US stocks open higher and are on track to record weekly gains

2023-11-17 15:21:20

Noha Makram – Live – The majority of US stocks opened higher today, Friday, adding to their strong gains during the week, against the backdrop of retail sales updates and a decline in oil, which Wall Street sees as signs of a slowdown in the economy.

The S&P 500 index rose by approximately 0.1%, while the Dow Jones Industrial Average rose by approximately 0.2%, or approximately 690 points. While the Nasdaq index fell by 0.1%.

The three American indices are on the verge of recording weekly gains thanks to the mid-week stock jump, amid growing market conviction that the Federal Reserve may lower interest rates.

Investors viewed declining inflation and weak jobs data as signs that central bank tightening is finally limiting US economic growth.

Some investors are seeing similar signs in retailer updates. Gap Inc. issued a bleak forecast for holiday sales in its earnings, joining Walmart and Target in warning that a decline in consumer spending will hit the all-important shopping season.

Oil prices were also a sign of a slowdown with the market set to decline ahead of the OPEC+ meeting later in November. West Texas Intermediate crude rose 1.6%, while Brent futures rose 1.7% on Friday, but both are still heading toward a weekly loss after touching their lowest level in nearly four months.

Data released on Tuesday showed that the core consumer price index remained stable during October, versus expectations for a 0.1% increase. While the core consumer price index rose by 0.2%, below expectations for a 0.1% increase.

Signs of slowing inflation have reinforced investors’ bets that the Fed has finished raising interest rates.

Traders widely expect the Fed to hold rates in December and are betting that it will begin lowering them in May, according to the CME FeedWatch tool.

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US core consumer prices hit their lowest levels in two years

Global oil prices rose in early trading on Friday

US stocks fell at the beginning of trading Thursday

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