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Stock Market Today: Dow closes higher as dovish Fed speak dents Treasury yields

Published Nov 27, 2023 06:38PM ET Updated Nov 28, 2023 04:04PM ET
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Investing.com -- The Dow closed higher Tuesday, underpinned by a fall in Treasury yields as dovish remarks from some Federal Reserve officials boosted bets on rate cuts.

By 16:00 ET (21:00 GMT), the Dow Jones Industrial Average rose 83 points, or 0.2%, the S&P 500 was 0.1% higher and the NASDAQ Composite rose 0.3%.

The main Wall Street indices are on course to post strong gains in November - the DJIA set to finish the month 6.9% higher, the S&P 500 up 8.5% and the technology-heavy Nasdaq 10.8% higher.

Treasury yields slip as Fed speak boosts rate-cut hopes  

Federal Reserve Board Governor Christopher Waller said he was "increasingly confident" that policy is currently well positioned to slow the economy and get inflation back to 2% target.

Adding to clout to bets of a Fed rate cut early next year, Waller added that should data show disinflation continuing for several more months, the Fed "could then start lowering the policy rate just because inflation's lower."

Treasury yields fell on the remarks, with the yield on United States 2-Year falling nearly 12 basis points to about 4.74%, while the yield on the United States 10-Year fell 6 basis points to 4.330%.

The remarks come just ahead of the Fed’s preferred inflation gauge, the personal consumption expenditures price index, on Thursday, which is expected to have risen just 0.1% on the month in November, a drop from 0.4% in September.

Retailers in focus after Cyber Monday sales hit record

Sentiment on retailers were boosted by ongoing signs that the consumer remains in good shape after consumer confidence in November surprised to the upside, while Cyber Monday sales hit a record high.  

Consumer spending on Cyber Monday, the biggest U.S. online shopping day, is expected to have surged to an all-time high of over $12 billion, according to preliminary estimates from Adobe (NASDAQ:ADBE) Digital Insights cited by Reuters.

Walmart (NYSE:WMT) and Foot Locker Inc (NYSE:FL) were among a slew of retailers in the ascendency, while payments platform Affirm (NASDAQ:AFRM) jumped nearly 12% as record number of holiday shoppers likely used buy now, pay later services. 

Micron boosts outlook, Zscaler cuts losses

Zscaler (NASDAQ:ZS) cut loses to close 1% higher after the cybersecurity company lifted its full-year guidance after reporting quarterly results that topped Wall Street estimates.

The firm also left its billings guidance unchanged, but Wedbush said the guidance represented "a conservative and prudent bar in our view given the underlying strength that ZS is seeing in the field." 

Micron Technology Inc (NASDAQ:MU) raised its profit and revenue guidance for its fiscal first-quarter, but the stock fell nearly 2% as the chipmaker also lifted its forecast on annual expenses to about $990 million from $900 million previously. 

Energy stocks as oil rides bets on deeper production cuts ahead of OPEC+ meeting higher

Energy stocks were one of the biggest gainers on the day as oil prices rose on hopes that OPEC+ will agree to extend or even deepen its ongoing production cuts at a meeting later this week on Thursday. 

Hess Corporation (NYSE:HES), Chevron Corp (NYSE:CVX) and EOG Resources Inc (NYSE:EOG) more among the biggest gainers.

Amazon takes fight to Microsoft with launch of new chip, AI bot

Amazon (NASDAQ:AMZN) cloud business, Amazon Web Services, unveiled a new chip for customers to develop artificial intelligence applications and tech giant also said it would offer Nvidia (NASDAQ:NVDA)'s latest chips. The move comes after Microsoft (NASDAQ:MSFT) recently announced its own AI chip and also said customers of Azure cloud platform would have access to Nvidia's GPUs. 

Amazon also announced Amazon Q, a new chatGPT-style AI-powered chatbot, that will help customers solve AWS-related queries.

(Peter Nurse and Oliver Gray contributed to this report.)

Stock Market Today: Dow closes higher as dovish Fed speak dents Treasury yields
 

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Comments (17)
Casador Del Oso
Casador Del Oso Nov 28, 2023 6:44PM ET
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Wait until rising pump prices kickstart higher inflation.
Casador Del Oso
Casador Del Oso Nov 28, 2023 6:42PM ET
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LOL. What a stretch to perceive these vague, neutral comments as dovish. Would of, could of, should of.
First Last
First Last Nov 28, 2023 6:42PM ET
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If perceived as dovish, market should up up more than 0.1% today.
Merica Moment
Merica Moment Nov 28, 2023 6:20PM ET
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The US ponzi scheme is about to collapse. I cant wait
Ac Tektrader
Ac Tektrader Nov 28, 2023 6:20PM ET
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not before the Russian and Chinese breakdown... that's why Xi was in Washington DC with hat. in hand with his head bowed to Biden.
Mitchel Pioneer
Mitchel Pioneer Nov 28, 2023 5:35PM ET
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The FED subsidized "earnings" continue, as "beat" the criminally rigged, low-ball "estimate" is in full swing in the laughingstock of the investing world.
Ac Tektrader
Ac Tektrader Nov 28, 2023 5:35PM ET
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more canned ignorance from Mitch...
Ac Tektrader
Ac Tektrader Nov 28, 2023 5:31PM ET
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dar dar, and what do you think will replace the dollar the undermine US economic dominance.... it would be laughable if it wasn't so pathetic.
Andy Mayr
Andy Mayr Nov 28, 2023 4:25PM ET
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more snake oil being sold. 2024 will see a recession by Spring.....future earnings will decrease due to lag affect of high interest rates. Econ 101
First Last
First Last Nov 28, 2023 4:25PM ET
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If there are "lag effects" on stock prices, it will be more than neutralized by the Fed lowering rates.
Chris Johnson
Chris Johnson Nov 28, 2023 4:25PM ET
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if you look back in history... Fed lowering rates did not help stocks
First Last
First Last Nov 28, 2023 4:25PM ET
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Chris Johnson   Look back to my post to Kelly.
dar dar
dar dar Nov 28, 2023 3:44PM ET
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I can cut rates to zero. it's only going to keep on going up. they just don't know that yet. Fiat US dollars. don't think anybody wants them anymore but hey I've been wrong in the past. what do I know?
First Last
First Last Nov 28, 2023 3:44PM ET
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Since you don't want your dollars, I'll take them off your hands.  I'll even trade you my toilet paper reserve for them!
Thomas Schwarz
Thomas Schwarz Nov 28, 2023 3:32PM ET
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Smart move! The market's buzzing with excitement analysis points to a steady rise, backed by strong fundamentals. Keep your eyes on the trend, it's where fortune are made
Kelly Mayer
Kelly Mayer Nov 28, 2023 3:24PM ET
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Rate cuts is a bearish event. Means something is broken in the economy. And it is already. Defaults cycle has begun, with a current strong rise.
First Last
First Last Nov 28, 2023 3:24PM ET
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In current case, what's broken may not be the US economy.  Inflation has been higher outside the US.  US stock market has been outperforming world markets.  It's Russia that's underperforming Ukraine in war.
Richie Berg
Richie Berg Nov 28, 2023 3:12PM ET
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Dovish speak lit a fire in commodities. If this keeps up, expect inflation to come back up.
 
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