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Oil companies rise amid recovery in crude prices
U.S. consumer confidence slips in November
Indexes: Dow flat, S&P up 0.11%, Nasdaq up 0.13%
Nov 29 (Reuters) - Wall Street's main indexes were
little changed on Tuesday as growth stocks extended losses,
while a rise in energy shares on the back of higher oil prices
helped stave off declines.
Five of the 11 major S&P 500 sector indexes were trading
higher, with energy up 1.6% as crude prices jumped amid
expectations that OPEC+ would agree to cut oil output during its
Still, trading remained in a narrow range, with market
participants also shifting focus to recent protests in China
amid hopes that it could lead to a quicker easing of COVID-19
curbs by its government.
"China is a mixed picture because the protests create
uncertainty, but at the same time, could be a catalyst for
eventually a loosening in COVID policy," said Carl Ludwigson,
managing director at Bel Air.
Early gains in growth stocks proved short-lived, while U.S.
Treasury yields rose. Investors also sold Treasuries as they
anticipate details about Amazon.com Inc's highly
anticipated multi-tranche corporate bond deal.
Shares of Microsoft Corp, Amazon.com Inc
and Meta Platforms Inc were down between 0.2% and 0.7%.
"We've got a reasonably strong rally into the fourth
quarter. It's an opportunity perhaps to add to fixed income,
which is more likely to do its job next year than it did this
year, as the problem goes from inflation to economic growth,"
The benchmark S&P 500 index is now headed for its
second straight month of gains in November amid hopes of the
U.S. Federal Reserve hiking interest rates in smaller increments
and a handful of inflation readings showing a slight cooling in
So far, the Fed has delivered four straight 75 basis point
rate hikes, but is expected to shift down the pace to a 50-bps
move in December.
A survey on Tuesday showed U.S. consumer confidence eased
further in November amid persistent worries about the rising
cost of living.
At 10:25 a.m. ET, the Dow Jones Industrial Average
was down 2.64 points, or 0.01%, at 33,846.82, the S&P 500
was up 4.29 points, or 0.11%, at 3,968.23, and the Nasdaq
Composite was up 14.04 points, or 0.13%, at 11,063.54.
U.S.-listed shares of Chinese companies Alibaba Group
Holding Ltd, Pinduoduo Inc and JD.com Inc
rose between 5.7% and 8.9% as China broadened equity
financing channels for property developers.
Advancing issues outnumbered decliners for a 2.01-to-1 ratio
on the NYSE and a 1.68-to-1 ratio on the Nasdaq.
The S&P index recorded no new 52-week high and one new low,
while the Nasdaq recorded 34 new highs and 77 new lows.
(Reporting by Ankika Biswas in Bengaluru; Editing by Anil
D'Silva and Shounak Dasgupta)