Stock Market News Today, 11/27/24 – Futures Down Ahead of Key Inflation Data

Last Updated: 4:01 PM EST

Stock indices finished today’s trading session in the red following today’s PCE inflation report. Indeed, the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 0.85%, 0.38%, and 0.31%, respectively. However, there was also a slew of other economic news that came out today.

Indeed, the Department of Labor released its Initial Jobless Claims report, which came in better than expected. In the past week, 213,000 people filed for unemployment insurance for the first time. Expectations were for 215,000 individuals.

In addition, Continuing Jobless Claims, which measures the number of unemployed people who qualify for unemployment insurance, came in at 1.907 million. This was below the forecast of 1.91 million but higher than last week’s print of 1.898 million.

Furthermore, the Census Bureau released its U.S. Core Durable Goods Orders report for the month of October, which measures the change in order value for long-lasting big-ticket items. This report excludes the impact of aircraft orders because they tend to be very volatile. Therefore, it is generally agreed upon that the core reading provides a better gauge of ordering trends.

Core Durable Goods Orders decreased by 0.1%, which was worse than the expected 0.2% jump on a month-over-month basis and less than the previous month. However, when including aircraft orders, growth was 0.2%, which beat expectations of -0.8%.

First Published: 4:00 AM EST

U.S. stock futures were trading lower on Wednesday morning as investors awaited the release of the Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) price index. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were down 0.28%, 0.07%, and 0.14%, respectively, at 3:35 a.m. EST, November 27.

In the previous trading session, the stock market witnessed positive momentum. The Dow Jones and the S&P 500 hit new all-time highs and closed higher by 0.28% and 0.57%, respectively. Further, the Nasdaq Composite gained 0.63%, driven by the surge in technology stocks.

In major after-market action, Dell Technologies (DELL) shares tumbled over 11% after its Q3 revenue missed analysts’ estimates. Also, HP (HPQ) stock was down more than 7% after the company provided a weak earnings forecast.

On the economic front, investors are awaiting the release of PCE data, which can provide insights into the potential trajectory of interest rates. The core PCE index, excluding volatile food and energy prices, is expected to rise 2.8% year-over-year. Importantly, this data point is closely watched by policymakers as it could influence the Fed’s future monetary policy decisions.

Moving to corporate earnings, the calendar remains light with only a handful of companies releasing their quarterly numbers today, including Patterson Companies (PDCO) and B. Riley Financial (RILY).

Meanwhile, the U.S. 10-year treasury yield was down, floating near 4.271% at the time of writing. At the same time, WTI crude oil futures are trending higher, hovering near $68.99 per barrel as of the last check.

Elsewhere, European indices opened lower on Wednesday morning as investors assessed the potential global impact of U.S. President-elect Donald Trump’s proposed tariff hikes.

Asia-Pacific Markets Traded Mixed on Wednesday

Asia-Pacific indices were mixed today. Chinese stocks gained on hopes that Beijing will introduce additional stimulus measures to address ongoing economic challenges. This came after China’s industrial profits fell 4.3% year-over-year in October.

Hong Kong’s Hang Seng index gained 2.32%. Further, China’s Shenzhen Component and Shanghai Composite indices were up by 1.53% and 2.25%, respectively. However, Japan’s Nikkei and Topix indices closed lower by 0.8% and 0.9%, respectively.

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