US stocks close in green for second day straight

Benchmark US indices closed higher on Wednesday, December 8, after the latest economic data showed job openings increased in October, but labor shortage continued.

The S&P 500 was up 0.31% to 4,701.20. The Dow Jones rose 0.10% to 35,754.75. The NASDAQ Composite Index rose 0.64% to 15,786.99, and the small-cap Russell 2000 was up 0.83% to 2,272.43.

On Wednesday, the Labor Department said the job openings increased in October, but hirings decreased, suggesting a continued worker shortage that may affect the country’s economic growth.

According to its “Job Openings and Labor Turnover” survey (JOLTs), openings increased by 431,000 to 11 million in October. Traders will now wait for the consumer-price index data due on Friday.

On the S&P 500 index on Wednesday, the top movers were communication services and real estate sectors. Eight of the 11 critical stock segments of the index stayed in the green. Consumer staples and the financial sectors were the bottom movers.

Shares of Goodyear Tire & Rubber Company (GT) gained 3.04% after Deutsche Bank analysts upgraded the stock rating to "buy" and raised the price target to US$32 from US$29.

Roku, Inc. (ROKU) shares rose by 19.34% after announcing that it has reached a multi-year deal with Google to keep YouTube and YouTube TV on its streaming platform.

Covid-19 vaccine makers Pfizer Inc. (PFE) and BioNTech SE (BNTX) stocks plunged 0.50% and 2.71%, respectively, after the companies said the third dose of their vaccine showed positive results against Omicron in tests. They also noted that the two-dose regimen was less effective against the virus.

In the communication sector, Meta Platforms, Inc. (FB) increased by 2.77%, The Walt Disney Company (DIS) rose 1.63%, and Sea Limited gained 4.81%. Snap Inc. (SNAP) and Roblox Corporation (RBLX) advanced 7.04% and 6.91%, respectively.

In real estate stocks, Simon Property Group, Inc. (SPG-PJ) surged 1.39%, Welltower Inc. (WELL) jumped 1.32%, and AvalonBay Communities, Inc. (AVB) soared 1.82%. Equity Residential (EQR) and KE Holdings Inc. (BEKE) ticked up 1.38% and 9.44%, respectively.

In the consumer staples sector, Walmart Inc. (WMT) decreased by 1.20%, Costco Wholesale Corporation (COST) declined 2.60%, and Mondelez International, Inc. (MDLZ) fell 1.07%. The Kraft Heinz Company (KHC) and Kroger Company (KR) plunged 3.61% and 6.31%, respectively.

Also Read: Grove Collaborative to go public in merger with Branson-backed SPAC

Communication services and real estate sectors were the top movers on the S&P 500 index Wednesday.

Also Read: Will these five travel stocks weather the Covid-19 threat in 2022?

Eight of the 11 stock segments of the S&P 500 index stayed in the green.

Also Read: Why did Dare Bioscience (DARE) stock jump Wednesday?

Futures & Commodities

Gold futures were up 0.12% to US$1,786.85 per ounce. Silver decreased by 0.17% to US$22.485 per ounce, while copper rose 1.05% to US$4.3850.

Brent oil futures increased by 0.74% to US$76.00 per barrel and WTI crude was up 0.75% to US$72.59.

Bond Market

The 30-year Treasury bond yields was up 5.10% to 1.887, while the 10-year bond yields rose 2.90% to 1.523.

US Dollar Futures Index decreased by 0.50% to US$95.890.

Comment


Disclaimer