US stocks ended the session mixed in a troubled session after minutes of the Federal Reserve’s last meeting showed that inflation worries could mean rate hikes come earlier than announced.
The Dow Jones Industrial Average fell over 9 points, or 0.03%, while the S&P 500 and Nasdaq rose 0.44% and 0.23%, respectively, late in the day.
|Me: DJI||DOW JONES AVERAGE VALUES||35804.38||-9.42||-0.03%|
|SP500||S&P 500||4701.46||+10.76||+ 0.23%|
|Me: COMP||NASDAQ COMPOSITE INDEX||15845.225709||+70.09||+ 0.44%|
Financial markets are closed on Thanksgiving, followed by a shortened session on Friday when markets close at 1 p.m. ET.
Oil held at $ 78 a barrel after gaining over 2% on Tuesday, despite President Biden’s mandate to release 50 million barrels of oil from the country’s strategic reserve in an effort to cut energy costs. The move was taken in collaboration with other major oil consuming nations, including Japan. OPEC members are scheduled to meet on December 1st and review US developments.
Major oil names like ExxonMobil and Chevron rose slightly.
|XOM||EXXON MOBIL CORP.||63.48||+0.35||+ 0.55%|
|CVX||CHEVRON CORP.||117.19||+0.89||+ 0.77%|
|USE||UNITED STATES OIL FUND LP||55.88||-0.32||-0.57%|
|GAS||n / A||n / A||n / A||n / A|
In stocks, Nordstrom’s and Gap both fell sharply after reporting disappointing quarterly results.
The high-end department store chain reported earnings of $ 0.39 per share, well below the $ 0.57 analyst forecast, despite reiterating its guidance for the full year. The stock saw its steepest decline on record, falling over 29%.
|Geographic positioning system||GAP, INC.||17.84||-5.67||-24.12%|
While Gap lowered its guidance for the full year, the stock posted its second-largest one-day percentage decline on record, as tracked by the Dow Jones Market Data Group.
Tesla shares slid after CEO Elon Musk sold an additional $ 1 billion in shares while exercising options to purchase over $ 2 million, according to an SEC filing.
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|TSLA||TESLA, INC.||1,116.00||+6.97||+ 0.63%|
The business news was flooded with reports ahead of the Thanksgiving holiday.
- The second estimate of GDP in the third quarter was 2.1%, slightly above the previous 2.0% control, but well below the growth rate of 6.6% in the second quarter.
- The Department of Labor reported new claims for unemployment benefit of 199,000 for last week, up from 268,000 the previous week. Current entitlements, which measure the total number of unemployed receiving benefits, are expected to decrease to 2.049 million.
- Durable goods declined 0.5% as orders for items with large tickets continued to fall after falling 0.3% in the previous ad.
- And regarding inflation, prices rose 5% in the year through October, according to personal consumer spending price index data released on Wednesday. That exceeded the previous month’s estimates and became the fastest increase in pace since November 1990.
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Ken Martin of FOX Business and The Associated Press contributed to this report.