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On November 15, 2023, the S&P 500 Index closed up 0.38%, the Dow Jones Industrial Average rose by 0.10%, and the Nasdaq 100 gained 0.56%. Notable movers included Nvidia, which rose over 2% ahead of its earnings report, and Alphabet, which increased by 3% following the launch of its AI model, Gemini. Weakness in energy stocks, linked to a drop in WTI crude oil prices by over 2%, limited overall market gains.
The Federal Reserve’s rate-cut expectations diminished as the Bureau of Labor Statistics canceled the publication of the October employment report, leading to a decrease in the likelihood of a rate cut at the December 9-10 FOMC meeting to 30% from 70%. In addition, US mortgage applications fell by 5.2% in the week ended November 14, while the average 30-year fixed mortgage rate increased to 6.37%.
As for corporate earnings, Q3 results from 460 of the 500 S&P companies indicated a rise of 14.6%, exceeding forecasts and marking the best quarter since 2021, with 82% of companies outperforming estimates. The US trade deficit narrowed to $59.6 billion in August, better than expectations of $60.4 billion.
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