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Stock Market Today: Dow wraps up strong November with swashbuckling 520-point gain

Published Nov 29, 2023 07:14PM ET Updated Nov 30, 2023 04:26PM ET
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Investing.com -- The Dow wrapped up a strong November, with swashbuckling gains on Thursday as investors cheered further a slowdown in inflation and mostly better than expected corporate earnings. 

By 16:00 ET (21:00 GMT), the Dow Jones Industrial Average rose 520 points, or 1.5%, the S&P 500 rose 0.4%, while the NASDAQ Composite fell 0.2%.

The blue-chip Dow Jones Industrial Average rose 8% in November, its best month since October last year. The broad-based S&P 500 was up nearly 9% in November, while the tech-heavy Nasdaq jumped 10.7%, with both indexes delivering their best monthly performances since July 2022. 

Inflation continues to slow, but Treasury yields climb

The October personal consumption expenditures price index, the Fed's preferred measure of inflation, slowed to a 0% pace, compared with forecasts for a 0.1%, from a 0.4% last month, taking the annualized figure to 3.4%, down from 3.7% the prior month. 

Core PCE inflation, which the Fed believes is a more accurate gauge of underlying inflation slowed to a 3.5% pace from 3.7% the prior month.   

The slowing pace of inflation comes even as the labor market appears strong than expected as initial jobless claims climbed by less than expected.   

Treasury yields shrugged of the signs of slowing inflation, with the yield on the 10-year Treasury up 7.1 basis points to 4.339%. 

Salesforce shines on earnings stage

Salesforce Inc (NYSE:CRM) jumped more than 9% after the company lifted its annual guidance following Q3 results that topped Wall Street estimates as ongoing efforts to cut costs boosted margins. 

Salesforce will likely continue to expand margin, Goldman Sachs, "albeit at a more moderate rate, when a macro recovery starts to form."

Ford lowers annual guidance amid labor strike impact

After withdrawing guidance in October owing to uncertainty over costs relating labor strikes, Ford Motor Company (NYSE:F) reinitiated its guidance for 2023, now expecting to deliver an operating profit between $10 billion and $10.5 billion. But that was lower than prior guidance delivered in July for operating profit between $11B and 12B.

The guidance included the $1.7B hit following production disruptions owing to United Auto Workers labor strikes. The costs associated with the new U.S labor agreement with UAW is expected to cost $8.8B.

Fed speak continues ahead of Powell speech

Fed New York President Williams said Thursday that the Fed's rate-hike cycle has likely come to end, though warned that if disinflation doesn't continue, then the central bank could resume hikes.

"Based on what I know now, my assessment is that we are at, or near, the peak level of the target range of the federal funds rate," Williams said, though added that "if price pressures and imbalances persist more than I expect, additional policy firming may be needed."

The remarks come ahead of a speech by Fed chairman Jerome Powell on Friday. The Fed chief is expected to deliver remarks at a fireside chat with Spelman College President Helene Gayle at 11:00ET.

Tesla starts deliveries of Cybertruck; Microsoft linked with OpenAI board

Tesla Inc (NASDAQ:TSLA) started deliveries of its Cybertruck electric pickup on Thursday, with a starting price of $60,990 as CEO Elon Musk bets big on electric truck segment.

That was well above the $40,000 price tag Musk first touted for the base model in 2019.

Additionally, Microsoft (NASDAQ:MSFT) will take a spot on OpenAI's board of directors, according to returning Chief Executive Officer Sam Altman.

Oil falls as OPEC+ cut plans fail to inspire bulls 

Oil prices fell in volatile trade Thursday after OPEC+ members agreed to make additional voluntary production cuts that fell short of expectations.

Excluding Saudi and Russian production cuts, OPEC+ members plan to make additional voluntary production cuts, totalling about 684,000 barrels per day, which fell short of expectations for cuts of about 1 million barrels. 

In an unusual move that points to signs of potential divisions in the group, the plans for voluntary cuts were announced by individual OPEC+ members that than the secretariat.

Saudi Arabia pledged to extend its voluntary cut of 1 million barrels per day until the end of Q1, while Russia said it would deepen its crude export curbs to 500,000 bpd from 300,000 bpd previously.  

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

Stock Market Today: Dow wraps up strong November with swashbuckling 520-point gain
 

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Comments (31)
Stan Smith
Stan Smith Nov 30, 2023 8:02PM ET
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Swashbuckling Insanity welcomes Bag Holders!....better title
Nov 30, 2023 6:27PM ET
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Epic fall like no more tomorrow soon. Stop rigging it
First Last
First Last Nov 30, 2023 6:27PM ET
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Epic!
Maximus Maximus
Maximus Maximus Nov 30, 2023 5:49PM ET
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Bidenomics is working. markets at all time highs, and a strong labour market pointing towards a soft landing.
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Maximus Maximus
Maximus Maximus Nov 30, 2023 5:49PM ET
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under your hero trump, illegal immigration increased. the murder rate rose to the highest level since 1997, the economy lost 2.9 million jobs. The unemployment rate increased by 1.6 percentage points to 6.3%.. need I go on..?
Maximus Maximus
Maximus Maximus Nov 30, 2023 5:49PM ET
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inflation has been trending downwards all year, and rate-cuts are due next year..
First Last
First Last Nov 30, 2023 5:49PM ET
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Warren Wesley   Inflation has been higher outside the US, because the cause is from outside the US.  Republicans are anti-education.  Trump loves the uneducated.  The southern border is NOT open.  Iran hasn't been a US friend for decades.  Trump Org increased the economic crime rate, but "Reported violent crime rate in the United States" spiked in 2020 under Trump and declined in both 2021 & 2022:  www.statista.com/statistics/191219/reported-violent-crime-rate-in-the-usa-since-1990/
Tre Hsi
Tre Hsi Nov 30, 2023 5:49PM ET
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Warren Wesley  "Iran is not our friend." - Iran hasn't been our friends since the lat 70's, but feel free to blame that on Biden
Tre Hsi
Tre Hsi Nov 30, 2023 5:49PM ET
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"education scores at all time low." - in US education is run by state/local authorities, not sure what that's go to do with Bidenomics
Maximus Maximus
Maximus Maximus Nov 30, 2023 5:45PM ET
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permabears are devastated...
TheLast LoserDon
TheLast LoserDon Nov 30, 2023 5:45PM ET
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you ain't never lied!
Casador Del Oso
Casador Del Oso Nov 30, 2023 5:45PM ET
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Better invest every last penny you have now. You don't want to miss out.
First Last
First Last Nov 30, 2023 5:45PM ET
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Casador Del Oso   Note that you're defending permabears, not people who are occasionally bearish.
Casador Del Oso
Casador Del Oso Nov 30, 2023 5:08PM ET
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Crazy volatility before the downturn.
Server Admin
Server Admin Nov 30, 2023 5:08PM ET
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Right?!? Not really showing up in VIX though.
First Last
First Last Nov 30, 2023 5:08PM ET
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Crazy low volatilty.
Stan Smith
Stan Smith Nov 30, 2023 4:47PM ET
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How on earth is this up 500 points?? Its truly a Christmas miracle and the FED is the 2nd coming
Tanner Fervida
Tanner Fervida Nov 30, 2023 4:43PM ET
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Wow a $2 pump in 7 miniets to miraculously have the S&P 500 close green today. Didn’t see that coming. Complete joke
TheLast LoserDon
TheLast LoserDon Nov 30, 2023 4:43PM ET
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joke on bears
Craig Bellinger
Craig Bellinger Nov 30, 2023 4:29PM ET
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Swashbuckling….dork
Mitchel Pioneer
Mitchel Pioneer Nov 30, 2023 4:04PM ET
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Another criminal magic show in the BIGGEST INVESTMENT JOKE IN THE WORLD.  Assume the proper position America.
soho electronics
soho electronics Nov 30, 2023 3:46PM ET
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why should anyone work. just buy the Dow and make 1-2% daily
Empire Destroyer
Empire Destroyer Nov 30, 2023 3:46PM ET
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Facts
Mohammed Kumar
Mohammed Kumar Nov 30, 2023 3:46PM ET
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Only a FOOL would do that... The Dow is Overbought. So quit your job and see how rich you get.. HAHA
First Last
First Last Nov 30, 2023 3:46PM ET
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Mohammed Kumar   If you think that's foolish, you should try selling the Dow instead.  See how that would've work out historically.
Server Admin
Server Admin Nov 30, 2023 3:46PM ET
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in the long term, yeah. But there are always fullbacks in the short-term. It's very tempting to treat this as overbought, but I've also got your POV in my head too saying otherwise.
First Last
First Last Nov 30, 2023 3:46PM ET
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Server Admin   Based on historical patterns, selling otm puts to fund buying calls should be a long term winner
 
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