Stock market news live updates: December 9, 2021

Stock market news live updates: December 9, 2021

Markets closed mostly lower on Thursday, ending a mixed trading session that followed record-low initial jobless claims.

The S&P 500 posted a loss of -0.72{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in afternoon trading, erasing gains from a recent rally that brought it near a record. The Nasdaq Composite also lost steam, falling 1.72{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, or 269.62 points, to 15,517.37 as tech stocks took a hit, while the Dow remained flat after choppy trading this week.

The stock moves on Thursday followed the release of fresh data from the U.S. labor department that showed the number of Americans filing initial jobless claims fell to the lowest level since September 1969. Weekly jobless claims fell to 184,000, below the pre-pandemic average of about 220,000 per week, pointing to a tightening labor market as employers seek to retain workers.

Investors mostly shrugged off jobs data as they pivot their attention to this month’s Consumer Price Index report as worries about stickier levels of inflation heighten. The latest CPI numbers are scheduled to be released Friday morning.

“I think what we’ve learned from the jobless claims is that it’s another affirmation that the labor market is increasingly tight,” Principal Global Investors Chief Strategist Seema Shah told Yahoo Finance Live. “We can see clearly that there’s very strong demand for employment. The area which is holding back the full recovery is from the supply side.”

“It looks like employers need to do more,” Shah added. “Wage increases are probably on the agenda for next year, and that’s part of the broadening of inflation pressures that we’ve already started to see come through in CPI data.”

Shah told Yahoo Finance, however, that her firm expects other parts of the inflation picture to fade and the 6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}-7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} consumer price figures likely to be seen in tomorrow’s report release should fall back to 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}-4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} by the end of next year.

“If COVID gradually improves rather than a major resurgence in 2022, we expect to see a continued recovery in the U.S. economy — continued recovery in services spending,”

The U.S. Food and Drug Administration granted emergency use authorization of Pfizer Inc and BioNTech’s COVID-19 vaccine booster shot for those aged 16 and 17 as the CDC strengthens its recommendations for those who are eligible to get a third dose.

Shares of Pfizer (PFE) were up 0.67{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on Thursday, trading at $52.07 per share.

Electric vehicle companies slumped Thursday, led by a selloff of shares of Lucid Group (LCID).

The company erased $11 billion in market value following a proposal to offer $1.75 billion of convertible senior notes expected to be sold to institutional buyers in a private offering. The decline also marked the second nosedive this week for shares of Lucid, which hovered around bear market territory Monday following disclosure of an investigation by the SEC of a recent SPAC merger.

Other electric vehicle companies extended losses following a three-day rally along with a broader market slump. Rivian (RIVN) was down by 7.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $114.89 per share, Tesla (TSLA) fell 4.94{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $1,016.12, and Workhorse Group (WKHS) slid 5.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $5.18. Nikola (NKLA) was down 0.44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $9.92, Lordstown (RIDE) fell 5.93{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $4.20, and Canoo (GOEV) dropped 7.18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $9.44 in intraday trading.

4:01 p.m. ET: Stocks end lower after three days of gains

Here were the main moves in markets as of 4:01 p.m. ET:

  • S&P 500 (^GSPC): -33.68 (-0.72{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,667.53

  • Dow (^DJI): +0.53 (+0.00{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,755.28

  • Nasdaq (^IXIC): -269.62 (-1.71{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,517.37

  • Crude (CL=F): -$1.75 (-2.42{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $70.61 a barrel

  • Gold (GC=F): -$8.90 (-0.50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,776.60 per ounce

  • 10-year Treasury (^TNX): -2.2 bps to yield 1.4870{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

2:30 p.m. ET: Lucid plunges 14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, erasing $11 billion in selloff

Shares of electric vehicle maker Lucid Group (LCID) wiped out $11 billion in market value following a proposal by the company to offer $1.75 billion of convertible senior notes expected to be sold to institutional buyers in a private offering.

The decline marks the second nosedive this week for shares of Lucid, which hovered around bear market territory Monday following disclosure of an investigation by the SEC of a recent SPAC merger.

Other electric vehicle companies extended losses following a three-day rally along with a broader market slump. Rivian (RIVN) was down by 7.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $114.89 per share, Tesla (TSLA) fell 4.94{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $1,016.12, and Workhorse Group (WKHS) slid 5.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $5.18. Nikola (NKLA) was down 0.44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $9.92, Lordstown (RIDE) fell 5.93{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $4.20, and Canoo (GOEV) dropped 7.18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $9.44 in intraday trading.

2:09 p.m. Nasdaq extends decline to 1.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

The tech-focused Nasdaq composite extended its decline on Thursday, falling as much as 1.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in afternoon trading to 15,611.08 after a volatile week for U.S. stocks as they climbed in a three-day recovery rally.

Markets were mostly lower in the second half of the day, with the S&P 500 also down 13.08 points to 4,688.47. The Dow gained 87.34 points, turning positive earlier in the day after a dip in morning hours.

1:49 p.m. Brazil’s Nubank debuts on Wall Street

Shares of Nu Holdings (NU), the Warren Buffet-backed Brazilian financial technology that does business as NuBank, jumped as much as 36{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on its inaugural trading day Thursday.

Nubank’s U.S. initial public offering makes it the most valuable financial institution in Latin America, surpassing Itau Unibanco Holding SA, with a $38 billion market value. The company’s IPO follows a record wave of Brazilian listings, adding to nearly 50 companies that raised more than 65 billion reais ($12 billion) this year.

The company’s backers include Warren Buffet’s Berkshire Hathaway, which is reported to have taken a $500m stake in NuBank in June, valuing the company at $30 billion at the time.

Morgan Stanley, Goldman Sachs Group Inc. and Citigroup Inc. led the IPO. Shares began trading midday Thursday under the ticker NU.

12:42 p.m. ET: Dow rebounds after opening dip

The Dow Jones Industrial Average bounced back in midday trading on Thursday following a slide by all three major U.S. indexes at the open.

The Dow was up slightly by 13.08 points, while the S&P 500 continued to edge lower, down 10.95 points to 4,690.26. The Nasdaq composite also remained in the red, falling by as much as 0.75{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Markets shrugged off data from the U.S. Labor Department released Thursday morning that showed the number of Americans filing initial jobless claims fell to the lowest level in half a century, opening lower in early trading and concluding a recovery rally that spanned three trading sessions.

11:00 a.m. ET: Wholesale inventories rise above estimates ahead of holidays

US wholesale inventories climbed above estimates in October as companies stock up for holiday season demand.

Latest figures from the Commerce Department released Thursday showed wholesale inventories rose 2.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, slightly more than the 2.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} estimated last month and 14.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} up from a year earlier.

The rise in inventories at wholesalers suggests restocking of warehouses could support economic growth this quarter. U.S. businesses recently struggled to hold inventories on hand due to supply chain delays and strong sales.

10:45 a.m. ET: Gamestop trades lower following disappointing earnings

Shares of Gamestop (GME) dropped in early trading after the video game retailer posted Q3 earnings Wednesday reflecting widening quarterly losses that disappointed investors. The stock was down by as much as 6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after markets opened on Thursday.

Wedbush analyst Michael Pachter cut his price target from $45 to $50, attributing the downgrade to lack of clarity from management on a digital transformation plan for the company promised in the past that “has yet to crystalize.”

“Another quarter, still no turnaround strategy in sight,” Pachter wrote in a note to clients.

The video game company and meme-stock darling reported a quarterly loss of $1.39 per share, higher than consensus estimates.

9:36 a.m. ET: Stocks open lower

Here were the main moves in markets as of 9:36 a.m. ET:

  • S&P 500 (^GSPC): -10.44 (-0.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,690.77

  • Dow (^DJI): -134.51 (-0.38{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,620.24

  • Nasdaq (^IXIC): -19.58 (-0.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,767.41

  • Crude (CL=F): -$0.54 (-0.75{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $71.82 a barrel

  • Gold (GC=F): -$2.80 (-0.16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,782.70 per ounce

  • 10-year Treasury (^TNX): -1.7 bps to yield 1.4920{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

8:30 a.m. ET: Jobless claims hit new record low

New weekly jobless claims came in well below expectations and reached its lowest level since September 1969. The Labor Department reported that 184,000 claims were filed for the week ending Dec. 4. Claims are hovering below their pre-pandemic levels. 

Continuing claims, which represent the number of individuals still receiving unemployment benefits via regular state programs, have also come down and held below 2 million last week. For the week ended Nov. 27, continuing claims was 1.992 million. 

8:30 a.m. ET Thursday: Stock futures slip

Here were the main moves in markets in early trading Thursday:

  • S&P 500 futures (ES=F): -19.25 points (-0.41{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,679.75

  • Dow futures (YM=F): -157 points (-0.44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,589

  • Nasdaq futures (NQ=F): -67.50 points (-0.41{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,324.75

6:57 p.m. ET Wednesday: Stock futures open flat

Here were the main moves in markets in late trading on Wednesday:

  • S&P 500 futures (ES=F): -1.75 points (-0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,697.25

  • Dow futures (YM=F): + -8 points (-0.02{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,728

  • Nasdaq futures (NQ=F): -16.50 points (-0.10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,375.75

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

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3 reasons why the stock market hates the omicron variant: Morning Brief

3 reasons why the stock market hates the omicron variant: Morning Brief

This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe

Monday, December 6, 2021

Most investors will enter this week confused after battling through another topsy-turvy trading week. 

Bitcoin nosedived at its worst by 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over the weekend (more on that below). Last week, the S&P 500 saw five straight losses of at least 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at one point each day, according to Bloomberg data. Small-cap stocks as measured by the Russell 2000 are officially in a correction.

Does one brave these rockier waters and buy the dip? After all, the strategy has worked wonders in the past five years as markets have been awash in liquidity. What I say is to sit tight. Honestly, you shouldn’t be confused at all given the economic implications of the new Omicron variant (and potentially others) and the Federal Reserve soon pulling back the liquidity punch bowl. 

I think the team at Goldman Sachs led by Jan Hatzius nicely summed up this weekend why you should be hesitant to buy dips in the market in the near-term. In other words, the market has been right to hate the Omicron variant:

“First, Omicron could slow economic reopening, but we expect only a modest drag on service spending because domestic virus-control policy and economic activity have become significantly less sensitive to virus spread.

Second, Omicron could exacerbate goods supply shortages if virus spread in other countries necessitates tight restrictions. This was a major problem during the Delta wave, but increases in vaccination rates in foreign trade partners since then should limit the scope for severe supply disruptions.

Third, Omicron could delay the timeline for some people feeling comfortable returning to work and cause worker shortages to linger somewhat longer.”

The read here: the market probably hasn’t priced in anything Hatzius discusses above from an economic standpoint. It’s currently in the process of figuring things out. Hatzius slashed his first quarter 2022 GDP estimate to 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from 4.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} primarily due to the spreading Omicron variant.  

Then the other component at play is in fact the new Jerome Powell-led Fed in 2022, one that is more focused on controlling inflation than providing support to asset markets. To that end, Bank of America’s Chief Investment Strategist Michael Hartnett sets the stage very well for 2022 in this new Fed era:

“2021-22 investment backdrop we say similar to early stagflation of late-60s, early70s … period of inflation & interest rates breaking higher from secular low/stable trading ranges on back of high budget deficits, Vietnam, “Great Society” policies, civil unrest, political and acquiescent Fed; late-60s/70s “stagflation” winners were real assets, real estate, commodities, volatility, cash, emerging markets, all of which held their own versus inflation; losers were bonds, credit, equities, tech, all of which ultimately struggled; we think we’re in the ’69-’71 period.”

Harnett is bearish on 2022, and expects a “rates shock” and tightening financial conditions.

Happy trading! And remember, what goes up must eventually come down.

Odds and ends

Cryptocurrency: Yahoo Finance Editor-in-chief Andy Serwer and crypto reporter David Hollerith did expert jobs this weekend covering the rout in bitcoin prices (down 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at one point on Saturday). So I won’t spend a lot of time on it, other than to say exuberant crypto asset prices are about to be put to the test as the Fed moves off peak liquidity. Those asset prices could also be put to the test this week as the CEOs of six major crypto companies testify at a Dec. 8 hearing of the House Financial Services Committee titled “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States.” I am very interested to see if execs from Paxos, FTX, Coinbase, Circle, Stellar Development Foundation and Bitfury tell the likes of Congresswoman Maxine Waters that they want more regulation. Now is the group’s chance to send along that message, which is one I have been hearing from crypto people for over a year. I’ll reiterate: Be careful what you wish for, crytoverse.

Stock market bubble: Berkshire Hathaway’s Charlie Munger’s comments last week on valuations being crazy just like the 2000 dot-com bubble were well taken. I don’t agree 100{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} with the billionaire’s hot take, but it doesn’t take a rocket scientist to see pockets of excess in all sorts of markets at the moment (even in a market off its mid-November record highs). But to push back on Munger’s musings, look no further than this year’s IPO market. Bank of America strategist Jill-Carey Hall points out the number of traditional (non-SPAC) deals year-to-date is tracking the highest since the aforementioned tech bubble of 2000. BUT, as a percentage of market cap, deal value is half of 1999 levels. Sure doesn’t look bubblelicious to me, but then again what do I know, Munger’s net worth is 4,000 times mine (a rough guess).

DocuSign: Friday was a session for DocuSign that falls under the category for me of “wow, I haven’t seen that in a while.” Shares crashed 42{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} by the close of trading as the company is experiencing slowing growth that took execs by surprise. Hat tip to DocuSign CEO Dan Springer for even coming on Yahoo Finance Live to talk with me and Zack Guzman, while the company’s stock plunged 40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Having said that, watch DocuSign for a short-term dead cat bounce this week — Springer told us he is buying $5 million in company stock on Tuesday because the market reaction looks very overdone. I suspect he won’t be alone in trying to pick the bottom.

Small-cap stocks: Few sectors have been harder hit during this two week or so sell-off than small caps, or those of companies with outsized exposure to the U.S. economy. The small-cap Russell 2000 has tanked 12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from its recent high on Nov. 8, per Yahoo Finance Plus data. Yahoo Finance’s markets wizard Jared Blikre notes on Twitter the iShares Russell 2000 ETF is now at “old” support levels on the charts. The selling pressure may not yet be over, small-cap experts contend. 

“Given the uncertainty around the new variant and the economy, it is hard to see investors wanting to add risk heading into year-end,” says Steven DeSanctis, Jefferies’ small and mid-cap strategist (known on Wall Street as the “SMID” strategist). “When these issues are resolved, and we think that will be sooner rather than later, we see small spiking higher, like it has done numerous times since the low in March 2020. We would not be surprised to see a real January Effect with small leaping higher, beating large, and the cyclicals leading the way,” 

Have no clue what the January Effect is? Give this a quick read from our friends at Investopedia.

Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

Yahoo Finance Highlights

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2 big market risks for 2022, according to Bank of America

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

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.”

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}

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. 

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. 

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}

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. 

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}. 

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}

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

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

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

Stock futures open mixed to hover below records

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.”

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)

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

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Weak global indicators took the key indices lower. Banks and IT and realty stocks also fell..

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Name Price Change {1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} Chg
Sbi 513.30 -11.10 -2.12
Indiabulls Hsg 240.70 -4.65 -1.9
Ntpc 135.30 -2.10 -1.53
Nhpc 32.00 -0.25 -0.78

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