US Stock Market Today: S&P 500, Dow Edge Lower Amid Fed’s December Rethink, Mixed Tech Earnings
The US stock market witnessed a decline on Thursday, with the S&P 500 and Dow Jones trading lower, amid mixed tech earnings and a hawkish Federal Reserve. The S&P 500 opened in the red, trading 0.56% or 38.44 points lower at 6,852.15, while the tech-heavy Nasdaq Composite opened nearly 1% or 227.21 points lower at 23,731.26, and the Dow Jones Industrial Average opened 0.17% or 81.27 points lower to trade at 47,550.73.
Mixed Tech Earnings
The share price of Meta Platforms tanked more than 12% in the early minutes of trade after the giant’s rating was humbled by Oppenheimer to ‘perform’ from ‘outperform’ on account of its heavy AI spending. The Facebook and Instagram parent reported revenue growth of 26% that beat market estimates, but that jump was outpaced by a 32% increase in costs.
Other major names like Intel Corp. and Microsoft Corp. also traded in the red, 0.51% and 2.16% lower respectively. The grass was greener for other market titans like Apple Inc., which traded 0.60% higher. Oracle’s stock also traded 2.30% lower at $269.23 on Thursday after the US market opened.
Sectoral Indices
Six out of the 11 sectoral indices were trading lower, with consumer discretionary leading the decline, while five traded in the green with the financial sector leading the gains. Spot gold was up 1.66% to $3,995.28 an ounce. Crude oil prices fell, with West Texas trading 1.01% lower at $59.86 per barrel and Brent crude trading 0.96% lower at $63.67 per barrel.
Currency and Commodity Markets
The Bloomberg Dollar Index was up 0.4%, with the British Pound down 0.4% to $1.31 and the Japanese yen slipping 1% to 154.29 per dollar. Bitcoin, the largest traded cryptocurrency, fell 3.3% to $107,736.58.
Indian investors can stay updated on the US stock market and its impact on the global economy by following the latest news and trends on US stock market. They can also learn more about investing in US stocks and the benefits of diversifying their portfolio.
Impact on Indian Markets
The developments in the US stock market can have a significant impact on the Indian markets, particularly the Nifty 50 and the Sensex. Indian investors can learn more about the Indian stock market trends and the factors that influence them.
In conclusion, the US stock market witnessed a decline on Thursday, amid mixed tech earnings and a hawkish Federal Reserve. Indian investors can stay updated on the latest developments and learn more about the impact of these trends on the global economy.