Stock Market Today: Wall Street Senses in Early Trading as November's Push Fades
In US Stock Market today, Stocks are limp on Wall Street as the market’s big November rally continues to stall. Stocks were inactive in morning trading on Tuesday as the market’s big November rally continues to stall.
The S&P 500 fallen 0.1% and remains on track to close out November with its strongest monthly gain of the year. The Dow Jones Industrial Average was mostly unmoved as of 10:14 AM. The Nasdaq fell 0.2%.
Bond yields were relatively stable. The 10-year Treasury yield, which impacts mortgage rates, rose to 4.40% from 4.39% late Monday. Crude oil prices flanked higher. Markets in Asia and Europe were mixed.
Technology and health care stocks were among the major weights on the market. Chipmaker Nvidia fell 1.3%% and Thermo Fisher Scientific fell 1.4%.
Wall Street remained relatively soft as investors move past the latest round of corporate earnings, though there are still several large companies on deck to report their most recent financial marks. TurboTax parent company Intuit, Hewlett Packard Enterprise and tech company NetApp will all report their results after the closing bell today.
Investors are thoroughly observing several economic updates this week for more clues about how consumers feel and whether the rate of inflation is still easing. Consumer sentiments remain strong heading into the holiday shopping season. The Conference Board’s November consumer confidence survey released Tuesday topped analysts’ estimates.
On Thursday the government published its October data on the Federal Reserve’s desired measure of inflation. Economists expect that measure to continue easing, as it has been since the 2nd half of 2022. The slackening grip from inflation and a robust economy have raised hopes that the Federal Reserve might finally be finished with raising its benchmark interest rate. That has helped fuel a rally on Wall Street.
The benchmark S&P 500 index is up 8.3% in November, on track for its biggest monthly gain of 2023. Every key index is headed for a solid November gain. The big focus for Wall Street will remain on the Fed, which will meet again in December 2023 to update its interest rate policy. Investors are betting that it will clench its benchmark rate steady.