Thursday’s trading session on Wall Street presents a mixed picture, characterized by notable fluctuations in major indices. While tech-heavy benchmarks like the S&P 500 and the Nasdaq 100 are experiencing declines, blue-chip stocks and small caps are treading the path of marginal gains.
The market mood remains somewhat subdued in the wake of the Federal Reserve’s favored measure of inflation delivering a relatively uneventful report.
The annual Personal Consumption Expenditures (PCE) inflation rate in the United States has eased to 3% in October 2023, aligning with analysts’ expectations and reaching levels not observed since March 2021. This marks a decline from the previous September’s figure of 3.4%. Monthly, the PCE remained stagnant, coming in below the expected 0.1%.
WTI crude oil prices experienced a highly volatile session, dropping to as low as $75 per barrel before recovering to $76.9 at the time of this writing. While the OPEC+ cartel collectively agreed to implement an additional 1 million barrel-a-day reduction in oil output, the details of individual member cuts are yet to be disclosed. Meanwhile, Brazil is set to become a member of the OPEC+ group starting from January 2024.
Treasury yields saw an increase, and bond prices moved lower. The iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) fell 0.8%. The dollar surged 0.6%, aided by weaker-than-expected inflation in the euro area, rekindling speculations of ECB rate cuts next year.
Performance Of US Stock Indices Thursday
| Index | Performance (+/-) | Value |
| Nasdaq 100 | -0.77% | 15,865.82 |
| S&P 500 Index | -0.22% | 4,550.21 |
| Dow Industrials | +0.79% | 35,708.08 |
| Russell 2000 | +0.24% | 1,808.05 |
The SPDR S&P 500 ETF Trust (ARCA: SPY) edged 0.1% down to $454.28.
The SPDR Dow Jones Industrial Average ETF (NYSE:DIA) rose 0.8% to $357.37.
The Invesco QQQ Trust (NASDAQ: QQQ) fell 0.68% to $387.12.
The iShares Russell 2000 ETF (NYSE:IWM) rose 0.3% to $179.95, according to Benzinga Pro data.
Chart Of The Day: OPEC+ Fails To Boost Oil Prices
Sector, Industry ETF Performance
Sector-wise, financials and healthcare rose the most, with the Financial Select Sector SPDR Fund (NYSE:XLF) and the Health Care Select Sector SPDR Fund (NYSE:XLV), up 0.6% and 0.7%, respectively.
Growth-linked sectors such as the Communication Services…
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