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Stock Market Today: Dow ends flat, but remains on track for big November gains

Published Nov 28, 2023 07:36PM ET Updated Nov 29, 2023 04:10PM ET
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Investing.com -- The Dow gave up some gains to close flat Wednesday, though remained on track to post big November gains amid fresh optimism that the economy will avoid recession and ongoing optimism of Fed rate cuts of early next year.

By 16:00 ET (21:00 GMT), the Dow Jones Industrial Average rose 13 points, the S&P 500 fell 0.1%, and the NASDAQ Composite fell 0.2%. The Dow and S&P are on track to post gains of about 8% and 7% respectively in November, while the Nasdaq is eyeing an 11% gain for the month. 

General Motors surges on buyback plan, dividend boost

General Motors (NYSE:GM) rose more 9% after detailing plans to launch an accelerated $10 billion stock buyback programme and hike its quarterly dividend by 33% next year as the automaker looks to return "significant capital" to shareholders.

The move followed a difficult year including costly labor strikes at a time when the company has had to scale back its EV plans, but Wedbush said it believes GM now has a "clear vision forward and remain confident in the company’s trajectory heading into FY24 with profitability and EV production the two largest focuses looking forward."

Intuit, Crowdstrike win big on earnings stage; Dollar Tree to review Family Dollar business

CrowdStrike Holdings (NASDAQ:CRWD) rose 10% as the cybersecurity firm forecast fourth-quarter revenue above expectations, driven by resilient demand for its cybersecurity offerings.

Intuit Inc (NASDAQ:INTU) rose 2% after reporting better-than-expected fiscal first-quarter results, but unveiled softer guidance for earnings in its current quarter. The maker of well known tax preparation said, however, the was "prudent" amid an uncertain macroeconomic backdrop. 

Dollar Tree (NASDAQ:DLTR) stock gained more than 4% after the retailer trimmed its full-year sales forecast but also said it was reviewing its Family Dollar business.

Treasury yields extend losses amid ongoing rate cut optimism 

Treasury yields added to losses from a day earlier amid ongoing rate cut bets following comments from Federal Reserve Governor Christopher Waller, who suggested on Tuesday that the U.S. central bank's monetary policy is "well-positioned" to cool inflation.

Waller, normally known as a hawkish voice at the Fed, added that should inflation continue to ease back down to the Fed's 2% target for "several more months," there is a chance that officials "could start lowering" interest rates.

The remarks were taken "as another sign that the Fed were done hiking rates, and investors moved to price in a noticeably more dovish path for rates over the year ahead," Deutsche Bank said in a Wednesday note.

'Soft landing' chorus grows following strong Q3 growth; inflation data eyed

The U.S. economy grew faster than initially thought in the third quarter, as gross domestic product increased at a 5.2% annualized rate last quarter, revised up from the previously reported 4.9% pace. 

The stronger growth spurred optimism that the economy likely to avoid recession and comes a day ahead of fresh inflation data.

The price consumption expenditures index, the Fed's preferred inflation gauge, is expected to have slowed to 0.1% pace on the month in November, from 0.4% in September. 

Oil gains ahead of OPEC+ meeting 

Oil U.S. crude climbed Wednesday, as investors weighed up an unexpected rise in U.S. crude stockpiles and a Black Sea supply disruptions ahead of crucial OPEC+ meeting to discuss future production levels. 

U.S. crude supplies by 1.6M barrels in the week ended Nov. 24, confounding expectations for a decline of 933,000 barrels. On the supply side, meanwhile, a severe storm in the Black Sea region has disrupted up to 2 million barrels per day of oil exports from Kazakhstan and Russia.

Still, investor attention remains largely focused on the meeting bwtween Organization of Petroleum Exporting Countries and allies, a group known as OPEC+, amid expectations that the group could announce production cuts at its meeting on Thursday.

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

Stock Market Today: Dow ends flat, but remains on track for big November gains
 

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Comments (13)
Mitchel Pioneer
Mitchel Pioneer Nov 29, 2023 3:47PM ET
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How do I become part of this savvy "investor" group that rushes in to "buy" the most grossly overvalued equities in history just as the DOW hits the break-even point?  The criminal intervention is now so flagrant that it's laughable.
MarketRoller CoasterRider
MarketRoller CoasterRider Nov 29, 2023 2:41PM ET
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Market was up in the morning and falling all day.
First Last
First Last Nov 29, 2023 2:41PM ET
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SPY has been green for day all day so far.
Gamer Turtle
GamerTurtle Nov 29, 2023 2:20PM ET
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What's funny about the rates is where it should lands if economy is growing at 3% with inflation at 2%. The consensus among everyone including feds seems to be as long as inflation is not raging, then interest rate can be 0%. I have always thought wherever interest lands at time of 2% inflation and 3% gdp, that interest rate would be considered the neutral rate to hold at. Somehow the world has moved to 0 being the norm and QE is like rate cut of the new world. Bar just keeps on getting lower every decade. LoL
First Last
First Last Nov 29, 2023 2:20PM ET
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Not sure where you're "getting "interest rate can be 0%" from.
Gamer Turtle
GamerTurtle Nov 29, 2023 2:20PM ET
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Just observations based on what I have read. The fact is feds are considering rate cut when inflation is tamed. In the past rate are cut when unemployment goes up. It is now cut cut cut even if unemployment is near historic low with decent growth. The 0-0.25 seems to be the norm. In the past, it is rate hike or rate cut, but we are moving toward to it is either 0, negative or QE
First Last
First Last Nov 29, 2023 2:20PM ET
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Gamer Turtle   The only 2 times the Fed lowered to 0% are during the Bush's Great Financial Crisis & Trump's covid pandemic.  Based on these 2 times, unemployment would need to go > 10% for the Fed to lower rate to 0%.  It is now pause, maybe later cut.  The market is pricing in a 4-5% rate 12 months from now.  Legit people are not talking about 0% as a good possibility now.  Read better info.
Mitchel Pioneer
Mitchel Pioneer Nov 29, 2023 2:14PM ET
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BIGGEST INVESTMENT JOKE IN THE WORLD.
John Kelly
John Kelly Nov 29, 2023 1:49PM ET
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Joe and Xi are getting ready to put In a infection around the world. Just in time for 2024.
First Last
First Last Nov 29, 2023 1:49PM ET
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That's what Trump and Xi did in 2019-2020.  Trump thought a pandemic would scare the US into re-electing him, but his incompetence w/ handling the pandemic made his plan backfire.
Brent Phillips
Brent Phillips Nov 29, 2023 1:49PM ET
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where is your proof? Just like all keyboard warriors, you have none. No worries though. It's hilarious to witness such stupidity in the wild.
Brad Albright
Brad Albright Nov 29, 2023 1:49PM ET
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IT'S A CONSPIRACY!!!
First Last
First Last Nov 29, 2023 1:49PM ET
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Brent Phillips   Retrumplicans, Putin, Xi, etc. often accuse others of what they're guilty of.  It's a propaganda tactic.  They're not better than others, so they lie about others to make themselves seem not so bad, to justify the bad things they do that they failed to hide.
First Last
First Last Nov 29, 2023 1:49PM ET
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Brent Phillips   When they made crazy, baseless accusations, I see confessions, which lead to my 1st post, not to be taken seriously.
Stan Smith
Stan Smith Nov 29, 2023 1:11PM ET
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Gold is also impressing..shhhh!
Jimmy Wave
Jimmy Wave Nov 29, 2023 11:39AM ET
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This would be a good time to print 2.7 trillion and give to democrats and rebuild Palestinian cities
Ronald Warren
Ronald Warren Nov 29, 2023 11:39AM ET
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Jimmy for President!!
Casador Del Oso
Casador Del Oso Nov 29, 2023 11:39AM ET
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At this point, excessive government spending is the only thing preventing recession.
Usa Itsm
Usa Itsm Nov 29, 2023 11:39AM ET
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Funny - so true....
First Last
First Last Nov 29, 2023 11:39AM ET
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The US gives more aid to Israel than to the Palestinians.  The EU & Arab world each gives more aid to the Palestinians than the US.
NK Dole
NK Dole Nov 29, 2023 11:39AM ET
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Casador Del Oso  It is mostly responsible for it.  Add in the shutdowns and no production along with money handed to citizens that spent it on just about everything and prices went sky high due to shrinking of the supply chain with extra money in people's hands.  The money handed out went straight into the pockets of big business (lcheck Amazon strock price as it doubled after the handouts). Interest rate increases are being used to slow inflation, which if you look back at the last time this was tried, it didn't work and it took 10 years for inflation to come down via lowering taxes so more production could be added to the supply chain.  It's not rocket science, but it does take some studying of history to see we are repeating the Carter years.
Ronald Warren
Ronald Warren Nov 29, 2023 11:37AM ET
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Investors running on bonds and gold. Smell something funny?💩
Brad Albright
Brad Albright Nov 29, 2023 11:37AM ET
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ITS A CONSPIRACY!!!
Ronald Warren
Ronald Warren Nov 29, 2023 10:07AM ET
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Sure, GDP grew in the third quarter. The federal government is supporting millions of illegal immigrants with funny money. Did you know the government is spending $11,000 a month per immigrants to house them in hotels. In San Diego, the number is $8,000. Let's tack on food Stamos, free phones, cash assistance and medicade. More benefits than American soldiers who have had their bodies mutilated in combat!
Show previous replies (3)
Ronald Warren
Ronald Warren Nov 29, 2023 10:07AM ET
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Tre Hsi President Biden tore it down and ceased funding.
Brad Albright
Brad Albright Nov 29, 2023 10:07AM ET
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Ronald Warren Monumental ignorance.
Ronald Warren
Ronald Warren Nov 29, 2023 10:07AM ET
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Brad Albright Absolutely right, Brad! Not the smartest move our president has made.
First Last
First Last Nov 29, 2023 10:07AM ET
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Ronald Warren   How can Biden cease funding that was never appropriated?
First Last
First Last Nov 29, 2023 10:07AM ET
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The US spends more on veterans than on illegal immigrants.
Fernando Romeral
Fernando Romeral Nov 29, 2023 10:05AM ET
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There is no point to cut rates unless a) inflation spikes again b) GDP starts falling
Brad Albright
Brad Albright Nov 29, 2023 10:05AM ET
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Thank you for sharing your misunderstanding.
Fernando Romeral
Fernando Romeral Nov 29, 2023 10:05AM ET
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Expressed it incorrectly but you got the point
Tre Hsi
Tre Hsi Nov 29, 2023 10:05AM ET
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so you are telling me the Fed rate at 5% is at the right level when the inflation is at 3% and dropping, or even stay the same?
lms0229 Shannon
lms0229 Shannon Nov 29, 2023 10:05AM ET
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well if the goal of the government is 2% not 3% then yes he is correct lol
 
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