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Thursday’s Minor Changes in Stocks Reflect the November Rally’s Break

Thursday’s market bounce seemed to be coming to an end as stocks stayed close to the zero line.

There was minimal movement in the Dow Jones Industrial Average. When compared to the Nasdaq Composite, the S&P 500 increased by 0.1%.

Following the release of the company’s shoddy Q&A and fiscal year-end outlook, shares of Cisco Systems fell by 12%. Palo Alto Networks fell 7% on the release of a dire billings forecast by the cybersecurity firm.

Following a reduction in the company’s annual earnings forecast, Walmart saw a more than 7% decline in stock price. After exceeding earnings projections for the fiscal third quarter, Macy’s surged 11%.

Data released on Thursday revealed that import prices decreased by 0.8% in October, exceeding the 0.3% the Dow Jones survey’s panel of experts had predicted. Along with a rise in weekly unemployment claims the previous week, these developments coincide with important inflation figures earlier this week that indicated inflation is finally beginning to decline.

The actions come after Wall Street had a successful day as investors welcomed the most recent inflation statistics. With about 160 points gained, the Dow concluded its fourth consecutive winning session with a gain of about 0.5%. About 0.2% and 0.1%, respectively, were gained by the S&P 500 and Nasdaq Composite.

A measure of wholesale prices, the producer price index, fell 0.5% in October. Its monthly decrease was the largest since April 2020.

Source (CNBC)

SourceCNBC
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