US markets exhibited a broad surge on Wednesday as investors prepared for the Thanksgiving holiday closure on Thursday. The Dow Jones Industrial Average recorded a 0.5% gain, while the S&P 500 and Nasdaq experienced more substantial increases, rising close to 4%. In contrast, oil prices, which faced a 5% dip early in the day, managed to recover slightly, closing down approximately 1.8%.
As the nation anticipates Thanksgiving, markets are set to operate for a half-day on Friday, with the closing bell on Wall Street scheduled to ring at 1:00 p.m. Eastern Time.
In a highly awaited quarterly earnings report, Nvidia surpassed Wall Street expectations. However, the market response was tempered as the company acknowledged that U.S. restrictions on chip exports to China would impact future results. The semiconductor giant’s stock slipped more than 2% in afternoon trading.
Commodities, particularly oil, experienced notable volatility on Wednesday. Initially plummeting more than 4%, oil prices were influenced by the postponement of a meeting by the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+. Despite the initial dip, West Texas Intermediate (WTI) crude futures staged a recovery, concluding the day with a 1% decrease, settling just below $77 per barrel.
The tech sector witnessed a surprising turn of events as OpenAI announced the reinstatement of Sam Altman as its CEO, mere days after his removal. This decision, accompanied by the appointment of new board members, including former Treasury Secretary Larry Summers, aims to address internal dissent within the company. The move is perceived as a victory for OpenAI’s major supporter, Microsoft (MSFT), which actively campaigned for Altman’s reinstatement. Following the announcement, Microsoft’s stock saw a modest uptick of over 1%.
In individual stock developments, shares of Deere & Company (DE) experienced a 3% decline following a pessimistic profit forecast from the agricultural equipment giant. Deere cited concerns about elevated borrowing costs impacting demand, echoing a prevailing theme observed in various retailers’ financial results.
In conclusion, the surge in US markets on Wednesday underscored investor optimism, setting a positive tone ahead of the Thanksgiving holiday closure and reflecting resilience in the face of various economic and geopolitical factors. Investors remain watchful for any developments that may influence trading sentiment when operations resume for a half-day on Friday.
Source: Yahoo Finance
