4.05pm: Cautious trading prevails ahead of September inflation data, earnings
US stocks finished down on the day as investors await consumer price index (CPI) data for September and the start of third-quarter earnings season.
At the close, the Dow eased 118 points to 34,378, while the S&P 500 gave back 11 points at 4,351 and the tech-heavy Nasdaq slipped 20 points to 14,466.
Notable names reporting financial results this week include Bank of America (NYSE:BAC), Citigroup, and Goldman Sachs (NYSE:GS).
12:10pm: US equities higher midday despite investor uncertainty
US stocks were higher midday as investors grapple with emerging headwinds.
All three major indexes are coming off two consecutive negative sessions on inflation, rising oil prices, and economic growth concerns.
As of noon, the Dow Jones Industrial Average rose 103 points, or 0.30%, to 34,599. The S&P 500 increased 11 points, or 0.25%, to 4,37,
The tech-heavy Nasdaq jumped 38 points, or 0.26%, to stand at 14.524.
Joshua Mahony, senior market analyst at online trading group IG, said risk-off sentiment is pressuring stocks.
“The IMF has provided a less than encouraging assessment of the global economic outlook, with downgrades to growth forecasts coming as they warned of overvalued markets and increased risks within emerging markets,” he said. “Easy lending conditions have brought higher valuations, which the IMF see as a major risk as we move towards a inflation-fuelled phase of monetary tightening.”
The biggest gainer on the day so far is Theralink Technologies Inc, up 33% to $1.20 a share.
11.30am: Proactive North America headlines:
Logiq partners with Semcasting to enhance client online marketing campaigns
Steppe Gold releases 3Q update on operations at its flagship ATO gold mine in Mongolia
CLS Holdings (LSE:CLI) USA achieves its first-ever profitable quarter
Recruiter.com prepares investors for strong 3Q and 4Q revenue growth
Loncor Gold releases promising assays from infill drill program at Imbo in DRC
BioSig Technologies says its flagship technology to be featured in a live patient case streamed during the 16th Annual International Symposium on Ventricular Arrhythmia
CleanSpark uses its mined bitcoin to fund 4,500 newest generation miners
Gevo enters into strategic alliance to accelerate commercialization of sustainable ethanol-to-jet projects in the US
Levitee Labs (CSE:LVT) inks letter of intent to buy Calgary compounding pharmacy
CO2 GRO awarded funding from Canada’s CanExport Program
BetterLife says early results of preclinical study shows AP-003 provides 97% protection in cells against the coronavirus Delta variant
Mirasol Resources provides update on its partner-funded projects
Harbor Custom Development closes on purchase of 4.31-acre property permitted for the construction of 75 condominium units in Yelm, Washington for $3.325M
Phunware partners with Cooper Lighting Solutions to integrate its MaaS offering with Trellix, an IoT platform for commercial buildings
Ayurcann partners with ReLeave Therapeutics as it rolls out its medical cannabis strategy
Clean Air Metals announces C$1M payment to maintain Escape Lake property option
Safe-T Group (NASDAQ:SFET) primes investors for record 3Q revenues, supported by CyberKick acquisition
Pacific Empire Minerals announces appointment of Samantha Shorter to its board of directors; completes Stars Property deal
Benchmark Metals selects First Nations groups for environmental baseline studies at Lawyers
District Metals closes the acquisition of its polymetallic Gruvberget property in Sweden
Golden Arrow announces option agreement for Libanesa silver-gold project in Argentina
Manganese X Energy says phased test work is progressing well at Battery Hill
Mandalay Resources reveals that Equus Mining has exercised its option to buy the Cerro Bayo mine in Chile
Golden Minerals sees 3Q gold equivalent output climb 38% at its Rodeo mine in Mexico
HempFusion (TSX:CBD.U, OTCQX:CBDHF) plans retail expansion following the passage of California’s Assembly Bill 45
XPhyto says neurologic drug Rotigotine transdermal skin patch optimization and pivotal study planning underway
Fobi to integrate its wallet pass platform into Empower Clinics' Kai Care coronavirus (COVID-19) testing product
Psyched Wellness (CSE:PSYC, OTCQB:PSYCF) gets cash injection from psychedelic medical intervention investment fund, Negev Capital
Else Nutrition to expand to Walmart.com in November, adding Kids plant-based shakes to listings
African Gold Group eyes potential resource increase as its Kobada-Est exploration permit is renewed
9.43am: US stocks start higher in New York
US benchmarks opened trade on Tuesday higher as traders mulled over questions on economic growth and inflation.
The Dow Jones Industrial Average gained around 27 points at 34,523, rebounding from two straight days of losses, while the S&P 500 added over nine points at 4,370.
The tech laden Nasdaq index advanced over 64 points at 14,550.
The International Monetary Fund (IMF) said it expects global gross domestic product (GDP) to grow by 5.9% this year, which is 0.1% lower than the organization’s previous estimate.
Also, in focus later will be the latest employment data as the US Labor Department releases its "Job Openings and Labor Turnover Survey".
Economists are reported to be expecting 10.9 million job openings in August this year, a figure unchanged from that in July.
6.30am: US stocks seen opening mixed
US stocks are expected to open mixed as rising energy prices stoke fears of accelerating inflation while upcoming earnings reports are also keeping the market on edge.
Futures for the Dow Jones Industrial Average futures fell 0.14% in Tuesday pre-market trading, while the broader S&P 500 index crept 0.08% lower and those for the tech-heavy Nasdaq 100 rose 0.11%.
Stocks closed down on Monday after US oil benchmark WTI crude oil topped $82 a barrel at its session highs before trading around $80 as Goldman Sachs (NYSE:GS) cut its US economic growth forecast for 2022 to 4% from 4.4% and its 2021 estimate to 5.6% from 5.7%.
The Dow dropped by 250 points, or 0.72%, to 34,494, while the S&P 500 fell 0.69% to 4,361 and the Nasdaq declined 0.64% to 14,486.
“Despite US bond markets being closed for Columbus Day, inflation nerves continued to rattle market nerves driven by energy prices, which surged once again overnight,” said Jeffrey Halley, senior market analyst at OANDA.
“Equity markets retreated and the US Dollar resumed its climb as inflation looks less transitory and more embedded by the day. Goldman Sachs (NYSE:GS) downgraded its US growth forecasts overnight, and the quarterly earnings season, which starts this week, has equity markets on edge over whether profit forecasts will be tempered for 2022 given the rich valuations prevalent in stocks everywhere.
“Add in the creeping, but relentless implications of the Fed taper and it is no surprise that equity markets remain on edge.”