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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 17, 2021

Stock futures open mixed to hover below records

Stock futures traded mixed Tuesday evening as buyers awaited another established of corporate earnings final results out Wednesday early morning.

Contracts on the S&P 500 were being somewhat larger. The index experienced shut out Tuesday’s session bigger, led by a increase in technological innovation stocks, which also pull the Nasdaq increased to outperform towards the other two big indexes. Tesla (TSLA) shares steadied in late investing following jumping 4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for their initial increase in 4 sessions. Peloton (PTON) shares had surged by nearly 16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} all through the session in its best day given that Might 2020, soon after the firm declared a secondary stock supplying that would internet far more than $1 billion.

Better-than-expected economic facts, with retail gross sales escalating by the most considering that March in October, and sturdy earnings outcomes from key companies together with Walmart (WMT) and House Depot (High definition) assisted gasoline the broader markets’ most current leg larger. Earnings outcomes from the upcoming batch of merchants like Target (TGT) and Lowe’s (Low) are due for launch Wednesday early morning.

The upbeat details aided investors at the very least temporarily glance outside of concerns around nonetheless-elevated inflation. And indeed, some of the progress in retail income — which are reportedly nominally in the Commerce Department’s month-to-month reports — possible stemmed from mounting prices. Walmart executives through their earnings simply call Tuesday early morning also observed that they have been “seeing inflationary price pressures in some locations” but were being performing with suppliers to “handle margins properly.”

Irrespective of these inflationary issues and the possible impacts of growing price ranges on corporate profits and paying, shares have hovered in close proximity to document highs. The S&P 500 was within just .5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of its all-time intraday higher by Tuesday’s shut. And according to some strategists, these moves suggest marketplaces may well be warming to the notion that inflationary pressures will eventually moderate below present-day levels.

“The marketplaces typically are seeking at it benignly – they are not discounting some for a longer time-time period inflation of far more than, let us say, 2.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a},” Steven Wieting, Citi World wide Prosperity chief financial commitment strategist, informed Yahoo Finance Reside. “You can see this in the pricing out on the yield curve of Treasuries. You can see this in the composition of the current market with advancement stocks not actually staying crushed down by any concerns about some lurch increased, tightening of monetary plan. We think that story is mostly correct – it’s benign for marketplaces. It does not signify we get to repeat the returns the previous yr, having said that.”

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6:15 p.m. ET Tuesday: Stock futures open up mixed

Here is the place marketplaces have been buying and selling Tuesday evening:

S&P 500 futures (ES=F): +.75 details (+.02{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,696.75
Dow futures (YM=F): +14 factors (+.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 36,075.00
Nasdaq futures (NQ=F): -4.75 details (-.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,296.50

NEW YORK, NEW YORK - NOVEMBER 15: Traders work on the floor of the New York Stock Exchange (NYSE) on November 15, 2021 in New York City. Following positive economic news out of China, stocks were up in morning trading on Monday with investors looking at retail sales and earnings results out from major U.S. companies later this week. (Photo by Spencer Platt/Getty Images) — NEW YORK, NEW YORK – NOVEMBER 15: Traders get the job done on the floor of the New York Inventory Exchange (NYSE) on November 15, 2021 in New York Metropolis. Subsequent good financial news out of China, stocks have been up in morning buying and selling on Monday with traders searching at retail revenue and earnings results out from main U.S. firms later on this 7 days. (Image by Spencer Platt/Getty Illustrations or photos)

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

November 7, 2021

Stocks mixed as market digests Fed’s tapering announcement

Stocks gained Wednesday afternoon as investors digested a key monetary policy decision from the Federal Reserve, which included a formal announcement of the central bank’s start to tapering its pandemic-era asset purchases.

The S&P 500, Dow and Nasdaq each rose to record levels for another session. As had been widely expected, the Federal Reserve said on Wednesday that it was going to begin slowing the pace of purchases in its crisis-era asset purchase program starting this month. This had been one of the primary tools helping to underpin the economic recovery and financial markets over the course of the pandemic. That asset purchase program has been taking place with $120 billion worth of agency mortgage-backed securities and Treasurys per month over the past more than year.

“In light of the substantial further progress the economy has made toward the Committee’s goals since last December, the Committee decided to begin reducing the monthly pace of its net asset purchases by $10 billion for Treasury securities and $5 billion for agency mortgage-backed securities,” according to the FOMC statement.

“Beginning later this month, the Committee will increase its holdings of Treasury securities by at least $70 billion per month and of agency mortgage‑backed securities by at least $35 billion per month,” it added. “Beginning in December, the Committee will increase its holdings of Treasury securities by at least $60 billion per month and of agency mortgage-backed securities by at least $30 billion per month.”

With the tapering announcement now made, the bigger question for market participants has become when the Fed will begin to raise interest rates. The Fed’s latest monetary policy decision will not come with updated projections on the interest rate outlook from individual policymakers. However, at the conclusion of the Fed’s last meeting, the outlook showed a divided committee for next year, with nine members seeing no rate hikes by the end of next year while the other nine members saw at least one hike.

Still, the persistently hotter-than-expected inflationary pressures in the recovering economy have put the Fed in a difficult spot when it comes to waiting on rate hikes, many economists argued. These elevated levels of inflation might push the Fed to raise rates more quickly than previously telegraphed, some maintained. And in the Fed’s latest policy statement Wednesday, the central bank slightly updated its remarks on inflation, saying that “Inflation is elevated, largely reflecting factors that are expected to be transitory.” In September, the Fed had said inflation was “elevated, largely reflecting transitory factors.”

“The Fed’s credibility will be enhanced if Mr. Powell does not have to return to the press conference platform in December, January and March and again have to explain why inflation has risen even further,” Ian Shepherdson, chief economist at Pantheon Macroeconomics, wrote in a note ahead of Wednesday’s decision. “The danger has increased that the Fed will be forced into faster tapering an an insurance hike next. spring, or even a sustained inflation-chasing tightening later in the year.”

Elsewhere, investors continued to monitor a slew of new quarterly earnings results from major corporations. Earlier this week, the major stock indexes had been buoyed by an extended run of better-than-expected profit results.

Some of the latest names that reported results continued this winning streak. Lyft (LYFT) shares gained after the ride-hailing company posted third-quarter revenue and earnings, excluding some items, that exceeded expectations, with a recovery in drivers and ridership helping boost results. Food giant Mondelez (MDLZ) also offered third-quarter results and a full-year forecast that exceeded estimates. In other corporate developments, Bed Bath & Beyond (BBBY) announced a new partnership with Kroger and plan to accelerate its share repurchases, and the stock surged in early trading.

Other companies, however, bucked the positive trend of stronger-than-expected earnings and guidance. Activision Blizzard (ATVI) shares sank in late trading after the video game company posted weak current-quarter guidance, and Match Group (MTCH) slid as lingering COVID-related impacts in Asia also dampened its outlook.

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4:03 p.m. ET: Stocks reach fresh all-time highs after Fed announces start to tapering as economic recovery progresses

Here were the main moves in markets as of 4:03 p.m. ET:

S&P 500 (^GSPC): +29.91 (+0.65{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,660.56
Dow (^DJI): +104.95 (+0.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 36,157.58
Nasdaq (^IXIC): +161.98 (+1.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,811.58
Crude (CL=F): -$4.04 (-4.81{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $79.87 a barrel
Gold (GC=F): -$15.50 (-0.87{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,773.90 per ounce
10-year Treasury (^TNX): +3 bps to yield 1.5790{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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9:30 a.m. ET: Stocks open lower as market eyes Fed

Here were the main moves in markets as of 9:35 a.m. ET:

S&P 500 (^GSPC): 4,627.80, -2.85 (-0.06{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})
Dow (^DJI): 36,014.67, -37.96 (-0.11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})
Nasdaq (^IXIC): 15,620.03, -29.57 (-0.19{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})
Crude (CL=F): $81.44 per barrel, -$2.47 (-2.94{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})
Gold (GC=F): $1,769.50 per ounce, -$19.90 (-1.11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})
10-year Treasury (^TNX): flat, to yield 1.5440{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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8:15 a.m. ET: U.S. private payrolls topped estimates in October: ADP:

U.S. private employers added back more jobs than expected last month, reflecting a pick-up in the pace of hiring as more service-focused companies brought back workers to meet elevated demand.

Private payrolls grew by 571,000 in October compared to September, ADP said in its closely watched monthly report. Consensus economists were looking for a rise of 400,000 jobs, according to Bloomberg data. The month earlier, private payrolls had risen by a downwardly revised 523,000, from the 568,000 previously reported.

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7:16 a.m. ET Wednesday: Stock futures mixed ahead of Fed meeting

Here’s where stocks were trading Wednesday morning ahead of the opening bell:

S&P 500 futures (ES=F): -4.75 points (-0.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,618.75
Dow futures (YM=F): -48 points (-0.13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,890.00
Nasdaq futures (NQ=F): +8 points (+0.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,969.25
Crude (CL=F): -$2.05 (-2.44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $81.86 a barrel
Gold (GC=F): -$4.90 (-0.27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,784.50 per ounce
10-year Treasury (^TNX): -1.6 bps to yield 1.531{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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6:03 p.m. ET Tuesday: Stock futures drift sideways

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

S&P 500 futures (ES=F): -2.25 points (-0.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,621.25
Dow futures (YM=F): -19 points (-0.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,919.00
Nasdaq futures (NQ=F): -11.5 points (-0.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,949.75

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)

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

October 24, 2021

Stocks End Mixed on Wall Street, Still Notch Weekly Gains | Business News

By DAMIAN J. TROISE and ALEX VEIGA, AP Company Writers

Wall Street capped a choppy day of investing Friday with an uneven end for the big inventory indexes, as losses for various substantial technological innovation organizations weighed on the sector.

The S&P 500 was tiny adjusted a working day following it established an all-time higher, but the .1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} slip ended its seven-day successful streak. The Dow Jones Industrial Normal notched a .2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} acquire, fantastic adequate to eclipse the blue-chip index’s past record substantial set on Aug. 16. The tech-major Nasdaq composite fell .8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Some 65{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of shares in the S&P 500 shut increased, led predominantly by economical and overall health care companies, but losses in interaction and technology firms, which have an outsized body weight on the benchmark index, held the S&P 500 down.

Despite the downbeat complete to the 7 days, the a few big indexes posted their third weekly achieve in a row. Investors have been reviewing company earnings about the last two months and the typically sound outcomes have helped stocks frequently grind larger.

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Remarks Friday by Federal Reserve Chair Jerome Powell appeared to place traders in a marketing mood. Powell stated that the supply chain difficulties that have induced disruptions across the U.S. economic system given that this summer months have gotten even worse and will very likely maintain inflation elevated effectively into following calendar year.

“This plan that inflation is transitory appears to be going out the window as you see inflation anticipations begin to increase,” claimed Willie Delwiche, financial investment strategist at All Star Charts.

The S&P 500 slipped 4.88 details to 4,544.90. The Dow received 73.94 points to 35,677.02. The Nasdaq slid 125.50 details, or .8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, to 15,090.20.

Compact firm shares also shed ground. The Russell 2000 index fell 4.92 factors, or .2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, to 2,291.27.

Bond yields edged lower. The generate on the 10-yr Treasury fell to 1.64{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from 1.67{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

With corporate earnings reporting season in whole swing, investors have been seeking for clues as to how corporations are navigating supply chain complications and soaring expenditures for materials, transportation and other goods and services. Numerous companies have warned that the source chain problems and overall bigger expenditures will damage operations.

Wall Road is monitoring what the Fed will do to tackle inflation. The central bank is broadly anticipated to announce upcoming month programs to commence minimizing month-to-month bond buys that the Fed started in the early times of the pandemic in a bid to decreased lengthier-time period interest premiums and encourage borrowing and paying out.

Powell explained Friday that the Fed is not but well prepared to elevate its benchmark fascination amount from its present-day level in close proximity to zero, even though he instructed that the economy may perhaps be all set for a fee hike subsequent 12 months.

“If the Fed is heading have to be extra intense with increasing premiums or far more intense with going towards tapering to elevating charges, then what is actually the effect, not on individual firms, but on total sectors and the financial system general?” asked Delwiche.

Technology and interaction firms, which are inclined to be amongst the most high priced shares and have benefited from reduced curiosity prices, weighed most on the sector Friday. Chipmaker Intel slumped 11.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for the greatest drop in the index immediately after reporting disappointing profits.

Snapchat’s guardian firm, Snap, plunged 26.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after reporting weak income and disclosing that its ad income are being hurt by a privateness crackdown that rolled out on Apple’s iPhones before this yr. The information weighed down several other social media organizations. Facebook fell 5.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and Twitter fell 4.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Google’s dad or mum, Alphabet, fell 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Banking institutions and other economic companies designed reliable gains. American Express jumped 5.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} following reporting sound 3rd-quarter fiscal success. The business observed an increase in buyer investing and travel. Financial institution of The united states rose 1.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Reliable earnings served quite a few other corporations get floor. Scorching Wheels and Barbie maker Mattel rose .6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} following reporting solid economical success.

The organization preparing to make President Donald Trump’s new media venture a publicly traded corporation soared for a 2nd straight working day. Digital Entire world Acquisition nearly tripled in the to start with minute of buying and selling, then wound up with ending the day at $94.20, up 107{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. It traded as high as $175.

The inventory additional than quadrupled the working day just before, surging to $45.50 from $9.96, right after the organization stated it would merge with Trump Media & Know-how Team, which aims to challenge Fb, Twitter and even Disney’s streaming movie company. Professionals are split on the company’s prospective customers, but some investors are betting on it to be common.

Which is regardless of the deal’s announcement remaining strange in how number of aspects it available for buyers.

European markets finished typically greater. Markets in Asia closed mixed. State media in China claimed China Evergrande Group manufactured an overdue bond payment on Friday. The assets developer’s wrestle to decrease its 2 trillion yuan ($310 billion) of financial debt to comply with tighter official curbs on borrowing has prompted fears a default may possibly set off a financial crisis.

October 22, 2021

Stocks trade mixed, Dow pulls back from record as earnings roll in

Stocks were mostly higher on Thursday, with the S&P 500 rising to log an all-time high as a parade of strong earnings results and economic data helped buoy equity prices.

The S&P 500 gained 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to reach record intraday and closing highs, led by outperformance in the consumer discretionary and information technology sectors. A better-than-expected report on new weekly jobless claims also helped boost risk assets, with these improving to a fresh pandemic-era low. The Dow dipped but came off session lows. The 30-stock index had set a fresh record intraday high during the regular trading day on Wednesday, marking its first all-time high since mid-August.

Netflix and Tesla also logged record highs on Thursday, helping pull the tech-heavy Nasdaq up by 0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Bitcoin prices (BTC-USD) pulled back from an all-time high of $66,000 reached earlier on Wednesday.

Estimates-topping earnings results from companies from Verizon (VZ) to Anthem (ANTM) and Abbott Laboratories (ABT) extended a streak of strong quarterly reports kicked off by the big banks last week. Tesla (TSLA) shares pushed higher after the electric-vehicle maker posted profits that exceeded estimates on the back of record quarterly deliveries, though revenues fell short.

With stocks trading near record levels, these kinds of earnings beats will need to be maintained in order to fuel further appreciation, some strategists said.

“Both the fiscal stimulus and monetary stimulus has been driving markets really since the ricochet off the bottom of COVID,” Michael Vogelzang, chief investment officer for Captrust, told Yahoo Finance Live on Wednesday. “What we’re looking at now is, the easy work is done. The Fed is beginning to taper shortly, we expect. We don’t expect interest rates to rise much from here. But what it means is that the market is reasonably valued. It’s not cheap by anyone’s estimation. And in order to progress here … we’re going to have to see stronger earnings growth, and continued strong earnings growth.”

“We’ve seen the peak cycle acceleration,” he added. “Now it’s the hard work – can we continue to create profit growth in our various companies? Can the market and the economies around the globe work through some of the logistical issues?”

So far this earnings season, many goods-producing companies have highlighted concerns over rising input prices and ongoing supply chain disruptions. Tesla noted in its earnings release that “a variety of challenges, including semiconductor shortages, congestion at ports and rolling blackouts, have been impacting our ability to keep factories running at full speed.” And Procter & Gamble (PG) earlier this week estimated it would see over $2 billion in expenses this fiscal year related to rising commodity and freight costs.

However, investors have so far at least momentarily looked through these concerns, and clutched to optimism that these pressures will prove temporary.

“What we have done, in large part, by having massive aggregate demand outpacing aggregate supply is likely not destroyed demand. We likely delayed demand,” Art Hogan, chief market strategist at B Riley-National, told Yahoo Finance Live on Wednesday. “And I think that elongates the economic cycle into ’22.”

“It means we’re going to have above-mean economic growth or GDP growth in ’22, higher than we’re estimating right now, likely, as we start seeing some of that supply response come online,” he added. “I certainly think that when we look at those companies that have to discuss things like margin degradation because of supply chain logistics and not having pricing power, you’re definitely going to have that environment where you have winners and losers.”

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4:04 p.m. ET: S&P 500 logs record as Netflix, Tesla set new all-time highs

Here’s where the major indexes closed out the session on Thursday:

S&P 500 (^GSPC): +13.59 (+0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,549.78
Dow (^DJI): -6.26 (-0.02{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,603.08
Nasdaq (^IXIC): +94.02 (+0.62{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,215.70

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2:12 p.m. ET: It’s still an ‘equity friendly’ investing environment for stocks: Strategist

Even as concerns over inflation and the global economic outlook remain at the forefront of investors’ attention, the overarching backdrop for equities remains strong due to two key factors, according to at least one strategist.

“We’re continuing to believe that we’re in what we’re calling an ‘equity friendly’ investing environment. We’re right in the middle of earnings … and two key drivers to the market are always earnings and interest rates,” Leo Grohowski, BNY Mellon chief investment officer, told Yahoo Finance Live. “Coming into the third quarter, we had a lot of [earnings] warnings. In fact we had the third-highest warnings of any quarter in the last 10 years. So I think expectations were measured. And so far, with about 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the [S&P 500] companies in, we’re running about 80{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} better than expected. So earnings we believe will continue to move forward at a nice clip.”

“And the key is interest rates. Our thought has been the 10-year doesn’t get higher than maybe 1.75{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} by the end of the year,” he added. “That supports market multiples at around the 23 level … [getting] us to a market forecast of 4,600 to 4,700 this year. So we’re continuing to be constructive on the equity market based on the earnings and interest rate market.”

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10:00 a.m. ET: Existing homes sales bounced back in September, jumping far more than expected

Existing home sales rebounded in September after a dip in August, jumping by the most in a year as demand for housing remained robust.

Sales of previously owned homes were up 7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in September month-on-month, the National Association of Realtors (NAR) said in a new report Thursday. This was the biggest leap since September 2020, and brought sales to a seasonally adjusted annual rate of 6.29 million units. Consensus economists were looking for an only 3.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise in September, according to Bloomberg data. In August, existing home sales had dropped by 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in their first decline since May.

“Some improvement in supply during prior months helped nudge up sales in September,” Lawrence Yun, NAR’s chief economist, said in a press statement. “Housing demand remains strong as buyers likely want to secure a home before mortgage rates increase even further next year.”

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9:51 a.m. ET: WeWork opens at $11.28 per share after hitting public markets via SPAC merger

Co-working company WeWork opened for trading at $11.28 per share after making its public debut via a merger with the special-purpose acquisition company BowX Acquisition Corp. The combined company is now trading under the ticker “WE” on the New York Stock Exchange. The SPAC had closed Wednesday at $10.38 per share.

The listing comes after a series of stumbles for WeWork, which resulting in the ousting of its co-founder Adam Neumann after a failed attempt to go public via a traditional initial public offering in 2019. The SPAC merger gives the company a valuation of about $9 billion, versus an as much as $47 billion valuation after a an investment by SoftBank in the private markets.

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9:32 a.m. ET: Stocks open slightly lower

Here’s where markets were trading just after the opening:

S&P 500 (^GSPC): -3.92 (-0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,532.27
Dow (^DJI): -42.63 (-0.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,566.71
Nasdaq (^IXIC): -6.73 (-0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,114.95
Crude (CL=F): -$0.45 (-0.54{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $82.97 a barrel
Gold (GC=F): -$1.90 (-0.11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,783.00 per ounce
10-year Treasury (^TNX): +2.1 bps to yield 1.656{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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8:33 a.m. ET: New weekly jobless claims set fresh pandemic-era low, dropping to 290,000

Initial unemployment claims improved to their lowest level since March 2020 last week, as the number of firings and other voluntary separations slowed amid widespread labor shortages.

Weekly unemployment claims totaled 290,000 during the week ended Oct. 16, the Labor Department’s data showed on Thursday. The prior week’s jobless claims were upwardly revised slightly to 296,000 from the 293,000 previously reported.

Continuing jobless claims for the week ended Oct. 9 also came in at their lowest level since March of last year. These unexpectedly broke below 2.5 million for the first time since the start of the pandemic, totaling 2.481 million.

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7:25 a.m. ET Thursday: Stock futures give back some gains after Dow’s record-setting session

Here’s where markets were trading Thursday morning:

S&P 500 futures (ES=F): -12 points (-0.27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,516.00
Dow futures (YM=F): -104 points (-0.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,373.00
Nasdaq futures (NQ=F): -34.25 points (-0.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,343.25
Crude (CL=F): -$0.65 (-0.78{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $82.77 a barrel
Gold (GC=F): -$3.40 (-0.19{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,781.50 per ounce
10-year Treasury (^TNX): +2.6 bps to yield 1.661{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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6:05 p.m. ET Wednesday: Stock futures edge lower

Here’s where markets were trading Wednesday evening:

S&P 500 futures (ES=F): -2.25 points (-0.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,525.75
Dow futures (YM=F): -30 points (-0.08{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,447.00
Nasdaq futures (NQ=F): -18 points (-0.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,359.5

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

October 18, 2021

Asian Shares Mixed on China Developer, Virus Concerns | Business News

By YURI KAGEYAMA, AP Small business Author

TOKYO (AP) — Asian shares had been blended Friday amid worries in excess of troubled Chinese real estate developer Evergrande and in excess of the pandemic.

Japan’s benchmark jumped after reopening from Thursday’s nationwide vacation, but shares have been minor transformed in South Korea and China.

On Wall Road, shares rose broadly for a second day in a row, reversing losses for the 7 days. Buyers were pleased to have gotten some clarity from the Federal Reserve a day earlier that it was not on the verge of raising fascination charges.

Evergrande Group’s announcement that it was generating a payment because of Thursday has assisted to ease worries over whether or not it may possibly default on its enormous credit card debt obligations.

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Japan’s benchmark Nikkei 225 jumped 1.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in the morning session to 30,200.89. South Korea’s Kospi inched up a lot less than .1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 3,128.57. Australia’s S&P/ASX 200 slipped .4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 7,338.50. Hong Kong’s Hold Seng additional .2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 24,559.31, whilst the Shanghai Composite lost practically .1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 3,639.88.

Masayuki Tsunashima of Mizuho Lender warned pitfalls remained for markets from the likely problems at Evergrande. Prolonged coronavirus outbreaks also pose risks, he explained.

“So, it are unable to be dominated out that optimism remains fragile or, at the extremely the very least opportunistic as underlying dangers have only not been tackled, significantly much less set to mattress,” he said. “And this is consistent with marketplaces remaining vulnerable to volatility and damaging shocks.”

On Wall Avenue, shares rose for the second straight day, reversing the sharp pullback at the begin of the week. The S&P 500 rose 1.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 4,448.98. More than 85{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of companies in the benchmark index notched gains.

The Dow gained 1.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 34,764.82, though the Nasdaq rose 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 15,052.24. The Russell 2000 rose 1.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 2,259.04. It’s up 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for the week.

The rally put the big indexes on speed for weekly gains just four days soon after a broad sell-off on Monday handed the S&P 500 its biggest skid because Might and knocked the Dow more than 600 details reduced.

The market’s sharp swings mirror how immediately investor sentiment can change. With the market hovering in close proximity to all-time highs, traders are likely to see waves of providing as acquiring options.

Traders had been emotion uneasy about how swiftly the U.S. Federal Reserve could possibly elect to rein in some of the assistance measures it’s been providing the markets and financial system. All those anxieties have been allayed by Wednesday, when the Federal Reserve signaled it wouldn’t begin considering these types of a tapering of assistance ahead of at least November, and indicated it may perhaps commence raising its benchmark curiosity rate sometime upcoming 12 months.

“The previous handful of times have just been this recognition that all the items that were becoming talked about, the market has shrugged them off,” claimed Michael Antonelli, handling director and sector strategist at Baird, noting that the S&P 500 is only about 1.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} underneath its all-time higher set before this month.

“The market place was just ripe for a provide-off,” on Monday, Antonelli stated. “We however have not had a 5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} pullback from the highs however this 12 months.”

The Fed reported it will possible begin slowing the tempo of month-to-month bond buys manufactured through the pandemic to support preserve borrowing costs minimal “soon” if the overall economy retains enhancing.

“The reality is that the Fed is heading to err on facet of not tightening something on inflation until they totally have to,” stated Brent Schutte, main expense strategist, Northwestern Mutual Wealth Management Company.

Even now, marketplaces have had a tough September and investors could be in for a lot more choppiness, Schutte said.

“People received so employed to a one particular-way sector,” he stated. “It’s likely to be far more of two-way market and traders have to have to get applied that, but I however imagine the trend is greater.”

In electricity investing, benchmark U.S. crude oil fell 27 cents to $73.03 a barrel in electronic trading on the New York Mercantile Exchange. It acquired $1.07 to $73.30 a barrel on Thursday.

Brent crude, the international standard, lost 24 cents to $77.01 a barrel.

In currency trading, the U.S. greenback rose to 110.39 Japanese yen from 110.31 yen. The euro price tag $1.1744, up from $1.1740.

AP Enterprise Writers Damian J. Troise and Alex Veiga contributed.