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Stock Market News

Our market analysts keep you updated on the latest market trends including stock market data, news, market activity, and economic reports in the daily stock market commentary.

Opening Comment — Wednesday, September 27, 2023

DJIA: 33,618.88, down 388.00
S&P 500: 4,273.53, down 63.91
NASDAQ: 13,063.61, down 207.71

Stocks higher ahead of key economic releases

Stock futures are higher on Wednesday as investors await key economic releases scheduled for this week. The Dow is rising 0.3%, while the S&P 500 is increasing 0.4% in pre-market action. The Nasdaq 100 is increasing 0.4% relative to fair value on the GLOBEX.

U.S. equities were lower on Tuesday following August’s new home sales and September’s consumer confidence coming in below economists’ expectations. The Dow was down 1.1%, while the tech-heavy Nasdaq Composite fell 1.6%. The S&P 500 decreased 1.5%, with all 11 sectors finishing in negative territory. The Utilities sector declined the most, falling 3.1%.

On the data front today, Mortgage Bankers Association (MBA) mortgage applications decreased 1.3% for the week ending September 22 versus the prior week’s increase of 5.4%. Preliminary readings for August’s durable goods orders and durable goods orders excluding transportation are expected to fall 0.5% and rise 0.2%, respectively, versus the prior month’s decrease and increase of 5.2% and 0.4%, respectively. The Department of Energy (DOE) crude oil inventories are anticipated to decrease by 0.9 million barrels for the week ending September 22 versus the prior week’s decrease of 2.1 million barrels.

Across the pond, European stocks are lower in mid-day trading following Germany’s consumer confidence falling more than the consensus estimate for October.

Overnight in Asia, stocks were mostly higher following a softer than expected decline in China’s industrial profits and in Hong Kong’s imports and exports.

In FOREX trading, the dollar is increasing slightly with the euro trading at its 6-month low.

Over in the commodity pits, West Texas Intermediate (WTI) crude is 1.7% higher at $91.92/barrel following supply constraints leading into winter and expectations of a further decrease in U.S. crude oil inventories.

In the metals complex, gold is 0.4% lower at $1895.00/ounce following a strengthening dollar.

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