Business News Updates | 13-11-2023
Business news headlines for November 13, 2023:
- U.S. Markets Slide on Inflation Worries
U.S. stock markets closed lower on Monday, November 13, as investors grew concerned about the possibility of higher inflation. The Dow Jones Industrial Average fell 326 points (0.50%) to close at 64,933.87, while the S&P 500 Index dropped 82 points (0.42%) to settle at 19,443.55. The Nasdaq Composite Index declined 31 points (0.22%) to end at 13,767.74.
- European Stocks Mixed as Investors Await ECB Meeting
European stock markets were mixed on Monday, November 13, as investors awaited the European Central Bank’s (ECB) latest monetary policy decision. The pan-European STOXX 600 index fell 0.2%, while Germany’s DAX rose 0.4% and France’s CAC 40 gained 0.3%.
- Asian Stocks Fall as Inflation Concerns Weigh
Asian stock markets fell on Monday, November 13, as investors were spooked by rising inflation concerns in the United States. Japan’s Nikkei 225 index fell 0.9%, while China’s Shanghai Composite Index dropped 1.1%.
- Oil Prices Fall as Recession Fears Mount
Oil prices fell on Monday, November 13, as investors grew concerned about the possibility of a global recession. Brent crude futures fell 1.3% to settle at $93.20 per barrel, while West Texas Intermediate (WTI) crude futures dropped 1.1% to end at $83.60 per barrel.
- Gold Prices Rise as Investors Seek Safe Haven
Gold prices rose on Monday, November 13, as investors sought safe haven assets amid rising inflation and recession fears. Gold futures for December delivery settled $11.40 higher, or 0.6%, at $1,741.40 an ounce.
Financial market news for November 13, 2023:
U.S. Markets
- Dow Jones Industrial Average: 64,933.87, down 326 points (0.50%)
- S&P 500: 19,443.55, down 82 points (0.42%)
- Nasdaq Composite: 13,767.74, down 31 points (0.22%)
Key Events
- U.S. Inflation Data: The Consumer Price Index (CPI) for October rose 0.1% from the previous month, in line with expectations. The year-over-year inflation rate fell to 3.3% from 3.7%.
- Treasury Yields Rise: The 10-year Treasury yield rose to 4.631%, up from 4.627% on Friday.
Other News
- Stocks Finish Mixed After Moody’s U.S. Credit Warning, Ahead of Inflation Data: U.S. stocks ended mixed on Monday, November 13, 2023, as investors digested a downgrade of the U.S. credit rating by Moody’s Investors Service and awaited the release of inflation data. The Dow Jones Industrial Average rose 55 points, or 0.2%, to close at 32,717.44, while the S&P 500 was little changed, closing at 4,072.49. The Nasdaq Composite fell 0.2% to end at 12,922.72.
- Meta, Apple, and Alphabet to Face New Financial Regulations in the US: The Consumer Financial Protection Bureau (CFPB) has proposed a new rule that would bring large tech companies that offer digital wallets and payment apps under its supervision.
- Nvidia Updates H100 AI Processor: Nvidia has announced significant updates to its H100 AI processor, adding new capabilities that are expected to further solidify the company’s dominance in the AI computing market.
- Boeing Secures Orders at Dubai Airshow: Boeing has opened the Dubai Airshow with a flurry of orders, including a $52 billion commitment from Emirates Airline for widebody aircraft.
- Tyson Foods Writes Down Beef Investments: Tyson Foods has written down the value of its investments in beef, citing a challenging economic backdrop, tighter cattle supplies, and higher costs.
- HP Inc. Shares Rise on Optimistic Outlook: HP Inc. shares have risen after the company issued an optimistic outlook for the rest of the year. The company expects to see strong demand for its personal computers and printers, particularly in the consumer and education markets.