Wall Street Trades Mixed Ahead of Thanksgiving Holiday
Investors are evaluating labor, economic, and inflation data as markets prepare for a Thanksgiving holiday closure on Thursday and shortened trading hours on Friday.
The main Wall Street indexes are showing mixed performances this Wednesday morning. U.S. averages are trading unevenly as traders gear up for the holiday break.
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The Dow Jones Industrial Average, which tracks 30 major companies, is up 0.05% at 44,884.45 points. Meanwhile, the S&P 500, which includes 500 large-cap stocks, has slipped 0.34% to 6,001.15 points. The tech-heavy Nasdaq Composite is down 0.87%, trading at 19,008.81 points.
Check on our indices rates for more exclusive insights and information.
In economic data, U.S. GDP grew 2.8% quarter-over-quarter in the third quarter, according to the Commerce Department’s second estimate released this morning, aligning with projections.
Ahead of the holiday, labor data showed that initial jobless claims fell to 213,000 last week, 2,000 fewer than the revised 215,000 from the previous week. Analysts had expected 215,000 claims.
Inflation Uptick
The Personal Consumption Expenditures (PCE) Price Index—a key inflation measure closely monitored by the Federal Reserve—rose 2.3% year-over-year in October, up from 2.1% in September. The figure matched economists’ expectations.
Household incomes in the U.S. increased by 0.6% in October, outpacing the 0.3% growth seen in September. However, consumer spending grew at a slower pace, rising 0.4% in October compared to 0.6% the previous month.
The uptick in U.S. inflation can largely be attributed to the services sector, where prices climbed 3.9% year-over-year. In contrast, goods prices dropped 1% over the same 12-month period.
Despite the slight increase in the Personal Consumption Expenditures (PCE) Price Index, inflation remains close to the Federal Reserve’s 2% annual target, keeping it within manageable levels.
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