Thursday after OPEC+ members agreed to make additional voluntary production cuts that fell short of expectations.

Excluding Saudi and Russian production cuts, OPEC+ members plan to make additional voluntary production cuts, totalling about 684,000 barrels per day, which fell short of expectations for cuts of about 1 million barrels. 

In an unusual move that points to signs of potential divisions in the group, the plans for voluntary cuts were announced by individual OPEC+ members that than the secretariat.

Saudi Arabia pledged to extend its voluntary cut of 1 million barrels per day until the end of Q1, while Russia said it would deepen its crude export curbs to 500,000 bpd from 300,000 bpd previously.  

(Peter Nurse and Oliver Gray contributed to this report.)

Stock Market Today: Dow wraps up strong November with swashbuckling 520-point gain

Related Articles

Our Apps



Terms And Conditions
Privacy Policy
Risk Warning
Do not sell my personal information

© 2007-2023 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.