Stock Market Today: Dow ends flat, but remains on track for big November gains
Investing.com — The Dow gave up some gains to close flat Wednesday, though remained on track to post big November gains amid fresh optimism that the economy will avoid recession and ongoing optimism of Fed rate cuts of early next year.
By 16:00 ET (21:00 GMT), the Dow Jones Industrial Average rose 13 points, the S&P 500 fell 0.1%, and the NASDAQ Composite fell 0.2%. The Dow and S&P are on track to post gains of about 8% and 7% respectively in November, while the Nasdaq is eyeing an 11% gain for the month.
General Motors (NYSE:GM) rose more 9% after detailing plans to launch an accelerated $10 billion stock buyback programme and hike its quarterly dividend by 33% next year as the automaker looks to return «significant capital» to shareholders.
The move followed a difficult year including costly labor strikes at a time when the company has had to scale back its EV plans, but Wedbush said it believes GM now has a «clear vision forward and remain confident in the company’s trajectory heading into FY24 with profitability and EV production the two largest focuses looking forward.»
CrowdStrike Holdings (NASDAQ:CRWD) rose 10% as the cybersecurity firm forecast fourth-quarter revenue above expectations, driven by resilient demand for its cybersecurity offerings.
Intuit Inc (NASDAQ:INTU) rose 2% after reporting better-than-expected fiscal first-quarter results, but unveiled softer guidance for earnings in its current quarter. The maker of well known tax preparation said, however, the was «prudent» amid an uncertain macroeconomic backdrop.
Dollar Tree (NASDAQ:DLTR) stock gained more than 4% after the retailer trimmed its full-year sales forecast but also said it was reviewing its Family Dollar business.
Treasury yields added to
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