2023-11-25 02:51:35
Dow Jones Index, New York Stock ExchangeClosed positive on Friday (24 Nov 23) amid light trading as the market opened for only half a day. following being closed Thursday for Thanksgiving. As investors consider consumer spending trends at the start of the shopping season,
The Dow Jones Industrial Average closed at 35,390.15 points, up 117.12 points or +0.33%, the S&P 500 index closed at 4,559.34 points, up 2.72 points or +0.06%, and the Nasdaq index closed at 14,250.85 points, down 15.00 points or -0.11%.
By this week The Dow added 1.3%, while the S&P 500 rose 1% and the Nasdaq added 0.9%. All three indexes rose for the fourth week in a row. The Dow and S&P 500 rose slightly on Friday, while the Nasdaq composite rose 1.3%. Decreased due to the decline of stocks with high market values.
Nine out of 11 stocks in the S&P 500 index closed in positive territory. Led by healthcare stocks while the communications service group and the technology group decreased
Indian stocks fell 1.9% following Archyde.com reported that The company has postponed the launch of artificial intelligence chips designed to comply with U.S. export regulations. Until the first quarter of next year
Meanwhile, iRobot shares surged 39.1% following reports that Amazon will receive EU antitrust approval for its $1.4 million acquisition of vacuum cleaner maker IRobot. Billions of dollars
Vista Outdoor shares rose 3.9% following a cash-and-stock merger proposal from Czech gun maker Colt CC Group was approved. It is valued at nearly $1.7 billion. and Xiaopeng shares The U.S.-listed Chinese electric car maker jumped 6.09% following Volkswagen said it would develop a new technology system for entry-level electric cars in China.
S&P side Global revealed on Friday that The Purchasing Managers’ Index (PMI) combines U.S. manufacturing and primary service sectors. Stabilized at 50.7 in November, with the PMI index above 50, indicating expansion of the US business sector.
Investors will be focused on when the Federal Reserve will start cutting interest rates for the first time. This will be determined by inflation slowing to the Fed’s target of 2%.
CME Group’s FedWatch Tool indicates that investors still expect the Fed to maintain interest rates at 5.25-5.50% at its December meeting. Before the interest rate cut in May 2024, despite the release of the minutes of the Fed meeting last Tuesday.
Investors will also focus on key U.S. economic data releases next week, such as 3Q2023 gross domestic product (GDP) (2nd estimate), consumer spending price index. Personal (PCE) in October, which will indicate the trend of the Fed’s interest rate setting, the number of home sales contracts pending closing sales (Pending Home Sales) in October, home prices in September from S&P/Case-Shiller and a summary report on economic conditions or the Beige Book from the Fed.
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