US Stock Markets Today: S&P 500, Nasdaq Open Higher As Wall Street Extends Post-Election Rally
While the Wall Street has retained the momentum fueled by Donald Trump's win, the focus will shift to the Federal Reserve's interest rate action.
Two of the three main Wall Street indices opened in the green on Thursday, as the US stock market extended the rally driven by Donald Trump's decisive win in the presidential election.
The broader index, S&P 500, opened 0.3% higher at 5,947.21 points, whereas the tech-heavy Nasdaq Composite was up 0.5% at 19,084.43 at the opening bell.
The 30-stock Dow Jones Industrial Average, however, started the trade on a flat note. It opened 11.01 points lower at 43,729.93.
As the trading progresses, investors may adopt a cautious approach as the Wall Street will shift focus to the US Federal Reserve. The monetary authority is expected to announce a 25 basis points rate cut. Its decision will be revealed at 2:00 p.m. EST (12:30 a.m. IST).
In the early trade, some of the stocks that topped the charts post Trump's victory edged lower. Tesla Inc was down 0.25% at $287.53, after rallying by 14% on Wednesday. Trump Media & Technology Group Corp., which closed 6% higher at end of the previous session, slumped 16% to $30.17.
Among mega-cap stocks, Apple Inc., Nvidia Corp. and Meta Platforms Inc. edged higher by over 1% in early trade.
Banking stocks were in focus after Baird analysts downgraded their rating on JPMorgan Chase & Co.'s stock to underperform. The financials sectoral index was down 1.1%, driven by a 2.9% slide in JPMorgan.
Among other S&P 500 sectoral indices, information technology rose 1.1.%, industrials were little changed, and energy shed 0.8%.
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After the US markets kicked off trade, the dollar softened from the strength it had gained on Wednesday. The Bloomberg Dollar Spot Index fell 0.7%, and the 10-year Treasury yield declined by four basis points to 4.39%.
In the commodities market, gold edged higher after slumping to a three-week low post Trump's victory. Spot gold climbed 1.1% to $2,688.43 an ounce.
Before the Wall Street opened, the Asian markets settled on a mixed note. China's Shanghai Composite Index was up 2.57% and Hong Kong's Hang Seng Index rose 2.02% on expectations of a strong fiscal stimulus to be announced by Beijing. Japan's Nikkei 225, however, settled 0.25% lower and India's Nifty 50 decelerated by 1.16%.
To follow the live updates on Federal Reserve meeting, read here.
