In addition, better-than-expected third quarter results from Home Depot and Walmart indicated that the U.S. consumer continues to increase spending despite rising inflation.
4:05 p.m .: US stocks end higher on higher retail sales
US stocks closed higher after a strong retail sales report in October.
The latest retail sales figures for October showed consumers were increasing their spending, with sales jumping 1.7%. This compares to an increase of 0.8% the month before. The report showed great strength in a number of categories, from automobiles to sporting goods.
On the day, the Dow Jones Industrial Average rose 58 points, or 0.15%, to 36,142 and the S&P 500 rose 0.39% to 4,700.
The tech-rich Nasdaq jumped 0.76% to 15,973.
1:00 p.m .: US stocks climb as retail sales rise
US stocks surged in afternoon trading after a report on consumer spending raised hopes for the holiday season, despite the impact of inflation on consumer wallets .
The Dow Jones Industrial Average gained 209 points, or 0.5% to 36,297, while the technology-dominated Nasdaq Composite Index rose 110 points, or 0.7% to 15,964. Both are minus 1% of new highs, according to the Wall Street Journal.
Meanwhile, the S&P 500 climbed nearly 0.6%, a day after the benchmark closed at its fifth-highest level on record.
“The new data for October has brought optimism about the approaching festive demand boom, with retail sales and industrial production figures both on the rise despite concerns about the supply chain.” said Joshua Mahony, senior market analyst at IG, an e-commerce company. and global forex broker.
Market watchers have said that we are now heading into a period of volatility as inflation in the United States indicates potential challenges for the market.
11am: proactive titles in North America:
Mydecine Announces Q3 Results and Prepares to Provide MYCO-001 for Johns Hopkins Smoking Cessation Study
Power REIT (NYSE-A: PW) Reports Sharp Increase in Net Income and Revenues as Real Estate Acquisitions Drive Growth
Kontrol Technologies signs agreement to provide real-time detection of airborne pathogens in the workplace in Australia and New Zealand
Nextech AR Solutions renames itself as a fully-fledged Metaverse company
CULT Food Announces $ 1 Million CULT Prize to Accelerate the Future of Food Around the World
Contakt World (CSE: HELP) Technologies Seeks To Strengthen Its Product Portfolio By Summarizing Recent Achievements And Strategic Initiatives
Gevo and Sweetwater Energy sign MoU to supply lignocellulosic feedstocks to produce cellulosic alcohols and sustainable aviation fuel
HealthLynked (OTCQB: HLYK) Sees Third Quarter Revenue Soar 98% to $ 4 Million Thanks to Strong Patient Volume
Evergold says drilling on Golden Lion property produces highest grades of gold, silver, zinc and lead on record
Codebase Ventures Welcomes Arcology Progress To Benefit Ethereum Developer
Todos Medical concludes a new reference laboratory contract for Provista Diagnostics; ends Q3 with $ 1.01 million in revenue
BioSig Technologies Launches Artificial Intelligence Development Program With Israel-Based Technion
BioLargo Announces Increase in Third Quarter Consolidated Revenue Thanks to Strong Growth in Engineering Division
Maverix Metals Raises Full Year Gold Equivalent Ounces Sold Forecast as Third Quarter Report “Active”
AIM ImmunoTech Closes Third Quarter With $ 53.7 Million Balance Sheet
CytoDyn Submits First Of Three Main Sections Of Its HIV Biologics License Application Under Review To FDA
Kidoz sees third quarter revenue reach $ 2.8 million as mobile advertising industry moves towards contextual targeting
CLS Holdings (LSE: CLI) USA Says Nevada Affiliates Generated $ 1.9 Million In Revenue In October
Recruiter.com Sees Sequential Q3 Revenue Growth of 43% as Recruiters Valued in a “Job Hopper” Economy
FSD Pharma (CSE: HUGE, NASDAQ: HUGE) Announces the Appointment of Dr. Eleanor N. Fish to its Research and Clinical Advisory Board
Predictiv AI terminates SMRT Labs joint venture with Commersive Solutions
PyroGenesis Canada Focuses On Emissions Reduction Offerings As It Shows Higher Revenue at 3T
BetterLife Pharma Says Pharmacological Data on Second Generation LSD Derivative Confirms Its Intended Non-hallucinogenic Property
Rio2 signs definitive Gold Stream agreement on its Fenix gold project with a wholly owned subsidiary of Wheaton Precious Metals
Kontrol Technologies Post Record 3rd Quarter Revenue of $ 21.5 Million as Global HVAC & Automation Acquisition Begins to Pay Off
Esports Entertainment Group Says First Quarter Revenue Almost Doubled Year-Over-Year
ME2C Environmental (OTCQB: MEEC) Sees Third Quarter Revenue Increase 78% to $ 5 Million Thanks to Increased Sales of Absorbent Products
Revive Therapeutics Announces Published Results on Bucillamine as a Potential Inhibitor of the Delta Variant of SARS-CoV-2 Infection
OTC Markets Group Launches Upgraded Qaravan Platform, Offering Transparent Approach to Peer Monitoring and Competitor Benchmarking
PyroGenesis Canada Focuses On Emissions Reduction Offerings As It Shows Higher Revenue at 3T
BetterLife Pharma Says Pharmacological Data on Second Generation LSD Derivative Confirms Its Intended Non-hallucinogenic Property
Rio2 signs definitive Gold Stream agreement on its Fenix gold project with a wholly owned subsidiary of Wheaton Precious Metals
Kontrol Technologies Post Record 3rd Quarter Revenue of $ 21.5 Million as Global HVAC & Automation Acquisition Begins to Pay Off
Esports Entertainment Group Says First Quarter Revenue Almost Doubled Year-Over-Year
ME2C Environmental (OTCQB: MEEC) Sees Third Quarter Revenue Increase 78% to $ 5 Million Thanks to Increased Sales of Absorbent Products
Revive Therapeutics Announces Published Results on Bucillamine as a Potential Inhibitor of the Delta Variant of SARS-CoV-2 Infection
Royal Wins Relaunches Kash Karnival Pure Skills Gaming Platform on Google Play in US to Expand Audience Base
Talon Metals Welcomes U.S. Government Action on Battery Supply Chain
Logiq Sees Third Quarter Revenue Increase to $ 7.8 Million, Gross Profit Increase 108%, Thanks to AppLogiq and DataLogiq Businesses
Organic Garage (TSX-V: OG) Says Future of Cheese Inc Continues to Report Growing Demand for Its Initial Product, Plant-Based “Future of Butter”
Revive Therapeutics Announces Published Results on Bucillamine as a Potential Inhibitor of the Delta Variant of SARS-CoV-2 Infection
Ketamine One (NEO: MEDI.AQN) Says Its Wholly Owned Subsidiary IRP Health recently opened two multidisciplinary and veteran-focused clinics in Comox Valley and Ottawa
Biocept sees third quarter profitability thanks to increase in COVID-19 RT-PCR tests
i-80 Gold reports positive results from ongoing drilling program on its Granite Creek property in Nevada
9:50 am: US stocks start to rise again
US stocks began to climb Tuesday as traders digested the latest data on retail sales and heavy hitter earnings.
The Dow Jones Industrial Average jumped more than 124 points to 36,211 in the first trades in New York.
The S&P 500 added about ten points to 4,693.
The tech-rich Nasdaq gained around 34 points to 15,888.
Official figures showed October retail sales were 1.7% higher than the 0.7% figure recorded in September this year, which was better than economists had expected – with a jump of 1.5%.
Walmart shares fell 0.79% after posting third-quarter earnings and revenue, well above estimates. The group also raised its guidance for 2021, saying adjusted earnings per share will be around $ 6.40 compared to its earlier expectations of between $ 6.20 and $ 6.35.
Meanwhile, Home Depot shares rose 3.64% as its third-quarter profits beat Wall Street estimates.
6:45 am: US stocks should start cautiously
US stocks are expected to start cautiously on Tuesday as investors examine some key data and earnings amid lingering fears about the impact of higher inflation on the economy.
Futures for the Dow Jones Industrial Average were down 0.1%, while those for the S&P 500 also lost 0.1% and contracts for the technology-focused Nasdaq-100 were flat.
Investors are bracing for the Federal Reserve to hike interest rates by next summer to control the growth of consumer price inflation, which is peaking in three decades.
Data due at 8:30 a.m. ET should show US retail sales increased in October, boosted in part by a rebound in auto sales, and then October industrial production figures will be released at 9:15 a.m., after have seen a drop in September amid supply. chain breakage.
On the business side, retail giants Walmart and Home Depot are expected to file their third quarter results before the opening bell.
In the bond market, benchmark 10-year T-bill yields slipped again on Tuesday, but gold prices rose 0.1% to five-month highs in a sign of growing unease as to the outlook for inflation.
Meanwhile, cryptocurrencies retreated, with Bitcoin losing 5% of its value when US President Joe Biden signed the $ 550 billion infrastructure deal that includes major tax implications for most crypto investors. retail, as this would require them to declare their assets.
Walid Koudmani XTB Market analyst commented, “While these factors may scare some investors and new entrants into the market, some experienced traders will have seen similar sized corrections in the past and could potentially consider opportunities as the Widespread adoption of cryptocurrencies and NFTs continues to go further. .
“On the other hand, the extreme volatility to which the market is subject could lead to a potential domino effect if more negative news were to emerge and take prices to new lows.”
