On Tuesday, November 14, 2023, U.S. stock indexes showed mixed results: the S&P 500 Index closed down 0.24% to a three-week low, the Dow Jones Industrials Index fell 0.62%, while the Nasdaq 100 Index rose 0.26%. Weak economic data, including a rise in the unemployment rate to a four-year high of 4.6% and stagnation in October retail sales, contributed to market pressure. December E-mini S&P futures decreased by 0.25%, while December E-mini Nasdaq futures gained 0.25%.
In November, nonfarm payrolls increased by 64,000, exceeding the forecast of 50,000, although October’s nonfarm payrolls showed a decline of 105,000. Average hourly earnings rose by 3.5% year-over-year, marking the smallest increase in 4.5 years. The S&P manufacturing PMI for December fell to 51.8, its lowest in five months, while retail sales remained unchanged month-over-month, contradicting expectations for a slight increase.
Global markets also reflected downward trends, with the Euro Stoxx 50 declining 0.60% and the Shanghai Composite falling to a two-month low, down 1.11%. Key commentary from Atlanta Fed President Raphael Bostic indicated a persistent inflation outlook, impacting investor sentiment. Market analysts are closely watching upcoming economic indicators, including weekly unemployment claims and consumer sentiment data.
