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  3. US markets end mostly higher on Wednesday

US markets end mostly higher on Wednesday

09 Nov 2023 Evaluate

The US markets ended mostly higher on Wednesday as optimism the Federal Reserve is done raising interest rates continued to support the markets. However, the lackluster performance on markets came as traders seemed reluctant to make significant moves following the recent strength in the markets. On the sectoral front, Most of the sectors showed only modest moves on the day, contributing to the lackluster performance by the broader markets. Gold stocks showed a substantial move to the downside, however, with the NYSE Arca Gold Bugs Index plunging by 2.8 percent. The sell-off by gold stocks came amid a decrease by the price of the precious metal, as gold for December delivery fell $15.70 to $1,957.80 an ounce. Considerable weakness was also visible among biotechnology stocks, resulting in a 1.5 percent drop by the NYSE Arca Biotechnology Index.

On the economic data front, wholesale inventories in the U.S. unexpectedly saw a modest increase in the month of September, according to a report released by the Commerce Department. The report said wholesale inventories rose by 0.2 percent in September after edging down by 0.1 percent in August. Street had expected wholesale inventories to come in unchanged. The unexpected uptick in wholesale inventories came as inventories of durable goods crept up by 0.2 percent, while inventories of non-durable goods inched up by 0.1 percent. Meanwhile, the Commerce Department said wholesale sales shot up by 2.2 percent in September after surging by 2.0 percent in August. Sales of non-durable goods led the way higher, spiking by 3.4 percent, while sales of durable goods climbed by 0.7 percent.

Nasdaq added 10.56 points or 0.08 percent to 13,650.41 and S&P 500 was up by 4.4 points or 0.1 percent to 4,382.78, while Dow Jones Industrial Average fell 40.33 points or 0.12 percent to 34,112.27.  


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