Friday saw a small decline in stocks following the Dow Jones Industrial Average’s closing of its greatest month in over a year, which included a new high for 2023.
For every 100 stocks in the 30-stock index, the S&P 500 lost 0.2%, or roughly 14 points. By 0.3%, the Nasdaq Composite fell.
Traders were awaiting the words of Jerome Powell, the chair of the Federal Reserve, later on Friday. At Spelman College, Powell will be giving a fireside conversation at 11 a.m. ET. Part of the reason for November’s massive rise was that traders started to think the Fed was done hiking rates, and they would even start lowering them in the first half of 2019. Rate decisions are next made by the Fed on December 13.
Following the entertainment giant’s decision to restore its dividend, Disney shares saw a nearly 0.4% increase in premarket trade. Strong quarterly results caused Ulta Beauty to soar 11.4%.
Following an incredible conclusion to a massive rally in November, Friday’s subdued actions follow. The Dow Jones Industrial Average surpassed its previous 2023 high set in August, rising 520 points, or 1.47%, to close at 35,950.89. For every 0.2% decline in the Nasdaq Composite, the S&P 500 saw a 0.4% increase.
In Thursday’s session, stocks ended a three-month losing trend and concluded a record November. For its greatest monthly results since July 2022, the S&P and Nasdaq increased by 8.9% and 10.7%, respectively. For the greatest month since October 2022, the Dow increased by 8.8%.
The Dow is on track to achieve a winning week for the fifth time in over two years, while the S&P is likewise moving in the same direction. The Nasdaq, which has lost roughly 0.2% of its value this week, is expected to end a winning run of four weeks.
Some on Wall Street are encouraging investors to exercise caution through year-end and 2024, despite Thursday’s significant market gain and November’s positive market sentiment.
Source (CNBC)
