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January 10, 2022

Stock futures unchanged after Dow, S&P 500 start year at all-time highs

The Dow Jones Industrial Average set another closing record on Tuesday at 36,799.65 points after upbeat economic data powered the index forward as investors bet on a strong recovery. Tech stocks faltered to drag the Nasdaq down 1.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in its biggest decline since December, and the S&P 500 was mostly unchanged.

Investors mulled a trove of new prints out of Washington, including a fresh read on the ISM Manufacturing Index and the Labor Department’s latest job openings.

Releases from ISM showed manufacturing slowed in December on a cool down in demand for goods, but that supply chain constraints are starting to ease. On the employment side, data showed demand for workers was historically high again in November, with a record 4.5 million Americans quitting their jobs as labor shortages continue to strain employers, though the impact of the latest virus wave has yet to show.

“Looking ahead, the Omicron variant wave will likely lead to some short-term weakness in the labor market,” Sam Bullard, senior economist for Wells Fargo, wrote in a note published earlier this week. “However, we believe this will be temporary and that the pace of hiring should pick back up by the spring.”

Despite a mixed day, markets have made headway overall, picking up right where they left off in a banner 2021 to trade near all time highs into the new year. The pace of that momentum, however, remains at the helm of the Federal Reserve as it gears up for potential rate hikes as soon as this quarter to deal with rising inflation.

Market veteran Jim Bianco of his eponymous firm Bianco Research told Yahoo Finance’s Brian Sozzi in a sit-down interview that the central bank’s measures pose the biggest threat to the red-hot rally in equities.

“I think that is the number one risk right now in 2022,” he said, adding that high inflation is likely to be persistent and can push the Fed hard to do something. “In the process of doing something about it, it puts the rally of the stock market at risk.”

Managing Partner Ted Oakley told Yahoo Finance Live that the Federal Reserve “turned political on us.”

“As soon as the inflation numbers had gone up, I think the administration had pressed them not to worry as much about the market,” he said.

Automakers led headlines on Tuesday, with shares of Ford Motor Company (F) surging more than 11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in afternoon trading at its highest level in two decades to close at $24.31 after the company said it would nearly double annual production capacity for its popular F-150 Lightning electric pickup to 150,000 vehicles.

The move comes as Ford’s competition with rival General Motors (GM) in the electric vehicle race heats up, with GM set to unveil its own electric truck on Wednesday. GM closed up at a record high of 7.47{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $65.74.

Meanwhile, General Motors was ousted by Japanese carmaker Toyota Motor Corp (T) as the leader in U.S. sales for the first time in nearly a century. Toyota sold 2.332 million vehicles in the United States in 2021, beating 2.218 million for General Motors, the companies reported on Tuesday. GM’s U.S. sales slumped 13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for 2021, while Toyota was up 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Shares of Toyota closed 6.92{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} higher on Tuesday at $199.19 a piece.

4:01 p.m. ET: Dow powers on to set second-straight closing record

Here’s how market closed out Tuesday’s session:

S&P 500 (^GSPC): -3.03 (-0.06{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,793.53
Dow (^DJI): +214.39 (+0.59{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 36,799.45
Nasdaq (^IXIC): -210.08 (-1.33{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,622.72
Crude (CL=F): +$0.95 (+1.25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $77.03 a barrel
Gold (GC=F): +$14.70 (+0.82{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,814.80 per ounce
10-year Treasury (^TNX): +4 bps to yield 1.6680{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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1:46 p.m ET: Nasdaq tumbles, S&P wavers as Dow sustains rally

Here were the main moves in markets as of 1:46 p.m. ET:

S&P 500 (^GSPC): -14.21 (-0.30{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,782.35
Dow (^DJI): +196.99 (+0.54{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 36,782.05
Nasdaq (^IXIC): -280.25 (-1.77{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,552.54
Crude (CL=F): +$1.02 (+1.34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $77.10 a barrel
Gold (GC=F): +$14.30 (+0.79{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,814.40 per ounce
10-year Treasury (^TNX): +4.6 bps to yield 1.6740{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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12:45 p.m. ET: ARKK’s losses pour into new year

Ark Innovation’s (ARKK) top holdings plummeted in midday trading, positioning the popular fund for a rough start to the new year.

Among the most heavily-allocated picks in her portfolio posting declines during the session were Tesla (TSLA), down 3.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $1,160.25; Teladoc Health (TDOC), which shed 6.08{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $89.30, and Zoom Communications (ZM), tumbling 5.69{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 173.77.

ARKK was down 5.64 in the early afternoon, slumping lower from a challenging 2021 that saw declines for the exchange-traded fund of more than 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Wood recently promised her strategy could deliver a 40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} compound annual rate of return during the next five years — a projection she later tweaked to a lower, however still-lofty 30{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}-40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after criticism of her statement.

Ark Innovation's top holdings took a beating during intraday trading on Tuesday, positioning the popular ETF managed by Cathie Wood's Ark invest for a rough start to the new year. — Ark Innovation’s top holdings took a beating during intraday trading on Tuesday, positioning the popular ETF managed by Cathie Wood’s Ark invest for a rough start to the new year.

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11:20 a.m. ET: Apple turns red after reaching $3 trillion milestone

Shares of Apple (AAPL) dipped more than 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} during midday trading after the iPhone-maker rallied in Monday’s session toward a $3 trillion market capitalization.

The decline contributed to losses in the Nasdaq as the index pared Monday’s gains to edge 1.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} lower, shedding 280 points.

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11:07 a.m. ET: Toyota dethrones GM as No. 1 automaker

Japanese carmaker Toyota Motor Corp (T) topped General Motors Co (GM) in U.S. sales last year, unseating the Detroit-based vehicle company as the country’s leader in auto sales for the first time in nearly a century.

Toyota sold 2.332 million vehicles in the United States in 2021, beating 2.218 million for General Motors, the companies reported on Tuesday. GM’s U.S. sales slumped 13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for 2021, while Toyota was up 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. In 2020, GM’s U.S. sales totaled 2.55 million, compared with Toyota’s 2.11 million and Ford’s 2.04 million.

Shares of GM were up more than 5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in morning trading to $64.25 a piece. Toyota was up nearly the same amount, trading 4.92{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} higher at $195.45.

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10:21 a.m. ET: Manufacturing slips amid lower demand for goods

The Institute for Supply Management (ISM) reported its latest index of national factory activity fell in to 58.7 last month, signaling a cooling demand for goods.

December’s print came in below consensus estimates of 60.2 and lower than the previous month’s read of 61.1, according to Bloomberg Data. Readings above 50 indicate an expansion in manufacturing

Meanwhile, data showed that supply chain constraints are starting to ease. The ISM survey’s measure of supplier deliveries declined to 64.9 from 72.2 in November, with prints above 50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} suggesting slower deliveries to factories.

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10:05 a.m. ET: Job openings hold near a record high

Demand for workers remained historically high in November, pointing to continued labor shortages that have strained employers.

The Department of Labor reported 10.562 million job openings in November in a fresh read out Tuesday on its Labor Turnover Summary (JOLTS). The figure came in below October’s print of 11.033, based on the government’s first estimate for the month. Consensus economist estimates pointed to a 11.079 million in November, according to Bloomberg data.

The data does not yet meaningfully capture the impact of rising cases of COVID on employment in the latest wave of the virus. Some economists suggested labor shortages may be worsened in the near-term due to the latest surge.

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9:54 a.m. ET: Ford gets a move on EV truck production

Ford Motor Company (F) plans to nearly double annual production capacity for its popular F-150 Lightning electric pickup to 150,000 vehicles to keep up with a surge in demand ahead of its arrival at U.S. dealers this spring, the company said on Tuesday.

The model has attracted nearly 200,000 reservations already, far outpacing the automaker’s initial production capacity for 70,000-80,000 vehicles.

Ford’s announcement comes as its electric truck vehicle race heats up with competitor General Motors Co (GM), which is scheduled to unveil the Chevrolet Silverado electric pickup on Wednesday set to go on sale in early 2023.

Shares of Ford climbed 6.64{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at open to $23.22 a piece. Rival GM was also up 2.56{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $63.73 per share.

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9:30 a.m. ET: Markets charge forward into second straight day of gains

Here’s what happened in the markets at the start of the day’s trading session:

S&P 500 (^GSPC): +15.07 (+0.31{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,811.63
Dow (^DJI): +182.71 (+0.50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 36,767.77
Nasdaq (^IXIC): +4.23 (+0.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,837.03
Crude (CL=F): +$0.47 (+0.62{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $76.55 a barrel
Gold (GC=F): +$8.30 (+0.46{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,808.40 per ounce
10-year Treasury (^TNX): +4.4 bps to yield 1.6720{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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7:33 a.m. ET: Stock futures point to continued gains

Here’s how contracts on the major indexes fared before market open:

S&P 500 futures (ES=F): +17.00 points (+0.36{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,803.00
Dow futures (YM=F): +120.00 points (+0.33{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 36,575.00
Nasdaq futures (NQ=F): +52.50 points (+0.32{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,538.00
Crude (CL=F): +$0.11 (+0.14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $76.19 a barrel
Gold (GC=F): +1.10 (+0.06{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,801.20 per ounce
10-year Treasury (^TNX): 1.628 bps to yield 0.00{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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6:02 p.m. Monday ET: Stock futures quietly open after record-setting session

Here were the main moves in markets heading into the overnight session:

S&P 500 futures (ES=F): -0.50 points (-0.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,785.50
Dow futures (YM=F): -29.00 points (-0.08{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 36,426.00
Nasdaq futures (NQ=F): +16.25 points (+0.10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,501.75

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Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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November 6, 2021

S&P 500 Sets Seventh Straight All-Time High on Wall Street | Business News

By DAMIAN J. TROISE and STAN CHOE, AP Small business Writers

NEW YORK (AP) — U.S. shares pushed even further into report heights on Friday subsequent an encouraging report on using the services of across the state, although buying and selling was shaky as the bond market place was strike with one more working day of sharp swings.

The S&P 500 rose 17.47, or .4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, to 4,697.53 and clinched an all-time higher for the seventh straight day. The Dow Jones Industrial Normal attained 203.72, or .6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, to 36,327.95, and the Nasdaq composite additional 31.28, or .2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, to 15,971.59.

Investing was scattershot, though, and following climbing to an early gain of .8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, the S&P 500 at a person level gave up just about all of it. Stocks retrenched in the center of the working day as Treasury yields astonishingly slumped. A measure of nervousness in the inventory market place also created a U-switch larger all over the identical time.

The 10-calendar year yield, which tends to shift with anticipations for the economic climate and inflation, dropped to 1.45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and is in close proximity to its most affordable amount considering that September. It was at 1.58{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} just two days before. Analysts had varying explanations for that and other sharp moves in the bond current market, which some called counterintuitive.

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The Dow and Nasdaq however still joined the S&P 500 in environment all-time highs. The smaller stocks in the Russell 2000 done even better, leaping 1.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

An encouraging report from Pfizer aided to carry the market, specially firms that most want each day lifetime to return to typical from the pandemic. Pfizer rose 10.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} soon after it claimed its experimental capsule sharply reduce prices of hospitalization and death for COVID-19 patients. Airlines, casinos, cruise strains and are living-party companies experienced equivalent jumps.

The headline report of the day was the one from the Labor Office that showed businesses hired a internet 531,000 employees in October. That was additional than 100,000 earlier mentioned economists’ anticipations. The gains ended up prevalent across industries, and the federal government also revised increased the quantities for occupation progress in previously months.

A person potential fear spot for markets was a major soar in workers’ wages, up 4.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from a 12 months previously, which can feed into problems about inflation. But the figures ended up fairly in line with economists’ expectations.

“It was 1 of these Goldilocks studies,” said Nate Thooft, head of global asset allocation at Manulife Expense Administration. Moreover displaying more powerful-than-envisioned using the services of, “the basic fact was it wasn’t exhibiting any overheating either.”

Which is why it was stunning that the 10-12 months Treasury generate fell so sharply to 1.44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from 1.52{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} late Thursday.

One feasible explanation was that traders see extra folks heading again to work as helping to crystal clear the supply-chain bottlenecks that have hit the economic system and driven up inflation, said Brian Jacobsen, senior investment strategist at Allspring World wide Investments. That could direct to decreased expectations for inflation, which would incorporate downward tension on Treasury yields.

“The additional folks we get back to fill open up positions will assist preserve that lack pressure at bay a very little little bit,” said Matt Stucky, senior portfolio supervisor at Northwestern Mutual Wealth Administration Co.

But the degree of moves in the bond market even now took marketplace watchers by surprise.

“Some of these moves glance extreme to me,” Allspring World-wide Investment’s Jacobsen acknowledged, citing a sharp fall for the 30-calendar year Treasury produce to 1.88{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from 1.96{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. “I really don’t consider we can justify in which yields are. It leads me to feel that this is some somewhat fast repositioning by traders in the market and not necessarily a improve in the trend.”

A working day previously, bond markets around the earth shook following the Lender of England decided not to raise desire costs. Quite a few traders experienced assumed it was just about a absolutely sure point, and the inaction despatched yields sliding.

For stocks, the trend has been solidly upward a short while ago as a parade of providers has noted more powerful income for the summer than analysts envisioned. Far more than 4 out of five businesses in the S&P 500 have topped forecasts, with approximately 90{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of reports in hand, according to FactSet. Providers in the index look on track to report 39{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} advancement in their quarterly earnings per share in excess of 12 months-back stages, which would be the third-swiftest considering the fact that 2010.

On the internet vacation organization Expedia jumped 15.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and home-sharing firm Airbnb rose 13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} right after they each individual noted much better gains than envisioned.

On the dropping finish was physical exercise products maker Peloton Interactive. It plunged 35.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} soon after turning in profit and revenue that fell small of Wall Street’s anticipations.

Health care shares were also lagging the market. Moderna slumped 16.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} as it continued to slide immediately after cutting its forecast on Thursday for vaccine deliveries in 2021.

November 3, 2021

S&P 500, Dow and Nasdaq rise to reach fresh all-time highs; markets await Fed decision

Stocks reached fresh all-time highs on Tuesday in another record-setting session, with investors cheering another set of better-than-expected corporate earnings results.

The Dow and S&P 500 gained while the Nasdaq rose more modestly, weighed by a drop in Tesla (TSLA) after CEO Elon Musk downplayed the expected impact of a deal with car rental giant Hertz. Investors watched with optimism as more corporate earnings results exceeded expectations and defied concerns over ongoing supply chain constraints, shortages and cost pressures.

Clorox (CLX) became one of the latest major names to top estimates in results posted Monday after the closing bell, with the cleaning supplies and home goods company topping third-quarter sales and profits estimates and reaffirming its full-year guidance even as the company said it expects “cost pressures to persist.” Shares of Avis (CAR) and Simon Property Group (SPG) also jumped, with both of these companies posting quarterly earnings that exceeded expectations after market close.

Heading into this week, the expected earnings growth rate for the S&P 500 was at 36.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for the third quarter, which while a step down from the second quarter’s rate, would still mark the third-highest pace in data spanning back to 2010, according to FactSet.

“I don’t think what’s going on is terribly surprising,” when it comes to the sizable year-over-year earnings growth many companies have reported for the third quarter, Pacer ETF’s President Sean O’Hara told Yahoo Finance Live. “I think what we need to see going forward is, is it sustainable, or are some of these outside factors going to be a bigger challenge than we expect?”

“Is inflation and the input costs that the producers are dealing with, is that going to derail things? Is the lack of workers?” he added. “There’re a lot of things out there that could potentially derail the market, especially as you’re making this transition from where we are, which is easy comparables versus last year, to more difficult ones going forward.”

In addition to the solid backdrop of corporate earnings, an ongoing economic recovery and still-accommodative positioning by monetary policymakers have also helped underpin equities in their march to new highs. For investors, the Federal Reserve’s latest monetary policy decision on Wednesday will help suggest how long the central bank will maintain its current levels of support. Many pundits expect to see the bank begin to pull back the asset purchases that comprised its quantitative easing program that had helped support the recovery, with fresh economic data reflecting a U.S. economy closing in on pre-pandemic conditions.

“We think that better days are ahead. Earnings are still growing at a pretty healthy clip. There’s a lot of people focusing on peak growth rates. That’s probably not the way to look at it,” Sameer Samana, Wells Fargo senior global market strategist, told Yahoo Finance Live. “From our standpoint, those low interest rates, still stimulative policy and really strong growth are what set the stage for strong equities in the next year.”

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4:05 p.m. ET: S&P 500, Dow and Nasdaq rise to reach fresh all-time highs; markets await Fed decision

Here were the main moves in markets as of 4:05 p.m. ET:

S&P 500 (^GSPC): +16.98 (+0.37{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,630.65
Dow (^DJI): +138.79 (+0.39{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 36,052.63
Nasdaq (^IXIC): +53.69 (+0.34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,649.60
Crude (CL=F): -$0.55 (-0.65{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $83.50 a barrel
Gold (GC=F): -$6.90 (-0.38{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,788.90 per ounce
10-year Treasury (^TNX): -2.6 bps to yield 1.5490{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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12:36 p.m. ET: Residential rental vacancy rate dips in 3Q to near pre-pandemic levels

The U.S. vacancy rate for rental housing fell in the third quarter to close in on pre-pandemic levels.

Rental vacancies reached 5.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in the three months ending in September, marking the lowest level since the second-quarter of 2020. This fell by 6.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} compared to the second quarter and from 6.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in the same period last year.

Rent prices have also been increasingly notably over the course of the past year, with the median asking rent for vacant units rising to $1,203 in the third quarter from $1,160 a year earlier. And in the Bureau of Labor Statistics’ consumer price index, rent of primary residence prices last increased by 0.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in September compared to August, accelerating from a rise of 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} during the prior month.

—

11:35 a.m. ET: Avis shares surge, triggering volatility halt after 3Q estimates point to strong car-rental demand

Shares of Avis (CAR) more than doubled on Tuesday alone after the car-rental company posted third-quarter estimates that far exceeded consensus estimates, pointing to solid demand for rentals.

At session highs on Tuesday, the stock more than tripled to reach a record $545.11 per share. This outsized move to the upside triggered at least one volatility halt in the stock. Third-quarter net revenue nearly doubled over last year to reach $3 billion, and adjusted earnings per share of $10.74 were much better than the $7.24 expected. The company also said it would add more electric vehicles to its fleet over time during its quarterly earnings call with analysts.

—

11:27 a.m. ET: Chegg shares plunge after lowering guidance, with company saying ‘education industry is experiencing a slowdown’

Shares of education company Chegg (CHGG) sank 45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} Tuesday morning after the company lowered its full-year guidance and highlighted a slowdown in the broader higher education industry.

For the third quarter. Chegg reported revenue of $171.94 million, which missed expectations for $174 million, according to Bloomberg consensus data. The firm also lowered its forecast for both revenue and adjusted EBITDA for the full year, and now sees revenue coming in at as much as $764 million, versus the as much as $815 million seen previously.

“In late September it became clear to us that the education industry is experiencing a slowdown that we believe is temporary and is a direct result of the Covid-19 pandemic,” CEO Dan Rosensweig said in prepared remarks for the company’s earnings call.

“A combination of variants, increased employment opportunities and compensation, along with fatigue, have all led to significantly fewer enrollments than expected this semester,” he added. And those students who have enrolled are taking fewer and less rigorous classes and are receiving less graded assignments”

—

9:42 a.m. ET: Tesla gives back some gains as Musk plays down Hertz deal

The carmaker’s high-flying stock is under pressure in early trading, after Elon Musk tweeted that Tesla has not yet signed on the dotted line with Hertz, which announced a deal last week to add Model 3s to its fleet of rentals. Musk also stated that regardless, the deal would have “zero impact” on Tesla’s bottom line.

But Hertz said it’s already receiving cars under its plan to add 100,000 Tesla EVs through 2022, but didn’t respond directly to Musk’s remark:

As we announced last week, Hertz has made an initial order of 100,000 Tesla electric vehicles by the end of 2022 and is investing in new EV charging infrastructure across the company’s global operations. Deliveries of the Teslas already have started, and consumer reaction to our commitment to lead in electrification has been beyond our expectations.

—

9:30 a.m. ET: Stocks open flat ahead of the Fed

Here were the main moves in markets as of 9:30 a.m. ET:

S&P 500 (^GSPC): 4,619.64, +5.97 (+0.13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})
Dow (^DJI): 35,924.83, +10.99 (+0.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})
Nasdaq (^IXIC): 15,611.21, +15.30 (+0.10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})
Crude (CL=F): $83.42 per barrel, -$0.63 (-0.75{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})
Gold (GC=F): $1,792.90 per ounce, -$2.90 (-0.16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})
10-year Treasury (^TNX): 1.5590{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, -0.016 bps

—

7:25 a.m. ET Tuesday: Stock futures point to a mixed open

Here’s where markets were trading Tuesday morning:

S&P 500 futures (ES=F): -0.25 points (-0.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,605.50
Dow futures (YM=F): +9 points (+0.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,809.00
Nasdaq futures (NQ=F): -28.25 points (-0.18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,866.00
Crude (CL=F): -$0.39 (-0.46{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $83.66 a barrel
Gold (GC=F): -$2.70 (-0.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,793.10 per ounce
10-year Treasury (^TNX): -1.7 bps to yield 1.556{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

6:07 p.m. ET Monday: Stock futures edge lower

Here’s where markets were trading as the overnight session kicked off:

S&P 500 futures (ES=F): -2 points (-0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,603.75
Dow futures (YM=F): -18 points (-0.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,8782.00
Nasdaq futures (NQ=F): -16.25 points (-0.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,878.00

A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, New York, U.S., July 19, 2021. REUTERS/Andrew Kelly

—

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

October 23, 2021

Dow posts all-time closing high, Nasdaq dips as Snap shares drop by record

Stocks were mixed on Friday as investors digested new commentary on asset-purchase tapering and inflation from Federal Reserve Chair Jerome Powell, amid a slew of fresh earnings reports from major companies.

The Dow set a record closing high, taking out a previous record close from August 16. The S&P 500 retreated after setting a fresh intraday record high. The reversal to the downside came as Powell said the central bank was “on track to begin a taper of our asset purchases that, if the economy evolves broadly as expected, will be completed by the middle of next year” during a virtual event hosted by the South African Reserve Bank Friday. The central bank had previously telegraphed it believed the economy was nearing the recovery threshold that would warrant the start to tapering of the Fed’s crisis-era asset purchase program.

Powell also noted he expected elevated inflationary pressures spurred by global supply constraints “are likely to last longer than previously expected, likely well into next year.”

The Nasdaq underperformed following a couple of weaker-than-expected technology earnings.

Snap (SNAP) shares sank by a record 27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after missing third-quarter revenues and offering weak current-quarter guidance, with Apple’s iOS privacy updates denting the social media platform’s advertising business. The miss also catalyzed a drop in shares of peer social media companies including Facebook (FB) and Alphabet (GOOGL).

Shares of Intel (INTC) also dropped after the company said margins would be under pressure for the next up to three years, in part reflecting challenges from global materials shortages. And Chipotle (CMG) shares fluctuated between small gains and losses despite posting better-than-expected quarterly same-store sales, though the company flagged widespread staffing shortages.

Despite some of the more recent, mixed earnings results, the S&P 500 and Dow have hovered within striking distance of their all-time highs, boosted by a string of earlier estimates-topping quarterly corporate profits and economic data. Both have served to stave off concerns over a decelerating growth environment after a surge in reopening activity earlier this year.

New data on Thursday showed weekly jobless claims improved to their lowest level since March 2020 last week, falling more-than-expected as firings, layoffs and other involuntary separations slowed further in the labor market. And existing home sales posted their biggest jump since September 2020 last month, showing still-robust demand for homes even as inventory remained tight and prices crept higher.

And based on quarterly results so far, many companies have shown they managed to grow profits even in the face of rising input and labor costs and supply chain challenges.

“Let’s not forget, we’re coming off of very high margins, so there is room for a little compression there. What we’re seeing in the early earnings releases, which is maybe the reason for equity markets hitting new highs, is that the operating leverage inside of companies right now is so significant,” Gibson Smith, Smith Capital Investors founder, told Yahoo Finance Live on Thursday. “Think of top-line growth in the 18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} arena, or you see bottom-line growth in the 50, 60, 70{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. These are all positives for corporate America, and I think will actually be the fuel to launch equity prices to higher levels.”

Investors are hoping for more affirmation on the solid trends seen so far in corporate profits next week, with a more robust set of third-quarter earnings results due for release. The heavily weighted stock index components, from Apple to Amazon and Facebook, are set to report quarterly results throughout next week.

—

4:13 p.m. ET: Stocks end mixed, Dow logs record close

Here’s where markets closed out Friday’s session:

S&P 500 (^GSPC): -4.88 (-0.11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,544.90
Dow (^DJI): +73.94 (+0.21{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,677.02
Nasdaq (^IXIC): -125.5 (-0.82{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,090.20

—

11:37 a.m. ET: American Express shares jump to a record after strong Q3 results, while VF Corp. slides on lingering manufacturing constraints

American Express (AXP) shares hit an intraday all-time high Friday morning after posting third-quarter results that easily topped estimates.

Revenue of $10.93 billion was up 25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over last year, and exceeded the $10.54 billion expected, according to Bloomberg consensus data. Earnings per share of $2.27 were also better than the $1.77 estimate.

American Express also issued upbeat commentary on the state of the U.S. consumer, suggesting spending among individuals and small businesses was rebounding to pre-virus levels.

The card company said it saw a “continued rebound in travel and entertainment spending, with restaurant spending notably resilient, growing above pre-pandemic levels.” It also noted consumer and small business spending on goods and services grew 19{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over the third quarter of 2019, on a currency adjusted basis. New users to premium Platinum and Gold Cards also reached all-time highs

Meanwhile, VF Corp.’s (VFC) posted disappointing quarterly results in a report also issued Friday morning, reflecting the negative impacts from ongoing supply-chain challenges for apparel-makers.

The parent company of brands including The North Face and Vans posted adjusted earnings from continuing operations of $1.11, or four pennies below estimates, for its fiscal second quarter. Revenue came in $3.2 billion, or a 23{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} jump over last year but still a miss compared to the $3.5 billion consensus estimate.

VF Corp attributed the miss to a resurgence of Covid-19 lockdowns in its key sourcing companies, which generated manufacturing capacity constraints during the quarter.

“Additionally, continued port congestion, equipment availability and other logistics challenges have contributed to increasing product delays,” the company added. “VF is working with its suppliers to minimize disruption and is employing expedited freight as needed.”

—

11:13 a.m. ET: U.S. service sector activity expands at a faster-than-expected clip in October, while manufacturing activity decelerates slightly

U.S. service sector activity picked up by a greater-than-expected margin in early October, while ongoing supply chain constraints weighed on goods-producing industries, according to new data from IHS Markit on Friday.

IHS Markit’s U.S. services purchasing managers’ index rose to 58.2 in the preliminary October print, exceeding consensus estimates for a reading of 55.2, according to Bloomberg data. The PMI had come in at 54.9 in September, and the latest October print reflected the strongest growth in three months. Readings above the neutral level of 50.0 indicate expansion in a sector.

“Driving growth in October was the quickest rise in inflows of new work since July, that was commonly attributed to stronger demand conditions as COVID-19 worries eased during the month,” IHS Markit said in its release. “Concurrently, service providers recorded more intense capacity pressures amid reports that firms were struggling to cope with growing sales due to labour issues and supplier delays.”

The manufacturing sector, however, posted a larger-than-expected dip in its PMI compared to September, largely reflecting the impact of rising input costs and materials and labor shortages. The U.S. manufacturing PMI slipped to 59.2 in early October from 60.7 in September, marking a third straight monthly decline. Consensus economists were looking for a reading of 60.5 in October.

“The slower improvement in conditions reflected a weaker expansion in output and a moderation in order book growth during October,” IHS Markit said in its release. “Factory production rose only modestly, with the pace of increase the slowest since July 2020 as output continued to be hampered by supply chain issues and shortages. October saw a record lengthening of suppliers’ delivery times. Supply issues and sustained sales growth prompted firms to further increase their buying activity and inventories.”

—

9:32 a.m. ET: Stocks open mostly lower amid mixed earnings

Stocks were mixed as markets opened for trading on Friday, but still paced toward weekly gains following a record-setting march higher earlier this week.

The Dow traded higher by just 22 points, or less than 0.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, shortly after the opening bell. Both the Nasdaq and S&P 500 dropped as technology stocks sank following earnings misses from Snap and Intel. U.S. crude oil prices rose more than 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to break back above $83 per barrel, while the 10-year Treasury yield hovered around 1.67{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

—

7:21 a.m. ET Friday: Stock futures trade mixed, with Nasdaq under pressure

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

S&P 500 futures (ES=F): +4.75 points (+0.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,546.5
Dow futures (YM=F): +59 points (+0.17{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,539.00
Nasdaq futures (NQ=F): -25.75 points (-0.17{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,453.00
Crude (CL=F): +$0.54 (+0.65{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $83.04 a barrel
Gold (GC=F): +$11.50 (+0.65{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,793.40 per ounce
10-year Treasury (^TNX): unchanged, yielding 1.674{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

6:07 p.m. ET Thursday: Stock futures edge lower

Here’s where markets were trading Thursday evening:

S&P 500 futures (ES=F): -13.25 points (-0.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,528.50
Dow futures (YM=F): -31 points (-0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,449.00
Nasdaq futures (NQ=F): -93.75 points (-0.61{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,385.00

NEW YORK, NEW YORK - SEPTEMBER 30: Traders work on the floor of the New York Stock Exchange (NYSE) on September 30, 2021 in New York City. In afternoon trading the Dow was down over 250 points as investors continue to worry about inflation, wages and supply chain issues. (Photo by Spencer Platt/Getty Images) — NEW YORK, NEW YORK – SEPTEMBER 30: Traders work on the floor of the New York Stock Exchange (NYSE) on September 30, 2021 in New York City. In afternoon trading the Dow was down over 250 points as investors continue to worry about inflation, wages and supply chain issues. (Photo by Spencer Platt/Getty Images)

—

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

October 4, 2021

Top Business News of the Day: Credit profile of India Inc shows strong improvement in H1 FY22;Tata Sons top bidder for Air India; Petrol at all-time high, diesel crosses Rs 100-mark in MP, Raj, Odisha, AP and more.

4:56 P.M.

ATF price hiked by 5.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}; India, UAE free trade pact holds huge potential to boost trade, investment: Goyal and Sensex slumps 361 pts; Nifty ends below 17,550.

Maharashtra bags 2,823 Cr investment for vehicle manufacturing facility under EV Policy ; Credit profile of India Inc shows strong improvement in H1 FY22 and Elon Musk’s Starlink aims to start broadband service in India from Dec next year.

Tata Sons top bidder for Air India; DoT slaps Rs 3,050 cr penalty on Airtel, VIL and Airtel to approach court and Petrol at all-time high, diesel crosses Rs 100-mark in MP, Raj, Odisha, AP.

4:49 P.M.

ATF price hiked by 5.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

ATF or jet fuel price on Friday was hiked by a steep 5.8 {1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in line with rise in international oil prices.

Aviation turbine fuel (ATF) price in Delhi was increased by Rs 3,972.94 per kilolitre, or 5.79{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} , to Rs 72,582.16 per kl, according to a price notification of state-owned fuel retailers, PTI reported.

4:47 P.M.

India, UAE free trade pact holds huge potential to boost trade, investment: Goyal

The proposed free trade agreement between India and the UAE holds huge potential for both the countries to boost trade and investment and the investors here are “very” positive about doing business in New Delhi, Union minister Piyush Goyal said on Friday.

Last month, India and the United Arab Emirates (UAE) formally launched negotiations on the pact, officially dubbed as Comprehensive Economic Partnership Agreement (CEPA), PTI reported.

4:45 P.M.

Mahindra dispatches decline 22 pc in September

Mahindra & Mahindra Ltd on Friday reported a 21.73{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year-on-year decline in total wholesales at 28,112 units in September. The company had dispatched a total of 35,920 units in September 2020.

Domestic commercial vehicle sales fell to 12,449 units last month from 19,494 units in September 2020. Exports rose to 2,529 units last month, up 61 per cent from 1,569 units in September 2020, PTI reported.

4:41 P.M.

TVS Motor reports 6 pc rise in sales for Sept

TVS Motor Company on Friday reported a 6 {1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} increase in total sales at 3,47,156 units for September.

The company had dispatched a total of 3,27,692 units in the same month last year, TVS Motor Co said in a regulatory filing. Total two-wheeler sales were up 6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at 3,32,511 units last month, against sales of 3,13,332 units in September 2020, PTI reported.

4:21 P.M.

Sensex slumps 361 pts; Nifty ends below 17,550

Extending its losses for the fourth straight session, equity benchmark Sensex tumbled 361 points on Friday, weighed by HDFC twins, ICICI Bank and TCS amid a weak trend in global markets.

The 30-share BSE index ended 360.78 points or 0.61{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} lower at 58,765.58. Similarly, the NSE Nifty declined 86.10 points or 0.49{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 17,532.05.

Bajaj Finserv was the top loser in the Sensex pack, followed by Maruti, Bharti Airtel, Asian Paints, Bajaj Finance and HDFC. On the other hand, M&M, Dr Reddy’s, UltraTech Cement and PowerGrid were among the gainers, PTI reported.

4:03 P.M.

Maharashtra bags 2,823 Cr investment for vehicle manufacturing facility under EV Policy

The Government of Maharashtra on Friday signed a MoU with Causis E-Mobility Pvt Ltd, for the setting up of a zero-emission EV manufacturing facility in the state, making it the first big-ticket investment under the recently announced Maharashtra EV Policy 2021.

The Government of Maharashtra had unveiled a comprehensive Electrical Vehicle Policy in July 2021, to stimulate manufacturing of Battery Electric Vehicles in the State.

Maharashtra’s second capital Nagpur, is the first city in India to pilot electric mass mobility with a fleet of 200 electric vehicles. With the use of one electric car saving an average 1.5 million grams of CO2, the equivalent of four return flights from Mumbai to Delhi, the Maharashtra EV Policy 2021 is also showing the way for cleaner streets.

“The investment of ₹ 2,800 cr will generate 1,250 employment opportunities and will help in climate action,” Shri Aaditya Thackeray, Hon’ble Minister for Environment, Tourism and Protocol, Government of Maharashtra said.

3:52 P.M.

Credit profile of India Inc shows strong improvement in H1 FY22: Rating agencies

Despite the severe second COVID wave, corporate credit profiles showed strong improvement, with more rating upgrades than downgrades witnessed in the first half of the current fiscal.

The increase in upgrades of corporates reflects a sharp and sustained recovery in demand, rating agencies said.

In the April-September period, Crisil Ratings saw its credit ratio increasing further to 2.96 times, with 488 upgrades and 165 downgrades. India Ratings and Research upgraded the ratings of 150 issuers while downgrading ratings of only 49 issuers during this period. Icra Ratings upgraded the ratings of 303 entities, with only 163 instances of downgrades in the first half of FY2022, PTI reported.

3:47 P.M.

Gold rallies Rs 555; silver jumps Rs 975

Gold in the national capital on Friday rallied Rs 555 to Rs 45,472 per 10 gram amid rupee depreciation, according to HDFC Securities. In the previous trade, the precious metal had settled at Rs 44,917 per 10 grams.

Silver also jumped Rs 975 to Rs 58,400 per kilogram from Rs 57,425 per kilogram in the previous trade, PTI reported.

3:44 P.M.

India’s Gifting Giant, Ferns N Petals rolls out its first ever ESOP plan 2021

India’s gifting giant Ferns N Petals rolled out its first ever Employee Stock Ownership Plan (ESOP’s) worth 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the company’s outstanding shares, w.e.f. from September 2021, and is set to include first set of 35+ eligible employees under the program, as a reward for consolidating and strengthening the company’s leadership position.

The company comes with a workforce of 1000+ employees and has defined a set eligibility criteria for participation in the ESOP program. The company, which started with a single store in 1994, has grown into a reputed brand entailing 11 verticals, with a topline of INR 400 crore in FY 2020-21, PTI reported.

3:17 P.M.

Apple to avoid 600 MT of plastic by eliminating plastic wrap on iPhone 13 range

Tech giant Apple has redesigned packaging across its iPhone 13 lineup and by eliminating the outer plastic wrap, it has been able to avoid 600 metric tonnes of plastic over the lifetime of the products.

Apple, which has replaced the iPhone 13 box plastic wrap with a paper tab with a tear-off strip to ensure that any tampering is visible – aims to have its entire business carbon neutral by 2030, PTI reported.

3:00 P.M.

Elon Musk’s Starlink aims to start broadband service in India from Dec next year

Elon Musk-led SpaceX’s satellite broadband arm Starlink aims to start broadband service in India from December 2022, with 2 lakh active terminals subject to permission from the government, a top company official said on Friday.

Starlink Country Director for India Sanjay Bhargava in his social media post said that the pre-order from India has crossed 5,000 and the company is keen to work in rural areas for providing broadband services, PTI reported.

2:58 P.M.

CEOs to govts: Rise above geopolitical tensions, protectionism for trade reforms

Governments across the world must rise above geopolitical tensions to re-engage on trade reforms while refraining from protectionism, a group of nearly 30 CEOs said in a joint call to action on Friday.

The group of CEOs and chairpersons from some of the world’s biggest companies spread across 17 countries, brought together by the World Economic Forum (WEF), said the trading system must adapt to address new concerns of global resiliency, sustainability and inclusivity, PTI reported.

2:23 P.M.

Tata Sons top bidder for Air India

Tata Sons has emerged as the top bidder for the takeover of debt-laden state-run airline Air India but the bid is yet to be approved by a group of ministers headed by Home Minister Amit Shah, sources said.

Financial bids put in by the salt-to-software conglomerate and SpiceJet promoter Ajay Singh were opened a few days back and were vetted by Core Group of Secretaries on Disinvestment headed by Cabinet Secretary on Wednesday, sources with knowledge of the matter said.

If its bid is accepted, Tata will take over the national carrier they once founded, PTI reported.

1:51 P.M.

DoT slaps Rs 3,050 cr penalty on Airtel, VIL; Airtel to approach court

The Department of Telecom (DoT) has slapped a penalty of Rs 2,000 crore on Vodafone Idea and Rs 1,050 crore on Bharti Airtel based on sector regulator Trai’s recommendation five years ago. The DoT has given three weeks time to the telecom operators to pay the penalty.

Trai’s recommendation had come on a complaint by Reliance Jio that over 75{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of calls on its network were failing as incumbents were not releasing sufficient numbers of points of interface. In October 2016, Telecom Regulatory Authority of India (Trai) had recommended imposing a total penalty of Rs 3,050 crore on Airtel, Vodafone and Idea for allegedly denying inter-connectivity to Reliance Jio.

The regulator had, at that time, stopped short of recommending cancellation of their telecom licences saying it may lead to significant consumer inconvenience.

1:45 P.M.

Petrol at all-time high, diesel crosses Rs 100-mark in MP, Raj, Odisha, AP

Petrol and diesel price soared to an all-time high across the country on Friday after rates were hiked again by 25 paise and 30 paise a litre, respectively.

The price of petrol in Delhi rose it its highest ever level of Rs 101.89 a litre and to Rs 107.95 in Mumbai, according to a price notification of state-owned fuel retailers.

Diesel rates too touched a record high of Rs 90.17 in Delhi and Rs 97.84 in Mumbai. Prices differ from state to state depending on the incidence of local taxes, PTI reported.

1:42 P.M.

K Rajaraman takes charge as telecom secretary

Tamil Nadu cadre IAS officer K Rajaraman on Friday took charge as the new telecom secretary. His joining comes following the superannuation of Anshu Prakash on September 30.

Rajaraman joins as new secretary when the government is making efforts to help debt-ridden telecom operators sail through troubled waters with telecom reforms, while ensuring that there is no impact on the national exchequer from the relief given to them, PTI reported.

1:39 P.M.

Maruti Suzuki sales dip 46 pc to 86,380 units in Sep

The country’s largest carmaker Maruti Suzuki India (MSI) on Friday reported 46.16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} decline in sales at 86,380 units in September. The company had sold 1,60,442 units in September last year, MSI said in a statement.

Domestic sales slipped 54.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 68,815 units last month as against 1,52,608 units in September 2020, PTI reported.

1:22 P.M.

Escorts posts 25.6 pc fall in tractor sales in Sept

Farm machinery and construction equipment major Escorts on Friday reported a 25.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} decline in total tractor sales at 8,816 units in September.

The company had sold a total of 11,851 units in the same month last year, Escorts said in a regulatory filing.

Domestic tractor sales last month stood at 7,975 units as against 11,453 units in September 2020, down 30.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} , PTI reported.

Major Asian markets plunged as risk sentiment soured amid growing worries that inflation may persist even after global growth has peaked. India’s Sensex and Nifty also opened on a negative note with Sensex falling 0.67{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 58732.10 and the Nifty falling 0.62{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 17508.20 points.

However, Oil prices dropped on the prospect that the OPEC+ supplier alliance might step up a planned increase in output to ease supply concerns. Major auto companies including Toyota, Nissan and Skoda India posted their sales data for the month of September for India.

Hospitality firm OYO filed preliminary papers with capital market regulator Securities and Exchange Board of India (Sebi) to raise Rs 8,430 crore through an initial share-sale.

India’s Goods and Services Tax (GST) collection remained above the Rs 1-lakh-crore mark for third straight month in September at over Rs 1.17 lakh crore.

12:50 P.M.

Skoda Auto India posts over two-fold rise in sales in September

Skoda Auto India reported an over two-fold increase in sales at 3,027 units in September 2021, PTI reported.

The company had sold 1,312 units in the same month last year, Skoda Auto India said in a statement.

While Kushaq has fueled the growth for the brand in India, other models such as Superb, Octavia and Rapid have also contributed to the increase in sales volumes, it added.

12:40 P.M.

Oyo files draft papers for Rs 8,430-crore IPO

Hospitality firm OYO has filed preliminary papers with capital market regulator Securities and Exchange Board of India (Sebi) to raise Rs 8,430 crore through an initial share-sale, PTI reported.

The initial public offer (IPO) comprises fresh issue of equity shares aggregating up to Rs 7,000 crore and offer for sale to the tune of Rs 1,430 crore, the draft red herring prospectus filed with Sebi showed on Thursday.

Proceeds from the issue would be used towards funding prepayment or repayment, in part, of certain borrowings availed by our subsidiaries amounting to Rs 2,441 crore, and funding company’s organic and inorganic growth initiatives amounting to Rs 2,900 crore, and balance towards general corporate purpose, it added.

12:25 P.M.

GST collection tops Rs 1 lakh cr for third straight month

India’s Goods and Services Tax (GST) collection remained above the Rs 1-lakh-crore mark for third straight month in September at over Rs 1.17 lakh crore, PTI reported citing the finance ministry.

The revenues for the month of September 2021, are 23 per cent higher than the GST revenues in September 2020.

“The gross GST revenue collected in the month of September 2021 is Rs 1,17,010 crore of which CGST is Rs 20,578 crore, SGST is Rs 26,767 crore, IGST is Rs 60,911 crore (including Rs 29,555 crore collected on import of goods) and Cess is Rs 8,754 crore (including Rs 623 crore collected on import of goods), the finance Ministry said in a statement.

12:10 P.M.

B C Patnaik takes charge as MD of LIC

nsurance behemoth LIC on Friday said B C Patnaik has taken charge as the managing director (MD) of the company, PTI reported.

He was appointed as Managing Director vide a government notification dated July 5, 2021, LIC said in a statement.

Prior to taking charge as MD of LIC, Patnaik was the Secretary General, Council for Insurance Ombudsman, (CIO) Mumbai, it said

11:55 A.M.

India coal crisis brews as power demand surges

Indian utilities are scrambling to secure coal supplies as inventories hit critical lows after a surge in power demand from industries and sluggish imports due to record global prices push power plants to the brink, Reuters reported.

Over half of India’s 135 coal-fired power plants have fuel stocks of less than three days, government data shows, far short of federal guidelines recommending supplies of at least two weeks.

Prices of power-generation fuels are surging globally as electricity demand rebounds with industrial growth, tightening supplies of coal and liquefied natural gas. India is competing against buyers such as China, the world’s largest coal consumer, which is under pressure to ramp up imports amid a severe power crunch.

11:45 A.M.

Piramal Capital & Housing Finance acquires DHFL

Piramal Enterprises said its subsidiary, Piramal Capital & Housing Finance Limited (PCHFL), has merged with debt-ridden Dewan Housing Finance (DHFL) after paying Rs 34,250 crore to the creditors of the troubled housing finance company, PTI reported.

PCHFL has merged into DHFL with effect from September 30, 2021 pursuant to the reverse merger as contemplated under scheme of arrangement provided under the resolution plan, Piramal Enterprises said in a regulatory filing.

“Consequent to the Reverse Merger, DHFL shall issue such number of equity shares to the shareholders of PCHFL i.e. to Piramal Enterprises Limited (PEL), in accordance with the scheme of arrangement provided under the resolution plan,” it said.

11:30 A.M.

Nissan reports over three-fold increase in domestic sales in September

Automaker Nissan India said its domestic wholesales rose over three fold to 2,816 units in September, up from 780 units in the same month of last year, PTI reported.

The company said its exports last month stood at 5,900 units, compared with 211 units in September 2020.

In the first half of the current financial year, the automaker said it has achieved domestic wholesales of 18,591 units with a growth of 459 per cent over last year.

11:20 A.M.

Paras Defence lists with over 171{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} premium

Shares of Paras Defence and Space Technologies made a dream debut and jumped over 171{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} against its issue price of Rs 175, PTI reported.

The stock listed at Rs 475, a jump of 171.42{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from the issue price on BSE. It further soared 185{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to Rs 498.75. On NSE, it listed at Rs 469, rallying 168 per cent from the issue price.

The company commanded a market valuation of Rs 1,945.13 crore on the BSE.

11:10 A.M.

India’s power consumption up 1.83{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in September

India’s power consumption grew 1.83{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in September to 114.49 billion units (BU), showing subdued recovery according to power ministry data, PTI reported.

In the entire month of September last year, the power consumption was 112.43 BU, higher than 107.51 BU in the same month in 2019.

Experts say the recovery in power demand and consumption in September 2021 remained subdued mainly because of heavy rains in the month.

11:00 A.M.

Toyota Kirloskar posts 14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} growth in domestic sales

Toyota Kirloskar Motor (TKM) reported 14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} growth in its domestic wholesales to 9,284 units in September as compared with same month last year, PTI reported. The carmaker had dispatched 8,116 vehicles in September 2020.

“Demand in the personal mobility segment continues as we step into the festive months. Customer orders have been on a constant rise and we are witnessing a steady growth, ever since the second wave,” TKM Associate General Manager (Sales and Strategic Marketing) V Wiseline Sigamani said in a statement.

Crysta and Fortuner continue to dominate their respective segments, both garnering huge customer interests and orders, he added.

10:45 A.M.

India’s factory activity improved in September

India’s factory activity improved last month as a recovery in the economy from the pandemic-induced slump boosted demand and output, according to a private survey, Reuters reported.

That recovery might continue for at least a few months, supported by ultra-easy monetary policy and continued fiscal spending.

A hike in the Reserve Bank of India’s key interest rate looks to be a rare possibility until at least next fiscal year and India’s government said earlier this week it would continue with its borrowing-backed spending to revive the economy.

10:35 A.M.

Rupee slumps 12 paise to 74.35 against US dollar

The Indian rupee declined 12 paise to 74.35 against the US dollar in opening trade, tracking strength of the American currency in the overseas market and a muted trend in domestic equities, PTI reported.

At the interbank foreign exchange, the rupee opened at 74.33 against the dollar, then fell further to 74.35, registering a fall of 12 paise over its previous close. On Thursday, the rupee had settled at 74.23 against the US dollar.

10:00 A.M.

Ola Electric raises over $200 million

Ola Electric said it has raised over $200 million from Falcon Edge, SoftBank Group and others at a valuation of $3 billion.

In a statement, the company the funding will strengthen Ola’s Mission Electric which urges the industry and consumers to commit to electric and ensure that no petrol two wheelers should be sold in India after 2025.

“Ola will accelerate development of other vehicle platforms including electric motorbike, mass market scooter and its electric car,” Ola said.

9:25 A.M.

Sensex, Nifty open lower

The Indian benchmark equity indices, Sensex and Nifty opened the October series on a negative note. At 9:17 IST, the Sensex fell 0.67{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} or 394.26 points to 58732.10 and the Nifty was down 0.62{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} or 110 points at 17508.20 points.

About 807 shares advanced, 981 declined and 117 remain unchanged.

9:15 A.M.

Oil slips as OPEC+ weighs output boost

Oil prices dropped on the prospect that the OPEC+ supplier alliance might step up a planned increase in output to ease supply concerns, Reuters reported.

U.S. West Texas Intermediate (WTI) crude futures slipped 5 cents to $74.98 a barrel, though the contract remained on track to post its sixth consecutive week of gains.

Brent crude futures fell 7 cents, or 0.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, to $78.24 a barrel, but was still heading for a small rise on the week, marking a fourth straight week of gains.

9:00 A.M.

Asian stocks extend global slide

Asian equities followed Wall Street sharply lower as risk sentiment soured amid growing worries that inflation may persist even after global growth has peaked, Reuters reported.

Japan’s Nikkei tumbled 1.86{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, while the broader Topix slid 1.95{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Australian stocks slumped 2.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and South Korea’s Kospi lost 1.51{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

An MSCI index of Asia-Pacific stocks dropped 1.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Chinese markets are closed for a week from Friday for the Golden Week holiday.