US stock indexes dipped mid-session on Wednesday as investors processed a range of economic indicators released ahead of the Thanksgiving holiday. The Dow Jones Industrial Average fell 0.1% to 44,808.7, while the Nasdaq retreated by 1.1%, settling at 18,961.9. The S&P 500 was down 0.5% to 5,989.9 by midday.
The health and real estate sectors showed gains, contrasting with technology, which was the largest decliner. In economic updates, the personal consumption expenditures price index increased by 0.2% in October, mirroring the rate from the previous month, elevating the year-over-year rate to 2.3% from 2.1% in September.
The core PCE price index also rose by 0.3%, aligning with the previous month and expectations. The annual rate quickened to 2.8% from 2.7% recorded in the previous month. The number of initial jobless claims in the US dropped to 213,000 for the week ending November 23, down from an upwardly adjusted 215,000 from the last week, diverging from expectations of a rise according to a survey by Bloomberg.
US economic performance, gauged by gross domestic product, remained steady with a 2.8% increase in Q3, as anticipated by Bloomberg’s survey. In corporate news, rivals Dell Technologies ($DELL) and HP ($HPQ) witnessed declines of around 13% following their earnings reports. Dell's fiscal Q4 guidance failed to meet investor expectations, while HP's fiscal Q1 non-GAAP diluted earnings forecast also disappointed the market.
On the flip side, Urban Outfitters ($URBN) saw its shares surge more than 15% during Wednesday’s trading after announcing better-than-expected earnings and sales for Q3. The yield on 10-year Treasury notes fell by 6 basis points to 4.24%, while the two-year yield decreased by 4.7 basis points to 4.21%.
The US Dollar Index dipped by 1% to 105.97. West Texas Intermediate crude oil saw a slight decline of 0.5% to $68.44 per barrel. Meanwhile, gold prices increased by 0.7%, reaching $2,664.20 an ounce, while silver prices were down by 0.8% to $30.59 an ounce..