US Stock Markets Today: S&P 500, Dow Jones Little Changed As Stocks Signal Buyer Exhaustion After Rally
The broader index, S&P 500, was nearly flat as it opened barely four points higher at 5,989.68. The 30-stock Dow Jones Industrial Average was up 25.81 points at 44,032.38.
The main Wall Street indices were little changed at the opening bell on Thursday, but edged marginally higher as compared to the preceding day's close.
The broader index, S&P 500, was nearly flat as it opened barely four points higher at 5,989.68. The 30-stock Dow Jones Industrial Average was up 25.81 points at 44,032.38.
The tech-heavy Nasdaq Composite was up 0.13% at 19,256.09 at the opening bell.
This marks the third consecutive day when the US stock markets have opened on a flat note, in what signals at a likely exhauster among stock buyers after the rally triggered by Donald Trump's US presidential poll win.
In the early minutes of trade, nine out of the 11 S&P 500 sectoral indices were edging marginally lower. The only two indices edging higher were energy and financials.
While most major stocks were little changed in the first few minutes of trade, the key gainer was Walt Disney Co., whose scrip climbed 9% to $112 on stronger-than-expected quarterly earnings. Among the early losers was Tesla Inc, as the Elon Musk-led company's stock shed shed 2.4% to trade at $322.
Shortly before the Wall Street opened, the producer price index data was released by the US Bureau of Labor Statistics. The PPI, which is a measure of wholesale inflation, rose 2.4% year-on-year in October, marginally higher than Bloomberg's estimate of 2.3%.
The dollar, which has been firming up since Trump's election victory, edged marginally higher after the markets opened on Thursday. The Bloomberg Dollar Spot Index was up 0.1% at 106.584. The 10-year Treasury yield declined by three basis points to 4.42%.
Gold, which shares an inverse relationship with dollar, continued its downward slide. The metal was trading 0.4% lower at $2,563.42 an ounce.
On the other hand, the ascent of Bitcoin continued unabated as the world's largest-traded cryptocurrency rose 3.2% to trade at $91,473.29. Bitcoin has emerged as one of the top gainers following Trump's win, as the President-elect is expected to ease regulations for cryptocurrency.
Before the US markets opened, the Asian peers settled on a low note. China's Shanghai Composite Index closed 1.73% lower, Hong Kong's Hang Seng Index slipped 1.96%, Japan's Nikkei 225 ended 0.48% down, and India's NSE Nifty 50 declined 0.11%.
