US Markets Today: S&P 500, Nasdaq Tick Lower Amid Mixed Reactions To Economic Data
Crude oil prices broke their losing streak, with West Texas Intermediate trading 1.72% higher at $56.07 a barrel and Brent crude trading 1.71% up at $59.93 a barrel.
The main US stock market indices rebounded on Wednesday amid projections of an economic slowdown revealed by the government job data.
The S&P 500 opened 0.12% or 8.24 points higher at 6,808.50, Dow Jones Industrial Average opened 0.13% or 61.69 points higher at 48,175.95 and tech-heavy Nasdaq opened 0.06% or 14.02 points higher at 23,125.48.
However, both S&P 500 and Nasdaq erased gains in the early minutes of trade and to trade in the red.
As of 10:11 a.m. EST or local time, Dow Jones traded 0.44% or 212.85 points higher at 48,327.11. S&P traded 0.07% or 4.46 points lower at 6,795.80, while Nasdaq declined 0.23% or 53.92 points to trade at 23,057.54.
The US economic data, which revealed that the unemployment rate reached a four-month high in November, has been a mixed bag for the investors.
The Magnificent Seven stocks traded mixed, with bellwether company Nvidia Corp. down 1.85% to $174.43, Apple Inc. up 0.22% at $275.26, Google-parent Alphabet Inc. down 2% at $300, Tesla Inc. rising 0.51% to $492.31 and Meta Platforms down 0.1% at $656.53.
Furthermore, shares of Microsoft Corp traded 0.08% up at $476.9 and Amazon.com Inc. also traded 0.76% higher at $224.27.
In the commodities market, spot gold rose for a seventh session, up nearly 1% to $4,344.16 an ounce. On the other hand, spot silver prices rose 3.60% to $66 per ounce.
Crude oil prices broke their losing streak, with West Texas Intermediate trading 1.72% higher at $56.07 a barrel and Brent crude trading 1.71% up at $59.93 a barrel.
The Bloomberg Dollar Spot Index rose 0.2%. While the euro 0.1% to $1.1734, the British pound fell 0.5% to $1.3352, and the Japanese yen fell 0.5% to 155.57 per dollar
Bitcoin, the largest traded cryptocurrency, fell 0.2% to $87,543.23.
