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NASDAQ leads gains as U.S. stocks aim for strong monthly finish

Published Nov 20, 2023 18:24
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The U.S. stock market showcased a mixed but overall positive performance today, as major indexes are set to record their strongest month since October 2022 for the Dow and S&P, and since January for NASDAQ. The NASDAQ continued its upward trajectory from June's peak week, closing today at 14,183.77, marking a 0.42% increase. The Dow Jones Industrial Average edged slightly higher to 35,005 points, up about 0.16%, while the S&P 500 followed with a rise to 4,524.24, a boost of approximately 0.23%.

Earlier in the day, premarket activity had signaled an inconsistent start for the Dow but had seen the S&P climb by 0.75% and NASDAQ add 11.2 points ahead of the opening bell. Despite these morning fluctuations, all three major indexes have shown significant improvements compared to their standings last month.

In individual stock news, Iovance Biotherapeutics (NASDAQ: NASDAQ:IOVA) surged by 11% after Goldman Sachs (NYSE:GS) initiated coverage with a Buy rating and a $12 target price. Cardio Diagnostics Holdings (NASDAQ: CDIO) soared by an impressive 81% following the publication of their PrecisionCHD Test for coronary disease detection in a medical journal.

Cuentas Inc. (NASDAQ: CUEN) also saw its shares climb by 60%, benefiting from a reported decrease in quarterly losses. However, not all stocks experienced gains; NanoString Technologies (NASDAQ: NSTG) saw its value drop by half after TD Cowen issued a downgrade, and Greenland Technologies Holding Corporation (NASDAQ: GTEC) shares fell by 12% following weak earnings reports.

As investors keep a keen eye on OpenAI events amidst a persistent downturn since March 2022, NVIDIA (NASDAQ: NASDAQ:NVDA) prepares to announce its earnings tomorrow after the market closes. Despite setbacks in September and October, NVIDIA's monthly growth stands at an impressive +20.76%, contributing to an annual surge of +236.77%, propelled by triumphs in the AI sector.

On the commodities front, oil prices advanced to $77.80, while precious metals like gold and silver experienced declines. European stocks exhibited mixed dynamics with slight variations across major indexes, and Asia-Pacific markets closed diversely with Japan's Nikkei dipping but Hong Kong's Hang Seng gaining ground.

In the U.S debt market, yields showed modest fluctuations with the two-year yield slightly falling by -0.5 basis points to settle at 4.902%, whereas other maturities such as five-year (+1.4 bps), ten-year (+2.4 bps), and thirty-year bonds (+2.3 bps) experienced small increments.

Investors continue to monitor market trends closely as they navigate through economic indicators and corporate earnings reports that influence investment decisions across various sectors.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

NASDAQ leads gains as U.S. stocks aim for strong monthly finish
 

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