The Dow Jones New York Stock Exchange closed slightly higher on Tuesday (Nov. 29) amid volatile trading. The market was pressured by falling Apple stocks and Amazon stocks. Investors will be watching Federal Reserve Chairman Jerome Powell’s speech today for any indication of the Fed’s interest rate direction.
- The Dow Jones Industrial Average closed at 33,852.53 points, up 3.07 points or + 0.01%,
- The S&P500 index closed at 3,957.63 points, down 6.31 points or -0.16% and
- The Nasdaq Index closed at 10,983.78, down 65.72 points or -0.59%.
Mr. Powell is due to speak on monetary and fiscal policy. at the Brookings Institute today (November 30) at 1:30 p.m. US time or 1:30 a.m. on December 1, Thai time Mr. Powell will share his views on the direction of the US economy. including inflation and the labor market
Ron Saba, analyst at Horizon Investment said Investors delayed trading before Powell delivered a keynote speech at the Brookings Institution. Investors are concerned that Mr. Powell will signal anything in this announcement.
Apple shares fell 2.1 percent, their fourth straight session of decline, as Foxconn’s factory in China’s Zhengzhou city crashed. Apple, which supplies the iPhone, continues to experience production problems. from enforcing lockdown measures to contain COVID-19 and the protests by employees once morest the quarantine and living conditions in the factory.
Counterpoint Research says customers who bought an iPhone 14 Pro in the US this year may have to wait up to 37 days to receive their order. which is significantly longer than the iPhone 13 Pro family, while the Bloomberg news agency reported citing a source that The Foxconn strike might result in a drop in iPhone Pro production to 6 million units this year.
Amazon shares fell 1.63 percent, while other tech stocks also fell. Invidia shares were down 1.19%, Alphabet shares were down 0.9% and Tesla shares were down 1.14%.
However, energy stocks rallied in tandem with WTI oil prices, supported by expectations that the Chinese government may ease restrictions on COVID-19. Exxon Mobil shares were up 0.66%, Chevron was up 1.53%, and Halliburton was up 3.50%.
Shares of Chinese companies listed on the US stock market rose. China’s Securities and Exchange Commission has lifted a ban on real estate firms from offering stocks for capital raising. It aims to boost liquidity in the real estate sector, with Alibaba Group Holdings, Pinduoduo and JD.com all gaining more than 5%.
In economic data released late last night, the Conference Board’s consumer sentiment index fell to 100.2 in November, the second straight decline. Consecutively affected by rising energy prices Including concerns regarding a recession.
Investors will be keeping an eye on the US nonfarm payrolls release on Friday. While analysts had expected jobs to increase by only 200,000 in November. following adding 261,000 jobs in October And the November unemployment rate is expected to hold at 3.7%.
By InfoQuest News Agency (30 Nov. ’22)
Tags: dowjones, Dow, stock market, new york stock market
