Mixed Closing for US Stock Market on November 3, 2023: Inflation Eases, Economic Growth Slows

US Stock Market on November 3, 2023

On November 3, 2023, the US stock market closed with mixed results. The Dow Jones Industrial Average (DJIA) rose by 0.14%, the S&P 500 increased by 0.21%, and the Nasdaq Composite saw a gain of 0.30%.

The rise in the US stock market was driven by investor optimism that US inflation was starting to recede. Data from October showed that the US Consumer Price Index (CPI) increased by 6.2% annually, a decrease from September's 6.8%. This marked the first decline in inflation since April 2022.

However, the stock market's gains were limited due to investor concerns about a potential US recession. Economic data for October revealed a slowdown in US economic growth. The US Gross Domestic Product (GDP) grew by 2.0% annually in October, down from 2.3% in September.

Here's a summary of the major US stock indices' movements on November 3, 2023:Dow Jones Industrial Average (DJIA): +0.14%, closing at 35,629.23
S&P 500: +0.21%, closing at 4,696.06
Nasdaq Composite: +0.30%, closing at 15,832.49

Key factors influencing the US stock market on November 3, 2023:Inflation data for October showed a 6.2% annual increase in the US Consumer Price Index (CPI), a decrease from September's 6.8%.
Economic data for October indicated a slowdown in US economic growth, with GDP growing by 2.0% annually.
The US Federal Reserve (The Fed) is scheduled to meet on November 7-8, 2023, to discuss monetary policy.

It is anticipated that the US stock market will continue its mixed trend on Thursday, November 4, 2023, as investors await the outcome of The Fed's meeting to determine the market's direction.