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The benchmark US indices closed in the red on Wednesday, November 17, after most stock segments declined in a lacklustre session.
The S&P 500 declined 0.26% to 4,688.67. The Dow Jones fell 0.58% to 35,931.05. The NASDAQ Composite was down 0.33% to 15,921.57, and the small-cap Russell 2000 fell 1.17% to 2,377.01.
The market is cooling off as the earnings season draws to a close. Mixed signals from the economy because of high inflation, labor market troubles, and supply concerns have reduced investors’ appetite. Still, the third-quarter results of most companies have been above expectations.
Consumer discretionary, real estate, and healthcare stocks were top gainers on the S&P 500. Energy, financials, and basic materials stocks trailed. Eight of the index’s 11 segments stayed in the red.
Target Corp shares fell around 4.62% after reporting better-than-expected Q3 results. The retailer posted a 13% YoY growth in revenue to US$25.7 billion. In addition, it has raised the full-year sales outlook.
Global Markets traded lower on Wednesday
Lowe’s Companies Inc (LOW) shares were up around 0.62% in intraday trading after raising its full-year earnings guidance. Its third-quarter results were above Wall Street estimates.
Braze Inc. (BRZE) stock gained 38.65% in its stock market debut on Wednesday, while Sono Group N.V. (SEV) stock jumped as high as 141.83% on the first day of trading.
In the consumer discretionary sector, Amazon.com Inc. (AMZN) stock increased 0.42%, Tesla Inc. (TSLA) grew 3.70%, and Home Depot (HD) gained 0.88%. Nike Inc. (NKE) grew 0.08%, and McDonald’s Corporation (MCD) rose 0.24%.
In the real estate sector, Prologis Inc. (PLD) gained 0.52%, Crown Castle Incorporation Corp (REIT) (CCI) rose 2.81%, and Equinix Inc. (EQIX) increased 0.58%. Public Storage (PSA) and Simon Property Group Inc. (SPG) increased 1.82% and 1.40%, respectively.
In the energy sector, APA corporation (APA) declined 6.31%, Baker Hughes Company (BKR) fell 3.53%, and ConocoPhillips (COP) decreased 1.02%. Coterra Energy Inc. (CTRA) was down 2.19%, and Chevron Corporation (CVX) fell 1.85%.
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Futures & Commodities
Gold futures were up 0.80% to US$1,868.95 per ounce. Silver increased by 0.74% to US$25.128 per ounce, while copper fell 3.40% to US$4.2035.
Brent oil futures declined by 2.74% to US$80.17 per barrel and WTI crude futures were down 3.05% to US$77.31.
Bond Market
The 30-year Treasury bond yields declined 1.93% to 1.979, while the 10-year bond yields were down 2.66% to 1.591.
US Dollar Futures Index decreased by 0.13% to US$95.787.
