Wall Street Today | Stocks Build on November Rally Ahead of Thanksgiving Holiday
RECAP
Stocks were drifting higher on Wednesday ahead of the Thanksgiving holiday Thursday and the annual Black Friday retail shopping spree, with activity decreasing as investors showed reluctance to place fresh bets ahead of a trading break. U.S. markets are closed Thursday, followed by an abbreviated trading session Friday.
The $Dow Jones Industrial Average(.DJI.US$ added 184 points, or 0.53%, $S&P 500 Index(.SPX.US$ went up 0.41%. The $Nasdaq Composite Index(.IXIC.US$ advanced 66 points, or 0.46%.
MACRO
Jobless Claims Drop to Five-week Low of 209K
The number of Americans who applied for unemployment benefits last week fell to a five-week low of 209,000, indicating the U.S. labor market is still quite sturdy.
Michigan Consumer Sentiment Exceeds Expectations In November
Consumer sentiment was slightly better than expected at the end of November, but still marked a fourth straight month of declines. The University of Michigan's consumer sentiment index ticked higher to 61.3 in November from 60.4 earlier this month, but declined from 63.8 in October, according to data released Wednesday. Economists were expecting a reading of 61.1, according to FactSet.
Durable-goods Orders Tumble and Show Little Sign of Recovery Among Manufacturers
Orders for durable or long-lasting goods sank 5.4% in October because of fewer contracts for Boeing passenger planes, but most other manufacturers also reported somewhat weaker demand.
SECTORS
The OpenAI Drama Update: OpenAI Says Sam Altman to Return as CEO
OpenAI said Sam Altman will return as CEO to the artificial-intelligence startup that he co-founded, days after he was fired by the board.
The company will have a new initial board including Bret Taylor, Larry Summers and Adam D'Angelo. The startup said Taylor will be chairman of the board in a post on X late Tuesday.
Oil Prices Tumble After OPEC Meeting Gets Delayed
The price of WTI crude oil initially fell sharply, though it recovered most of its losses, after OPEC+ decided to postpone the meeting that was supposed to be held November 25-26. The cartel will now meet on Thursday, November 30.
COMPANIES
Deere Stock Falls as Demand for Farm Equipment Expected to Ease
$Deere(DE.US$ shares fell after the farm-equipment manufacturer forecast a drop in profit and sales of its tractors, crop harvesters and other machinery. The outlook for the current fiscal year came after Deere posted better-than-expected results for its fourth quarter.
Caterpillar Shares Slip After Rival Deere's Disappointing Outlook
Shares of $Caterpillar(CAT.US$ fell 1%, on pace to be the day's second-worst performer on the Dow Jones Industrial Average Wednesday, following fellow construction equipment maker Deere & Co.'s disappointing full-year outlook.
Virgin Galactic Shares Slump 6.5% as Morgan Stanley Analyst Slashes 2024 Forecasts
Shares of $Virgin Galactic(SPCE.US$ tanked 6.5% Wednesday, as Morgan Stanley cut its price target on the stock to $1.75, from $4.
Meta Platforms Stock Posts New 52-Week High
$Meta Platforms(META.US$'s stock reached a new 52-week high on Wednesday, as Tigress Financial joined many analysts raising their price target on the stock.
Source: Bloomberg, Dow Jones, CNBC
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affable Blobfish_403 : The number of initial jobless claims fell sharply, in line with rising inflation. Why not mention it?