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Stock Market Today: Dow closes higher as tech overcomes Nvidia slip

Published Nov 21, 2023 06:40PM ET Updated Nov 22, 2023 04:24PM ET
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Investing.com -- The Dow ended higher Wednesday ahead of the Thanksgiving holiday as tech shrugged off a slip in Nvidia (NASDAQ:NVDA) following chipmaker's cautious outlook on growth in China ahead of 

By 16:00 ET (21:00 GMT), the Dow Jones Industrial Average rose 184 points, or 0.5%, the S&P 500 gained 0.4% and the NASDAQ Composite added 0.5%. 

Tech stocks rise despite Nvidia slip; Altman returns to OpenAI

Tech stocks were in the ascendency, with a more than 1% increase in Google (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT) and Meta (NASDAQ:META) helping to stem the blow from a more than 2% fall in Nvidia. 

NVIDIA Corporation (NASDAQ:NVDA) reported guidance and Q3 results that topped Wall Street estimates, but the chipmaker warned that sales in China, which accounts for up to a fifth of sales in its high-margin data center business,  would "decline significantly" in its current quarter amid U.S. export restrictions on AI chips to China.

Elsewhere, Sam Altman is set to return to the helm of OpenAI just days after he was sacked as chief executive of the big-name generative artificial intelligence group.

HP Inc (NYSE:HPQ), meanwhile, rose nearly 3% despite reporting mixed fourth-quarter results as revenue missed Wall Street estimates, while current guidance also fell short of expectations. Some on Wall Street took a cautious view on the stock, expecting HP's printing business to continue to weigh. 

"[W]e remain cautious on slowing capital returns, elevated leverage and a printing business that is just beginning to roll, which we believewill likely limit outperformance, leaving us equal-weight"Morgan Stanely said in a note.

Deere in seller headlights after guidance spooks investors; Nordstorm's Q3 results fall short

Deere & Company (NYSE:DE), the world's largest farm equipment maker, fell 3% after it forecasted 2024 profit below expectations as high borrowing costs and squeezed budgets dented demand for farm equipment.

The dour fiscal 2024 guidance, which includes a forecast for a fall in net income to range of $7.75B to $8.25B from $10.16B in 2023, offset quarterly results that beat on both the top and bottom lines.

Nordstrom (NYSE:JWN), meanwhile, also offered a cautious outlook, flagging a "softening consumer spend" and reported third-quarter revenue that missed analyst estimates, sending its shares more than 4% lower. 

Energy closes above session lows as oil prices cut losses despite delayed OPEC+ meeting, U.S. inventories build

Energy stocks ended the day marginally lower after oil prices cut losses to settle well above session lows despite fresh signs of increasing crude supply.   

The Organization of the Petroleum Exporting Countries and and its allies, or OPEC+, postponed a scheduled meeting to Nov. 30 from Nov. 26, amid struggles to agree on production levels, stoking uncertain over potential output cuts.

Oil prices were also pressured by a larger than expected draw in weekly U.S. crude inventories

EOG Resources Inc (NYSE:EOG), Baker Hughes Co (NASDAQ:BKR) and Occidental Petroleum (NYSE:OXY) were among the biggest decliners, closing nearly 1% lower.

Treasury yields end mixed on signs of strength in jobs market

After briefly touching 2-month lows, Treasury yields ended mixed on the day, with the yield on the 2-year Treasury up 17 basis points to 4.9%, while the 10-year Treasury yield slipped 5 bps to 4.409% following mixed economic data. 

Weekly U.S. initial jobless claims missed expectations, pointing to ongoing labor market strength, while durable goods for October undershot economist expectations.   

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

Stock Market Today: Dow closes higher as tech overcomes Nvidia slip
 

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Comments (14)
Kyle Howard
Kyle Howard Nov 23, 2023 4:57AM ET
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⭕⭕⭕⭕As a newbie about to invest, you must have a long term mindset. Be careful on money usage, if you're not spending to earn back, then stop spending. Never claim to know! Ask questions and it's best 💯💯you work with a financial advisor. I want to thank Pamela For being my source of crypto education, As I am comfortably making consistent profit. Her What'Asp/+) 44 (7480).....16 (1746)🎱🎱🎱🎱
Eyob Teshome
Eyob Teshome Nov 22, 2023 11:01PM ET
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hiiii
Michael Benson
Michael Benson Nov 22, 2023 8:00PM ET
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Inflation concerns continue to linger.
Ac Tektrader
Ac Tektrader Nov 22, 2023 7:02PM ET
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spammers trying to separate you from your money, very active today....
First Last
First Last Nov 22, 2023 3:20PM ET
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Stan's "US Money Supply is in freefall" is false.  The supply has been dropping since mid-2022.
First Last
First Last Nov 22, 2023 3:20PM ET
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But the rate of drop is mild, not "freefall".
First Last
First Last Nov 22, 2023 3:20PM ET
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And US GDP growth has been and will remain positive, not "toilet".
Stan Smith
Stan Smith Nov 22, 2023 2:41PM ET
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Stocks were pumped up on Nvidia earlier this week now they're pumped up when Nvidia "slips". Loving these real price discovery markets
dylan mulvaney
dylan mulvaney Nov 22, 2023 1:29PM ET
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"BofA sees S&P 500 ending 2024 at 5000", LMAO best sell signal I have seen. The S&P is up 20% this year already, and they are saying it will go up another 10%? NASDAQ is up over 40% YTD. Profits have no gone up and P/Es have going up massively. Anybody buying now is just donating to hedge funds.
Stan Smith
Stan Smith Nov 22, 2023 12:26PM ET
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Yields are even more inverted...look at the 10Y and 2Y. Dimon and Bezos unloading massive shares as well. Its now official - Recessions and sell offs are now a great driver for stocks valuations!! This farce is bordering on peak lunacy.
JIM VETTER
JIM VETTER Nov 22, 2023 12:13PM ET
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Massive manipulation, as usual. Wall Street pumping to prepare for dumping
First Last
First Last Nov 22, 2023 12:13PM ET
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Then it'll be dumping to prepare for pumping.
Ac Tektrader
Ac Tektrader Nov 22, 2023 12:13PM ET
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Vetter, stay out of the argument if that's all you have ;the typical Canned maga complaining doesn't work ; all you're doing is shoving your ignorance....
Jake Vee
Jake Vee Nov 22, 2023 12:13PM ET
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Ac Tektrader you have no right to tell people what they can and can’t say. Shhhhhh
Boyan Davidov
Boyan Davidov Nov 22, 2023 11:59AM ET
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On my screen yields are not falling
 
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