Last update: 4:05 pm EST
Stock indices ended today's session mixed, with the Nasdaq 100 (NDX) and the S&P 500 (SPX) fell 0.14% and 0.1%, respectively. Meanwhile, the Dow Jones Industrial Average (DJIA) rose 0.04%.
The basic consumer sector (XLP) was the biggest laggard of the session, losing 0.84%. On the contrary, the real estate sector (XLRE) was the leader of the session, with a gain of 0.76%.
Additionally, the 10-year US Treasury yield declined to 4.27%, while the two-year Treasury yield fell to around 4.65%.
On Wednesday, data from the Energy Information Administration showed that U.S. crude oil, gasoline and distillate fuel stockpiles rose more than expected, as refineries increased their capacity use last week.
According to the report, commercial crude oil reserves rose to 449.7 million after adding 1.6 million barrels in the week ending November 24. The EIA said the figure was slightly above the five-year average for the week and beat analyst expectations of 900,000 barrels.
Additionally, the report indicated that gasoline stocks increased by 1.8 million barrels to 218.2 million, significantly more than estimates of an increase of 100,000 barrels. Elsewhere, stocks of distillates, mainly diesel fuel, topped expectations of 800,000 barrels after rising by 5.2 million to 110.8 million in the period ending Nov. 24. Both gasoline and distillates are above their five-year averages for the week, the EIA noted.
The increase in reserves comes amid increased speculation about an OPEC production cut, which could drive up oil prices. Latest reports indicate that member states are still at odds over future production quotas, with Saudi Arabia's push to cut a million barrels met with fierce opposition from Nigeria and Angola.
With uncertainty still lingering, crude oil has seen a volatile trading session so far.
Last update: 9:30 am EST
Stocks opened higher on Wednesday, with the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) up 0.71%, 0.46%, and 0.19%, respectively, as of 9:30 a.m. EST, Nov. 29.
US GDP growth was revised to 5.2% on an annualized basis in the third quarter. This was higher than the previous estimate of 4.9% and higher than the 2.1% increase seen in the second quarter. This upward revision was due to a rebound in consumer spending, private inventory investment, exports, state and local government spending, federal government spending, residential fixed investment, and non-residential fixed investment.
First Posted: 4:01 am EST
US futures are inching higher on Wednesday morning following positive comments from Federal Reserve Governor Christopher Waller. The official believes the Federal Reserve's monetary policy is already "restrictive," meaning markets should not expect further rate hikes. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) increased by 0.29%, 0.24%, and 0.23%, respectively, as of 4:00 a.m. EST on November 29.
Meanwhile, the 10-year US Treasury yield is flirting with lows, sitting at 4.27% at the time of writing. And WTI crude oil futures are around $76.60 per barrel at last check. In the economic field, estimates of the Gross Domestic Product for the third quarter will be published.
Cybersecurity company Salesforce (CRM) will release its Q3FY24 results after the bell, today. Meanwhile, CrowdStrike (CRUD) shares fell in after-hours trading Tuesday despite Exceeding Q3 FY24 Expectations. Also, Farfetch (FTC) shares rose yesterday on news of a acquisition by founder and CEO Jose Neves. The company even postponed the release of third-quarter results scheduled for today.
In other news, Charlie Munger, the renowned investorbillionaire philanthropist and vice chairman of Berkshire Hathaway (BRK.B), died yesterday at the age of 99. His departure marks the end of an extraordinary journey that will undoubtedly leave a lasting mark on the pages of financial history. Further, electric vehicle manufacturer Tesla (TSLA) is preparing for the first Cybertruck deliveries, by Gigafactory Texas. The long-awaited event will take place on Thursday, November 30 at 1:00 pm EST.
Additionally, Uber Technologies (UBER) has teamed up with London's iconic black cabs, marking a big win for the ride-hailing service provider. Drivers can start signing up for ride referrals starting today, while the full service will take effect in early 2024.
Elsewhere, most European markets are trading higher on Wednesday as investors analyze positive comments from Federal Reserve officials.
Asia-Pacific markets end mostly lower on Wednesday
Most Asia-Pacific indices ended lower on Wednesday.
Hong Kong's Hang Seng Index and China's Shanghai Composite and Shenzhen Component Indices ended with losses of 2.08%, 0.56% and 0.91% respectively.
Similarly, Japan's Nikkei and Topix indices ended with losses of 0.26% and 0.51%, respectively.
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