The stock market closed lower on Wednesday, November 9, 2023, with the Dow Jones Industrial Average falling 220.33 points, the Nasdaq Composite Index losing 128.97 points, and the S&P 500 Index declining 35.43 points.
The market was weighed down by a number of factors, including concerns about rising interest rates, inflation, and a potential recession. Investors were also digesting a number of mixed economic data releases, including a disappointing report on retail sales.
Despite the overall decline, there were a few bright spots in the market. Technology stocks rebounded after a recent sell-off, and energy stocks also performed well.
Here is a more detailed look at some of the key sectors and stocks that moved the market today:
- Technology: The tech sector was one of the few bright spots in the market today, with the Nasdaq 100 Index rising 0.23%. This was likely due to a number of factors, including a rebound in semiconductor stocks and positive news from some tech companies. For example, Alphabet (GOOGL) reported strong earnings results after the bell, which sent the stock up in after-hours trading.
- Energy: Energy stocks also performed well today, with the Energy Select Sector SPDR Fund (XLE) rising 1.23%. This was likely due to a rise in oil prices, which were boosted by supply concerns and a weaker dollar.
- Consumer staples: Consumer staples stocks were one of the few sectors that were able to hold up relatively well today, with the Consumer Staples Select Sector SPDR Fund (XLP) falling just 0.14%. This was likely due to the fact that consumers tend to buy consumer staples goods even during economic downturns.
- Financials: Financial stocks were one of the worst-performing sectors today, with the Financial Select Sector SPDR Fund (XLF) falling 1.35%. This was likely due to concerns about rising interest rates, which could hurt banks and other financial institutions.
Overall, the stock market had a mixed day on Wednesday, with some sectors outperforming and others underperforming. Investors will be closely watching economic data and Federal Reserve policy for signs of a potential recession in the coming weeks and months.