Breaking News
Get 40% Off 0
🔎 See NVDA full ProTips for an instant risks or rewards Claim 40% OFF

Stock Market Today: Dow closes higher as tech overcomes Nvidia slip

Published Nov 22, 2023 00:40 Updated Nov 22, 2023 22:26
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
NDX
+0.21%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
US500
+0.17%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DJI
-0.25%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
1YMH24
-0.09%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
NQH24
-0.05%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DE
-0.74%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Investing.com -- The Dow ended higher Wednesday ahead of the Thanksgiving holiday as tech shrugged off a slip in Nvidia (NASDAQ:NVDA) following chipmaker's cautious outlook on growth in China ahead of 

By 16:00 ET (21:00 GMT), the Dow Jones Industrial Average rose 184 points, or 0.5%, the S&P 500 gained 0.4% and the NASDAQ Composite added 0.5%. 

Tech stocks rise despite Nvidia slip; Altman returns to OpenAI

Tech stocks were in the ascendency, with a more than 1% increase in Google (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT) and Meta (NASDAQ:META) helping to stem the blow from a more than 2% fall in Nvidia. 

NVIDIA Corporation (NASDAQ:NVDA) reported guidance and Q3 results that topped Wall Street estimates, but the chipmaker warned that sales in China, which accounts for up to a fifth of sales in its high-margin data center business,  would "decline significantly" in its current quarter amid U.S. export restrictions on AI chips to China.

Elsewhere, Sam Altman is set to return to the helm of OpenAI just days after he was sacked as chief executive of the big-name generative artificial intelligence group.

HP Inc (NYSE:HPQ), meanwhile, rose nearly 3% despite reporting mixed fourth-quarter results as revenue missed Wall Street estimates, while current guidance also fell short of expectations. Some on Wall Street took a cautious view on the stock, expecting HP's printing business to continue to weigh. 

"[W]e remain cautious on slowing capital returns, elevated leverage and a printing business that is just beginning to roll, which we believewill likely limit outperformance, leaving us equal-weight"Morgan Stanely said in a note.

Deere in seller headlights after guidance spooks investors; Nordstorm's Q3 results fall short

Deere & Company (NYSE:DE), the world's largest farm equipment maker, fell 3% after it forecasted 2024 profit below expectations as high borrowing costs and squeezed budgets dented demand for farm equipment.

The dour fiscal 2024 guidance, which includes a forecast for a fall in net income to range of $7.75B to $8.25B from $10.16B in 2023, offset quarterly results that beat on both the top and bottom lines.

Nordstrom (NYSE:JWN), meanwhile, also offered a cautious outlook, flagging a "softening consumer spend" and reported third-quarter revenue that missed analyst estimates, sending its shares more than 4% lower. 

Energy closes above session lows as oil prices cut losses despite delayed OPEC+ meeting, U.S. inventories build

Energy stocks ended the day marginally lower after oil prices cut losses to settle well above session lows despite fresh signs of increasing crude supply.   

The Organization of the Petroleum Exporting Countries and and its allies, or OPEC+, postponed a scheduled meeting to Nov. 30 from Nov. 26, amid struggles to agree on production levels, stoking uncertain over potential output cuts.

Oil prices were also pressured by a larger than expected draw in weekly U.S. crude inventories

EOG Resources Inc (NYSE:EOG), Baker Hughes Co (NASDAQ:BKR) and Occidental Petroleum (NYSE:OXY) were among the biggest decliners, closing nearly 1% lower.

Treasury yields end mixed on signs of strength in jobs market

After briefly touching 2-month lows, Treasury yields ended mixed on the day, with the yield on the 2-year Treasury up 17 basis points to 4.9%, while the 10-year Treasury yield slipped 5 bps to 4.409% following mixed economic data. 

Weekly U.S. initial jobless claims missed expectations, pointing to ongoing labor market strength, while durable goods for October undershot economist expectations.   

(Peter Nurse and Oliver Gray contributed to this report.)

Stock Market Today: Dow closes higher as tech overcomes Nvidia slip
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email