Dow Jones and Nasdaq Composite Jump 0.40% Wednesday Morning
US stocks were on the rise before the market opened on Wednesday morning, with the Dow and Nasdaq leading and the S&P 500 lagging behind.
The Dow was up 0.40% alongside the Nasdaq Composite, with the S&P 500 index trailing behind with only a 0.05% increase. As the markets began to open, the Dow dropped to a decrease of 0.17%. Wednesday’s stock market activity might not be as promising as it first looked.
US Economic Reports Roll In
The US economic outlook is mixed this week, with a few reports being published that indicate where the economy was at for November. Upcoming later on Wednesday is the Crude Oil Inventories, which are expected to drop by .2 million. Factory orders should be up from last month. In October, they were down by .5%, and they are expected to be up by .2% for November.
More reports are scheduled for later today as well, including Final Services PMI, ADP Nonfarm Employment Change, and others. We anticipate these reports to move the stock market numbers slightly but not significantly by the end of trading on Wednesday.
Alberto Musalem, who is the president of the Federal Reserve Bank of St. Louis, will be speaking later on Wednesday afternoon about monetary and economic policy at a symposium on global interdependence. He may speak on upcoming interest rate cuts, and his talk could give investors a better idea of where the US inflation rate is headed.
Stock Market Movement for Wednesday
There are a few key stocks to look for today that could be moving rapidly and have a significant effect on the rest of the market. Nvidia (NVDA) continues to impress with a 1.18% increase from the previous day. There is some concern about the AI market’s long term viability, but Nvidia seems to be a safe bet for the short term at least.
Walmart (WMT) is looking good after its Black Friday sales, and this major market mover is a good indication of where much of the retail market is at. On Tuesday last week, the stock was at $90, and it has since climbed to $93. There has been a steady increase in the company’s stock price all through the Black Friday and Cyber Monday weekend.
Major airlines will be standing before the Senate and defending their seat fees this week. These airlines include Spirit, American Airlines, Delta, United, and Frontier. If they can successfully defend, they will be able to keep regaining ground lost from the earlier hack that closed down airports and grounded flights, costing billions in lost earnings.
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