The three major U.S. equity indexes closed higher Tuesday. The Dow added 1.18%, the Standard & Poor’s 500 gained 1.36%, and the Nasdaq Composite also rose 1.36%. All 11 sectors closed higher, with energy (3.18%) and materials (2.23%) leading the way. Real estate (0.46%) and consumer staples (0.72%) posted the smallest gains.
The Fed Open Market Committee (FOMC) minutes will be published this afternoon, and Fed watchers will be searching for clues to the size of a possible interest-rate hike at the December meeting. The weekly report on claims for unemployment benefits showed that new claims rose by 17,000 from an upwardly revised total of 223,000 in the prior week to 240,000. Continuing claims rose by 5,500 to 1.551 million. Later this morning, the monthly report on new home sales is due and is expected to show a decline in new home sales from 603,000 in September to 578,000 in October.
The three major indexes traded higher in Wednesday’s premarket session.
After U.S. markets closed Monday afternoon, Nordstrom reported better-than-expected earnings per share (EPS) on revenue that exceed the consensus estimate. The department store reaffirmed guidance for the fiscal year ending in January, but analysts and investors were looking for more. The stock traded down by about 8.2% in Wednesday’s premarket.
HP Inc. reported beats on both the top and bottom lines, but the bar was pretty low and year-over-year, the PC and printer giant posted revenue that was 11% lower and EPS that was 9.5% lower. The company also announced a 5% dividend hike and a transformation plan that includes the firing of 4,000 to 6,000 employees. Shares were up by double digits early Wednesday but have dipped to an increase of about 2.5% with about 30 minutes left in premarket trading.
Before markets open Wednesday morning, Deere & Co. reported results that also beat estimates on the top and bottom lines. Equipment sales rose nearly 40% year over year, and EPS was up about 80%. The stock traded up about 3.4% in Wednesday’s premarket.
24/7 Wall St.U.S. markets are closed for the Thanksgiving holiday on Thursday and close at 1 pm on Friday.
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