Stock Market News, Nov. 16, 2023: Dow Finishes Lower; Walmart, Cisco Shares Retreat

Earnings season found its latest victims.

Cisco’s shares dropped Thursday after the network-equipment giant slashed revenue forecasts, wiping away billions of dollars of the Dow component’s market value. Walmart, Burberry, Alibaba and Palo Alto Networks shares also took hits following the companies’ latest updates to investors. Macy’s, Berry Global Group and Siemens rose after their own reports.

Stock indexes finished with muted moves. The S&P 500 and the tech-oriented Nasdaq Composite were roughly 0.1% higher. The Dow industrials fell a bit more than 0.1%, dropping 46 points. All three are on track for weekly gains.

Shares of Intel rose. The chip company’s shares were the S&P 500’s top gainers, booking their highest close of the year.

Bonds rallied. The U.S. 10-year yield fell, settling at 4.444%. The two- and 30-year yields also dropped.

Industrial output declined. The Federal Reserve’s monthly measure of output and capacity utilization among manufacturers, miners and utilities fell by more than expected last month, when auto strikes took a toll.

Oil prices weakened. Front-month U.S. crude for December delivery fell nearly 5%, settling just under $73 a barrel.

Bitcoin prices softened, falling to around $36,000 as of 5 p.m. ET. The cryptocurrency came close to $38,000 Wednesday.

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