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November 19, 2021

Nasdaq jumps as Amazon, Apple gain while Dow posts back-to-back session of losses

Stocks were mixed on Thursday as investors weighed a batch of solid corporate earnings results against lingering inflation concerns.

The S&P 500 and Nasdaq ended a choppy session higher. The Dow lagged, led by a drop in shares of Cisco (CSCO). The company posted quarterly results that were dented by components shortages, and the computer networking equipment company posted a disappointing current-quarter forecast. And meanwhile, Alibaba’s (BABA) sharply disappointing quarterly report and slashed guidance for the full year raised alarm bells about the pace of growth in China — the world’s second-largest economy — as company executives highlighted slowing consumption trends

Nvidia (NVDA) shares jumped, however, after the semiconductor company posted record quarterly revenues and strong full-year guidance. The report suggested it was effectively navigating a lingering global shortage and meeting elevated demand.

The past couple days of equity market volatility have coincided with a mixed set of economic data, with a new print Thursday showing jobless claims ticked down only modestly last week, and a report Wednesday showing a surprise drop in new-home construction last month. Commentary about inflation also mounted and added to investors’ concerns over elevated price pressures. Target (TGT) executives flagged rising labor and other input costs during their earnings call on Wednesday and added to a chorus of other company mentions of inflation.

The possibility that elevated inflation will stick around longer than previously anticipated remained a central focus for investors, both for its potential dampening effect on consumer spending, and as a potential catalyst for the Federal Reserve to raise interest rates sooner than previously telegraphed. The U.S. central bank has so far maintained its accommodative tilt and telegraphed that an initial interest rate hike could take place sometime next year, depending on the evolution of the economic recovery. Investors also continue to await a formal announcement from President Joe Biden about his nominee for Fed chair, with the most likely candidates being current Fed Chair Jerome Powell, and current Fed Governor Lael Brainard.

The Fed’s present still-accommodative leaning has helped support equity markets and capped Treasury yields, which has in turn further kept investors focused on riskier assets like stocks over bonds.

“The yield question is kind of global in nature,” Uma Pattarkine, CenterSquare senior analyst, told Yahoo Finance Live on Wednesday. “We still see [central] banks being very, very accommodative. So it seems like we might be kind of in this ‘lower rate for a longer time’ environment.

“At this point investors really need to be looking at yields, where they can get it elsewhere in the market if they’re not planning on getting it through fixed income in the near future, until we see that movement in the global rate market,” Pattarkine added.

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4:13 p.m. ET: Nasdaq and S&P 500 end higher as Amazon, Apple gain; Dow closes slightly lower

Here were the main moves in markets as of 4:13 p.m. ET:

S&P 500 (^GSPC): +15.87 (+0.34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,704.54
Dow (^DJI): -60.10 (-0.17{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,870.95
Nasdaq (^IXIC): +72.14 (+0.45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,993.71
Crude (CL=F): +$0.35 (+0.45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $78.71 a barrel
Gold (GC=F): -$7.80 (-0.42{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,862.40 per ounce
10-year Treasury (^TNX): -1.5 bps to yield 1.5890{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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1:32 p.m. ET: ‘It’s not just an inflation story, it’s a growth story’: UBS

Investors should take into consideration both rising inflation and improving economic growth in the current macro environment when contemplating investments, Jason Draho, UBS head of asset allocation Americas, noted to Yahoo Finance Live on Thursday.

“The environment right now that’s leading to inflation is also tied to a very strong economic recovery in the U.S., but even increasingly globally. Part of that story means, it’s not just an inflation story, it’s a growth story,” Draho said. “So things that you can do in your portfolio and ways to take advantage of it and sort of get the benefit of both aspects, which means buying things tied to what’s in demand … things like commodities, financials, things of that sort. So part of this is a hedge for inflation but part of it is also a play for a longer-term recovery.”

Draho also added that some of the factors contributing to present levels of inflation — namely, supply-side disruptions — may soon dissipate.

“I’d say we’re at the peak or even probably past the peak,” of supply chain bottlenecks, he added. “It’s still going to probably take at least a few quarters for things to really sort of be running fully efficiently.”

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12:30 p.m. ET: Microsoft shares set record intraday high, Amazon’s stock jumps to reach highest since July

Big Tech stocks outperformed on Thursday to help pull the S&P 500 and Nasdaq higher, and both shares of Microsoft and Amazon set new milestones.

Microsoft (MSFT) shares rose to a record intraday high, sending the stock’s market capitalization further above $2.5 trillion. Amazon (AMZN) shares, meanwhile, jumped to their highest level since July, helping unwind a multi-month drift that still left the stock underperforming against the S&P 500 for the year-to-date.

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10:11 a.m. ET: Macy’s shares jump more than 18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after topping 3Q results, raising guidance

Macy’s (M) became the latest retailer to exceed quarterly estimates this week, suggesting U.S. consumer spending was staying solid and foot traffic to department stores was rebounding more quickly than expected.

Macy’s owned plus licensed comparable same-store sales jumped by 35.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, exceeding the 33.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} growth rate expected, based on Bloomberg consensus data. The company also swung back to a profit, with adjusted earnings coming in at $1.23 per share, following a loss of 19 cents a share in the same quarter last year. Gross margins expanded by about 100 basis points, “driven by stronger regular price selling, fewer markdowns” that offset rising delivery costs, CEO Jeff Gennette said during the company’s earnings call.

“On the health of the customer, we definitely see that continuing,” Gennette added.

For the full year, Macy’s sees adjusted earnings coming in between $4.57 to $4.76 per share, marking a significant increase from its prior outlook for $3.41 to $3.75 a share.

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9:50 a.m. ET: Alibaba shares slide after missing earnings estimates, slashing guidance

Alibaba posted September quarter results and guidance that sharply missed estimates, with a slowing economic environment in China and efforts to contain the coronavirus in the region weighing on consumer spending on the e-commerce platform.

“Over the last 6 months, we have observed softer market conditions with slowing consumption growth in China,” Alibaba Chief Financial Officer Wei Wu said during the company’s earnings call Thursday. “Given slower-than-expected domestic consumption growth, since we provided our revenue guidance in May, we now expect our fiscal ’22 revenue growth to be 20-23{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year-over-year.”

Consensus analysts were expecting full-year sales growth of 27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, based on Bloomberg data.

For Alibaba’s latest reported quarter, sales grew by a smaller-than-expected 29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to reach 200.7 billion yuan ($31.4 billion), whereas analysts were looking for 206.2 billion yuan. Adjusted earnings per American depository share were 11.20 yuan, also short of the 12.37 expected. The weakness was mostly contained to Alibaba’s core retail business, with its newer cloud computing business posting a 33{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise in revenue during the quarter.

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9:30 a.m. ET: Stocks mixed, tech leads Nasdaq higher

Here’s where markets were trading shortly after market open on Thursday:

S&P 500 (^GSPC): +8.82 (+0.19{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,697.49
Dow (^DJI): -20.03 (-0.06{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,913.81
Nasdaq (^IXIC): +24.55 (+0.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,941.73
Crude (CL=F): +$0.45 (+0.57{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $78.81 a barrel
Gold (GC=F): -$5.60 (-0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,864.60 per ounce
10-year Treasury (^TNX): unchanged to yield 1.6040{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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8:35 a.m. ET: Initial unemployment claims come in slightly higher-than-expected, but still reach fresh pandemic-era low

First-time unemployment claims narrowly set a new pandemic-era low last week, representing further steady progress in the labor market’s recovery as the number of those newly unemployed marched closer to pre-pandemic levels.

New unemployment claims came in at 268,000 during the week ended Nov. 13. This was down by a tick compared to the upwardly revised 269,000 reported for the previous week. Consensus economists were looking for new claims to come in at 260,000 for the latest period, according to Bloomberg data.

Continuing claims across regular state programs also came in at their lowest level since March 2020 at 2.080 million for the week ended Nov. 6. This was a bigger improvement than expected, since economists were looking for continuing claims to total 2.120 million.

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7:32 a.m. ET Thursday: Stock futures advance

Here’s where markets were trading Thursday morning:

S&P 500 futures (ES=F): +11.75 points (+0.25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,696.00
Dow futures (YM=F): +34 points (+0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,901.00
Nasdaq futures (NQ=F): +84.25 points (+0.52{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,395.75
Crude (CL=F): -$0.67 (-0.84{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $77.69 a barrel
Gold (GC=F): -$4.20 (-0.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,866.00 per ounce
10-year Treasury (^TNX): -0.5 bps to yield 1.599{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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6:17 p.m. ET Wednesday: Stock futures open mixed

Here’s where markets were trading Wednesday evening:

S&P 500 futures (ES=F): +0.5 points (+0.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,686.75
Dow futures (YM=F): -34 points (-0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,833.00
Nasdaq futures (NQ=F): +18 points (+0.11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,329.5

A man walks past the New York Stock Exchange on Wall Street on May 10, 202 in New York City. - Wall Street stocks were mixed early May 10, 2021 ahead of key consumer price and retail sales data expected to influence the outlook for US monetary policy. Major stock indices closed at records Friday following a disappointing April jobs report that bolstered expectations the Federal Reserve will keep interest rates low for a long period of time to support the economic recovery. (Photo by Angela Weiss / AFP) (Photo by ANGELA WEISS/AFP via Getty Images) — A man walks past the New York Stock Exchange on Wall Street on May 10, 202 in New York City. – Wall Street stocks were mixed early May 10, 2021 ahead of key consumer price and retail sales data expected to influence the outlook for US monetary policy. Major stock indices closed at records Friday following a disappointing April jobs report that bolstered expectations the Federal Reserve will keep interest rates low for a long period of time to support the economic recovery. (Photo by Angela Weiss / AFP) (Photo by ANGELA WEISS/AFP via Getty Images)

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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter

November 19, 2021

Legal officer, HR officer join Ingredion

WESTCHESTER, Unwell. — Ingredion Inc. has appointed two executives who will report to Jim Zallie, president and main govt officer. Tanya Jaeger de Foras has been named senior vice president, main authorized officer, company secretary and main compliance officer, effective Nov. 29. Nancy Wolfe has been named senior vice president and main human assets officer, productive Jan. 24.

Ms. Jaeger de Foras will oversee Ingredion’s worldwide authorized, corporate governance, compliance and governing administration relations features. She formerly labored for Whirlpool Corp. Starting in 2015, she served as chief legal officer for the Europe, Center East and Africa (EMEA) organization device and was based in Italy. In 2019 she was appointed deputy common counsel and chief compliance officer and relocated to the Whirlpool’s world headquarters in Benton Harbor, Mich.

Ms. Jaeger de Foras obtained a bachelor’s diploma in overseas provider from Georgetown University and a JD from Harvard Legislation School. For the duration of a authorized job of about two a long time, she has labored for the legislation firm Sullivan & Cromwell LLP, Luxottica SpA (now EssilorLuxottica) and Pfizer, Inc.

“With her wide lawful and intercontinental knowledge, Tanya is ideally suited to direct the lawful function of Ingredion,” Mr. Zallie mentioned. “I seem ahead to Tanya’s counsel and performing with her in her new job.”

Ms. Wolfe will be responsible for all factors of the world wide human means functionality, together with management and talent development, payment and rewards, organizational effectiveness and change management, and Ingredion’s range, equity and inclusion agenda. Ms. Wolfe has extra than 20 many years of encounter and previously labored for Bayer Crop Science.

Ms. Wolfe obtained a bachelor’s diploma in finance and a bachelor’s degree in business administration from Illinois Point out College. She been given a master’s in organization administration from Washington University in St. Louis. She serves as vice chair of the board of administrators for The Boys & Ladies Clubs of Greater St. Louis and is a member of Washington University’s Olin Business enterprise Faculty Alumni Board.

“We are thrilled to deliver a leader of Nancy’s caliber with a verified observe document of accomplishment to enable us keep on to progress our lifestyle and fortify our expertise capabilities at Ingredion,” Mr. Zallie reported. “Nancy brings a purpose-driven and men and women-centric frame of mind that are nicely aligned with Ingredion’s main values.”

November 18, 2021

The $400k+ finance jobs that are almost impossible to fill

The 0k+ finance jobs that are almost impossible to fill

If you will find one particular matter that came out of this week’s Digital Asset Summit in London, it’s that crypto firms everywhere are expanding fast. If there’s a different, it’s that discovering the right people is not easy at all.

Careers and products in crypto and decentralized finance are as disparate as positions and merchandise in conventional money services: there are trading work, client-struggling with positions, products administration jobs, facts careers, and – most of all – engineering positions. There are DeFi providers focused on custody and payments and there are DeFi firms focused on prop investing, sector making or prime broking. As Barclays’ previous worldwide head of credit history valuation-turned crypto pioneer, Oliver von Landsberg-Sadie pointed out, anything that exists in the ‘TradFi’ environment finally stands to be mirrored in the DeFi globe. “Place investing was the 1st mirror from TradFi,” said von Landsberg-Sadie. “Then we had the evolution of derivatives, which are flourishing in the DeFi area.” In October arrived the initial bitcoin-connected ETF.

DeFi has its big players, like Coinbase, which employs almost 3,000 people. It also has an array of smaller providers, like von Landsberg-Sadie’s BCB Group, which offers transaction banking and payment services to the crypto marketplace. All are developing exponentially all say they’re hiring.

“When I joined this business 2.5 yrs ago, there had been 35 people,” says Cameron Dickie, head of EMEA gross sales at crypto broker B2C2. “We are now at 120, and that growth trajectory will continue on.” Coinbase hired 600 folks in the earlier quarter. Compact companies like CrypPro and Dexterity Money are doubling in dimension. BCB alone would like to double or triple the size of its engineering staff in the coming calendar year. In 2021, crypto expense financial institution Galaxy Digital has enhanced its headcount by 130{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 510 people today.

The growth of the “crypto indigenous” area has not long gone unnoticed by traditional finance players, some of whom took observe a while ago, some of whom are only just having to pay notice now. Thomas Uhm, in Jane Street’s Worldwide Crypto Institutional Profits & Investing team, explained he started creating out the electronic trading firm’s crypto crew four years ago. Financial institution of The usa only initiated crypto investigate in Oct 2021.

As DeFi employment explode, anyone desires candidates with existing DeFi encounter and early movers in the space are at last having their career decisions vindicated. Jonathan Cheesman, a former Fx salesman at Barclays, Goldman Sachs and HSBC, claimed that when he initial left TradFi for DeFi in 2018, he was compelled to retrace his methods in buy to “feed the loved ones.” In May perhaps 2021, Cheesman joined crypto trade FTX to promote its expert services to establishments and act as “a bridge among regular finance and crypto natives.” Periods have altered.

The catalyst for the change was the pandemic, said Cheesman – and additional particularly governments’ “extreme plan” and “wartime” response to the pandemic. “It truly lit the fuse,” he said. “Satoshi wrote the whitepaper – he made bitcoin because he felt the financial response to the economic crisis was so significant that banking institutions would hardly ever be in a position to withdraw the financial reaction they experienced offered.” Satoshi predicted that yet another round of stimulus was unavoidable appear the subsequent disaster. The pandemic was that disaster writ huge, declared Cheesman. It was the moment that, “institutional allocators eventually mentioned of course.”

As institutional cash moves into the crypto house, the crypto native expectation is that the volatility of established tokens like bitcoin, ether or SQL will drop, generating a virtuous circle in which institutions’ involvement in decentralized finance will only enhance. “In the following two to 3 years, banks will totally change their stance on crypto, and that will cause a massive sea improve,” predicted David Olsson, the world-wide head of institutional distribution at BlockFi and a former trader at Caxton and Merrill Lynch. For the moment, the DeFi procedure is the two fragmented and comparatively illiquid, stated Olsson, but the more that establishments come to be concerned, the more volatility will be damped and anomalies in the market place will vanish. Boris Bohrer-Bilowitzki, main profits officer at Copper, which also presents custody and primary broking providers for digital belongings (there are a handful of), as opposed the present-day point out of crypto industry evolution to the fairness markets in the early decades of the last century. – Most buyers have been retail, but then the institutional revenue arrived.

If the predictions are right, then demand from customers for decentralized finance expertise is established to explode. Professional current market makers and prop traders already say they are currently compelled to supply excellent packages to catch the attention of men and women. – Dexterity said it pays on a par with Jane Road, and Jane Road is identified to shell out even its most junior traders $400k+ all-in. Galaxy Digital’s 510 people today have shared $182m this yr, an typical of $357k each and every.

It’s difficult to use in crypto, but you will find no shortage of would-be candidates. It’s people with prior crypto working experience and excellent mathematical and coding capabilities that are the true difficulty. The best recruits are generally now sitting down in just rival crypto firms, making roles tough to fill and bidding wars prevalent. For the moment, while, it’s still achievable to transfer throughout from standard finance. Dickie at B2BC claims he receives a steady stream of five to 10 CVs a week from traders and salespeople in banking companies who want to make the move, and that he’s open to selecting them. “Crypto profits work will only mature,” he predicts. “This is continue to a cottage business in contrast to standard finance, but the talent drain is only heading one particular way.”

Get hold of: sbutcher@efinancialcareers.com in the initially occasion. Whatsapp/Signal/Telegram also out there (Telegram: @SarahButcher)

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November 18, 2021

Ohio became the largest state to mandate personal finance education

Gov. Mike DeWine, Republican of Ohio, on the marketing campaign path in 2018. DeWine just signed required particular finance education for large schoolers into condition legislation.

Kirk Irwin | Getty Photos News | Getty Visuals

Ohio Gov. Mike DeWine has signed a invoice mandating all large-schoolers in the point out consider a 50 percent-credit history, standalone individual finance training course in advance of they graduate.

With the signing of the evaluate on Oct. 28 by its Republican governor, Ohio is now the 10th point out in the U.S. that demands particular finance instruction at the superior college stage. So significantly, it really is also the biggest, with the laws spanning a lot more than 600 faculty districts in the Buckeye State.

“I was a banker for 41 several years and I observed the effects of us not educating our children monetary literacy,” claimed Ohio point out Sen. Steve Wilson, chair of the Ohio Senate’s Fiscal Institutions and Engineering Committee and a primary sponsor of the monthly bill. “I needed to do one thing about it.”

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Ohio’s individual finance mandate

In the last two a long time, five states — Ohio, Mississippi, North Carolina, Nebraska and Rhode Island — handed laws requiring that college students get a full semester standalone personal finance training training course in superior faculty, doubling the overall number of states with this kind of a mandate.

This kind of a training course is viewed as the gold standard by Subsequent Gen Particular Finance, a nationwide fiscal literacy organization. Ohio’s monthly bill will go into impact in the 2024-25 school year and include particular finance subject areas from basic budgeting to opening a bank account, controlling university student loan credit card debt and a lot more.

“With out that form of schooling, we’re thrusting little ones into a planet to learn to take care of revenue by means of the school of challenging knocks,” reported Brian Page, senior director of partnerships and advocacy at Next Gen Personal Finance who was previously a trainer at Looking through Large School in Reading, Ohio.

He extra that large schoolers need to have own finance training now, as a lot of are now earning conclusions close to funds that will influence their futures.

The Ohio invoice also lets for instructors not at the moment licensed to instruct the class to get a exclusive certification to educate a individual finance system. That will be paid out for by the college district and reimbursed by way of a economic literacy fund, made by the legislation with funds from local firms such as banking institutions and credit score unions.

Such as the economic literacy fund as a portion of the bill makes certain that incorporating these classes will not likely load educator’s budgets, according to Wilson.

What students say about the mandate

Students, who played a important position in convincing legislators to take up the bill, are happy to see that personal finance instruction will be obtainable to each and every child in Ohio heading ahead.

“The ideal element of my class was the empowerment component,” reported Kristen Cain, now a school sophomore at Ohio State University, who took a private finance course in large school with Web page. She additional that understanding that she is capable of investing, preserving and or else running her money well at a young age was just as essential as the tricky capabilities protected in the system.

Kylie Schmidt, a faculty sophomore at the University of Cincinnati who also took courses with Site in large college, figured out to save and make investments for the potential.

“You can find a ton of matters this invoice gives to little ones, and I feel a person massive detail is safety,” she mentioned.

Advice for other states

The force for more condition own finance education and learning mandates continues across the state. This calendar year alone, 26 states and Washington, D.C., launched laws close to own finance instruction in large educational facilities, in accordance to info from Following Gen Individual Finance.

For advocates in other states that are working on very similar legislation, the group in Ohio has some suggestions.

The first is to obtain a legislator to champion the invoice, as Sen. Wilson did in Ohio.

“It was since of his leadership that it was a satisfaction to go through the procedure,” mentioned Website page of the Republican legislator.

Next, they need to be ready to conquer any opposition which is absolutely sure to arrive as they test to transfer the invoice forward. This will take transforming areas of the laws and considering exterior of the box.

“They experienced to go back again to the drawing board and be all set to artistic challenge remedy time and time again,” mentioned Yanely Espinal, director of instructional outreach at Future Gen Particular Finance.

Lastly, men and women will need to be ready to stay the program. Ohio’s invoice took about 5 years to move.

“I was not going to give up,” stated Sen. Wilson. “It really is heading to make these an amazing change in the state of Ohio.”

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November 18, 2021

Stock futures mixed after strong retail sales, Walmart and Home Depot earnings

Stocks gained on Tuesday, with traders digesting key new economic data on the state of the consumer after a couple of major retailers topped quarterly earnings results.

New monthly retail sales data from the Commerce Department showed better-than-expected consumer spending trends heading into the holiday season. The total value of U.S. retail sales rose by 1.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October compared to September, topping expectations for a 1.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise, according to Bloomberg consensus data. The print was closely watched as an indicator of overall economic strength, given consumption comprises about two-thirds of U.S. economic activity.

Earnings results from retail juggernaut Walmart (WMT) further underscored solid shopping trends among American consumers. The company’s closely watched U.S. comparable same-store sales grew 9.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over last year in the third quarter, and by 15.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} compared to the same period in 2019, to exceed estimates for growth of 7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, according to Bloomberg consensus data. E-commerce sales also held up and grew by a better-than-expected 8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, compared to the 1.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise expected, even as more consumers returned to in-person shopping.

Home Depot (HD), meanwhile, also posted better-than-expected sales and earnings results as the company continued to see “elevated home improvement demand,” CEO Craig Menear said in Home Depot’s earnings statement. Comparable sales grew 6.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} compared to the 1.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise anticipated.

These reports came at the tail end of what has already been an exceptionally strong earnings season. As of Friday, 92{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of S&P 500 companies had reported actual results, and of these, 81{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of them had reported better-than-expected earnings results, according to FactSet.

The slew of better-than-expected corporate profits, coupled with still-accommodative monetary policy support, have helped power stocks to record highs throughout the year, and pushed the S&P 500 up by nearly 25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} so far in 2021. These factors have also helped investors continue to push through concerns over persistently elevated inflation — though the stickiness of these rising prices remains a closely watched risk for investors.

“We have a stock market that’s been on an absolute tear despite high inflation,” Michael Darda, MKM Partners chief economist, told Yahoo Finance Live. “That’s not aways been the case historically but it has this time around, and I think for a set of very specific reasons.”

“One is that market interest rates are still extremely low on a historical basis, even though they’re up year-to-date from where they were in January,” he said. “Liquidity levels are high and companies have a lot of pricing power, so profits have been very strong despite those high inflation readings. That doesn’t necessarily mean the market is going to continue to soar on a go-forward basis. I think it’s really going to come down to the future path of market interest rates and how the Fed maneuvers moving forward, because they will be moving into a tightening cycle probably before many forecasters assumed that they would.”

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4:06 p.m. ET: Stocks end higher after retail sales, earnings top estimates: Nasdaq outperforms to gain 0.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

Here were the main moves in markets as of 4:06 p.m. ET:

S&P 500 (^GSPC): +18.10 (+0.39{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,700.90
Dow (^DJI): +54.77 (+0.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 36,142.22
Nasdaq (^IXIC): +120.01 (+0.76{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,973.86
Crude (CL=F): -$0.10 (-0.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $80.78 a barrel
Gold (GC=F): -$15.40 (-0.83{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,851.20 per ounce
10-year Treasury (^TNX): +1.1 bps to yield 1.6340{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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12:39 p.m. ET: Rivian shares rally for a fifth straight day after IPO

Rivian’s stock was on track to post a fifth straight day of gains after its upsized initial public offering last week, with investor appetite for the Amazon-backed electric-vehicle startup showing no signs of slowing down.

Shares traded for as much as $169.70 apiece Tuesday afternoon, or nearly 120{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} above their IPO price of $78. This also sent the company’s market capitalization above that of established automaker Volkswagen, the largest car-maker in Europe.

According to Bloomberg data, the extended rally gave Rivian the title of this year’s best performer in the week following an IPO of at least $1 billion. The title was previously held by financial technology company Affirm Holdings, which advanced by 117{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in its first five sessions.

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10:15 a.m. ET: U.S. manufacturing production reached highest level since March 2019 despite supply chain disruptions

U.S. manufacturing production surged by 1.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to reach its highest level since early 2019 in October as the goods-producing sector rebounded from impacts related to Hurricane Ida in late summer.

The increase, which was posted in a monthly report from the Federal Reserve, was biggest than the 0.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise expected, and marked a recovery from September’s 0.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} drop in manufacturing production.

Industrial production, a broader measure that includes output at mine sand utilities, was also up by a greater than expected 1.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October, or nearly double the 0.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise anticipated for the month.

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9:30 a.m. ET: Stocks open mixed

Here’s where markets were trading shortly after the opening bell:

S&P 500 (^GSPC): +0.17 points (+0.00{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,682.97
Dow (^DJI): +62.20 (+0.17{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 36,149.65
Nasdaq (^IXIC): -23.9 (-0.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,829.95
Crude (CL=F): -$0.21 (-0.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $80.67 a barrel
Gold (GC=F): -$3.80 (-0.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,862.80 per ounce
10-year Treasury (^TNX): +0.6 bps to yield 1.627{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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9:20 a.m. ET: Import prices jump in October, adding to inflationary signals

Import prices rose by a greater-than-expected margin in October compared to September, suggesting inflationary pressures were still rippling through the economy.

The Commerce Department reported Tuesday that import prices rose 1.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on a monthly basis in October, coming in well above the 0.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise for September. This was also above the 1.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} increase consensus economists expected for October, according to Bloomberg data.

Energy prices were a major contributor to the headline number, with petroleum costs rising by 8.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} during the month. Excluding petroleum, however, the index of import prices still rose 0.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} during the month, or more than double September’s 0.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} increase.

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8:39 a.m. ET: Retail sales exceed estimates, rising by 1.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} vs. 1.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} estimate

U.S. retail sales exceeded expectations in October and rose for a third straight month, showing the U.S. consumer was already spending at a strong clip heading into the holiday shopping season.

The Commerce Department said Tuesday that retail sales grew by 1.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} month-on-month in October, topping estimates for 1.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, according to Bloomberg consensus data. In September, retail sales had risen by 0.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, with this figure upwardly revised from the 0.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} uptick previously reported.

So-called “non-store retailers” posted the largest percent increase in sales in October. This category, which captures e-commerce sales, saw a 4.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} monthly rise in sales. This was followed by gasoline station sales with a rise of 3.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and electronics and appliance stores with a gain of 3.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Some of the categories associated with the reopening saw sales momentum slow, however. Food service and drinking places sales were flat during the month, and clothing and clothing accessory store sales turned negative to drop by 0.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

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7:25 a.m. ET Tuesday: Stock futures rise ahead of retail sales, and as Walmart and Home Depot top estimates

Here’s where markets were trading ahead of the opening bell:

S&P 500 futures (ES=F): +3 points (+0.06{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,682.00
Dow futures (YM=F): +64 points (+0.18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 36,073.00
Nasdaq futures (NQ=F): +9.5 points (+0.06{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,197.25
Crude (CL=F): +$0.39 (+0.48{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $81.27 a barrel
Gold (GC=F): +$8.50 (+0.46{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,875.10 per ounce
10-year Treasury (^TNX): -0.1 bps to yield 1.611{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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6:15 p.m. ET Monday: Stock futures edge higher as the overnight session kicks off

Here’s where markets were trading Monday evening:

S&P 500 futures (ES=F): +1.75 points (+0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,680.75
Dow futures (YM=F): +16 points (+0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 36,025.00
Nasdaq futures (NQ=F): +6.5 points (+0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,194.25

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 12, 2021. REUTERS/Brendan McDermid

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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter

November 18, 2021

Chicagoan Pours Love of Bikes, Coffee into Business | Chicago News

Ever considered about sipping on a cup of coffee even though looking for a bike? Well, that’s exactly what an entrepreneur started off in the Lakeview group.

Chicagoan Michael Salvatore has put together two things he enjoys: coffee and bicycles.

“The idea of pairing bikes and coffee basically came out because we did a great deal of avenue fairs and festivals and we could not afford lease in New York,” said Salvatore. “It was actually easy to see how men and women had been engaging with me when they experienced a coffee in hand, and I thought let us produce that ecosystem completely.”

Salvatore is a fifth-generation Chicagoan, but when he lived in New York, he and his buddies started out a bicycle business enterprise from his basement. That strategy gradually developed when he opened his to start with store Heritage Bikes & Espresso in Lakeview.

“Well, heritage for me was a term to rejoice not only my household heritage in Chicago, but also the biking heritage,” Salvatore said. “In Chicago, we appear from a wealthy record of all these makers that the moment have been in this article at the epicenter of cycling.”

Michael Salvatore (WTTW News) Michael Salvatore (WTTW Information)

The mashup is fairly easy. Shoppers can come in and get pleasure from a cup of coffee while examining out a selection of personalized created bikes. There’s also fix aid. Or they can just come in, sip a cup of Intelligentsia espresso and hangout.

“What’s cool about it is that you come in as a purchaser and you can trip all the bikes. We have five different products,” he stated. “You decide on 1 and do the job with a mechanic, and from there you build it out.”

What commenced as a smaller espresso and bicycle shop in 2012 has grown into its individual brand.

“We have this place below and truly throughout COVID we expanded, so we used to have an place of work listed here, and we turned this into a bike area,” Salvatore mentioned. “The bike place employed to be proper below, but due to the fact of the bicycle need we had to develop the bike space.”

Regardless of the hardships of the pandemic and the source chain troubles, Salvatore has managed to keep afloat opening other enterprises about the city.

“We started with this. This is our huge bang, and from here we produced a bunch of tiny universes all around the metropolis from minor and big coffee outlets to bars to diners, so it is grow to be a hospitality corporation on its own, which is tremendous fascinating,” he mentioned.

But it is the essence of the shop that Salvatore states would make it particular, having to pay homage to his roots.

“Those history players are from my parent’s basement, from my excellent-grandparents who lived in Chicago, it was just building dust in the basement of my parent’s home,” he claimed.

When customers are pleased with the effects, Salvatore is also.

“I nonetheless simply cannot get around the simple fact that folks obtain the bikes that we make, and I’m constantly appreciative of it,” he reported. “Another interesting factor, talking of my Peruvian heritage, we in fact got this accomplished: This is from exactly where my mom is from. We’re earning our first spherical of bikes manufactured in Lima and it will be our initial built outdoors of Chicago bicycles.”

Salvatore is now very pleased to set roots in his hometown and locally manufacture a single-of-a-type bikes, and hopes to inspire other people to start using a bike.

“It’s under no circumstances been about the general performance of a bicycle,” he mentioned. “For me it’s normally been the life-style of driving a bike and I feel that carries on in what we’re trying to do.”