S&P 500 Market Update November 2023: GE HealthCare Downgrade Sparks Share Drop
Discover the latest movements in the S&P 500 on November 27, 2023, including the impact of GE HealthCare's downgrade, key inflation data anticipation, and stock gains from Domino's and others. Stay informed with our detailed market analysis.
Bill McColl brings over 25 years of expertise as a senior producer and writer across TV, radio, and digital platforms, leading teams in delivering impactful news coverage on major events.
Market Highlights
- On November 27, 2023, the S&P 500 dipped 0.2%, marking only its second decline in nine sessions amid anticipation of crucial inflation data set for release this week.
- Shares of GE HealthCare Technologies (GEHC) fell 3.5% following a downgrade and lowered price target by UBS, citing concerns over expected margin pressures.
- Domino's Pizza (DPZ) shares surged 4.5% after TD Cowen raised its price target, expressing confidence in a U.S. business turnaround.
The U.S. stock market opened the week on a cautious note ahead of the Federal Reserve’s preferred inflation gauge, which could signal future interest rate movements. Despite the minor dip, the S&P 500 remains resilient with just two losses in the past nine trading days.
In sector-specific news, Albemarle (ALB) shares dropped 6.3% due to lithium price declines driven by oversupply in China, impacting the electric vehicle battery market.
Corteva (CTVA) experienced a 2% share decrease after Berenberg’s downgrade, highlighting increased competition from Chinese firms in South America, especially Brazil.
Conversely, Crown Castle (CCI) gained 3.5% following activist investor Elliot Investment Management’s call for significant board changes at the wireless towers and fiber-optic cable operator.
Metal producer Nucor (NUE) saw a 2.6% rise in shares after announcing higher sheet steel prices.
Gold miners, including Newmont Corporation (NEM), enjoyed share price increases amid gold’s rise to its highest level since June.
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