S&P 500 and Nasdaq Trim Weekly Gains, Crude Oil at 2023 High

Barry Adams
15 Sep, 2023
New York City

Stocks on Wall Street traded down on final day of the week but popular indexes are set to close higher. 

Volatile and popular tech and energy stocks dominated trading on Friday and investors assessed the latest economic data and future rate path. 

Crude oil is set to close higher for the third week in a row on supply worries and immediate month delivery future price hovered near $90 a barrel. 

Tech stocks trimmed weekly gains after Arm Holdings jumped higher for the second day in a row after the company completed its initial public offering and raised $4.9 billion. 

Adobe Inc  edged slightly lower after the company reported quarterly results that matched some analysts' expectations. 

Automakers stocks were also in focus after United Auto Workers decided to strike at three key assembly plants in Michigan,  

For the week, the S&P 500 and the Nasdaq indexes are set to close higher 1.1% and 1.2% after falling 1.5% and 2.0% in the previous week respectively.  

 

U.S. Indexes & Yields 

The S&P 500 index inched up 0.4% to 4,483.21 and the Nasdaq Composite added 0.2% to 13,834.97. 

The yield on 2-year Treasury notes hovered near 5.03%, 10-year Treasury notes inched slightly higher to 4.31% and 30-year Treasury bonds edged up to 4.40%. 

Crude oil increased $1.13 to $89.73 a barrel and natural gas prices decreased 3 cents to $2.63 a thermal unit. 

The dollar index edged higher to  105.22, the level last seen in March but higher than the low of 99.85 on July 13. 

 

U.S. Stock Movers 

Adobe Inc declined 3.5% to $533 after the graphic design software developer reported fiscal third quarter results that matched investor expectations. 

Nucor  Corporation declined 2.1% to $162.05 after the specialty steelmaker forecasted third quarter earnings to decline primarily because of lower prices and falling volumes. 

Nucor expects third quarter earnings per share to be in the range of $4.10 to $4.20 per diluted share, second quarter net earning was $5.81 and $6.50 in the third quarter of 2022.

Arm Holdings increased 3.6% to $65.89 and extended gains for the second day in a row after the advanced chip design company priced its initial public offer at $51 a share and raised $4.9 billion. 

Unity Software Inc increased 2.2% to $36.54 after Bank of America upgraded stock to "buy" on the earnings growth expectations in 2024 and 2025. 

General Motors, Ford Motor Company and Stellantis NV after 12,700 United Auto Workers decided to strike at three key assembly plants asking for higher wages and other benefits. 

The union workers decided to strike at General Motors midsize truck manufacturing plan and full-size van production facility in Wentzville, Missouri. 

Workers also walked out at Jeep manufacturing plant in Toledo, Ohio and Ford Ranger midsize pickup and Bronco SUV manufacturing plant in Wayne, Michigan.

Workers also went on strike at Ford Ranger midsize pickup and Ford Bronco SUV plant in Wayne, Michigan and the Jeep assembly plant in Toledo, Ohio.