4:05pm: US stocks hit a high note at the close
The S&P 500 showed no signs of slowing its run after posting its best week since July, ending Monday up 0.34% to finish at 4,486 points.
The Nasdaq also had a great day, closing at 15,022 points for an 0.84% gain, boosted by excitement about Apple's new product launches announced this afternoon.
The Dow did suffer, however, dropping 0.10% to close at 35,259 points.
12:10pm: US equities higher midday ahead of earnings reports
US stocks were higher midday as investors eye earnings from major companies.
A number of big names are set to report in the week ahead, including Netflix, Johnson & Johnson (NYSE:JNJ), United Airlines, and Procter & Gamble (NYSE:PG) on Tuesday. Tesla, Verizon and IBM are among the other names on deck for the week.
Strong results from the first week of earnings, including from the largest banks, have pushed the major averages to within striking distance of their all-time highs.
As of noon, the Dow Jones Industrial Average rose 4.20 points, or 0.01%, to 35,300. The S&P 500 increased 11 points, or 0.23%, to 4,481.
The tech-heavy Nasdaq increased 66 points, or 0.45%, to stand at 14.964.
Chris Beauchamp, chief market analyst at online trading group IG, said “the wall of earnings over the next two weeks will be key” as to the market’s next move.
He also added: “A continuation of the positive commentary should help keep the rally well-supported, and judging by the figures so far it seems like earnings season will be the catalyst for further gains that eluded investors throughout September and early October.”
The biggest gainer on the day so far is Playtech PLC (AIM:PTEC), up 61% to $3.42 a share.
11.45am: Proactive North America headlines:
Progressive Planet advances PozGlas SCM commercialization efforts with strong formula test results
Aurion Resources (TSX-V:AU) reports that B2Gold is set to lift its stake in Finland JV to 70%
Levitee Labs (CSE:LVT) announces partnership with Adracare to provide psychedelic digital care for addiction and mental health treatment
Dalrada Corporation appoints former US Secretary of the Interior Ryan Zinke to its Clean Energy Advisory Board
Empower Clinics opens its NEXT ‘The Medi-Collective’ clinic in Ontario
Bam Bam says it will perform additional drilling for DeSoto copper oxide target at Majuba Hill
Global Energy Metals kicks off initial drilling at its Lovelock project in Nevada
Playboy acquires Dream as it accelerates plans to rival OnlyFans for creator-led content
Audacious makes its official debut at 2021 MJBizCon in Las Vegas
Playgon Games (TSX-V:DEAL, OTCQB:PLGNF) says player betting turnover has surpassed $24.2M during the first half of October
Vuzix in partnership to provide voice recognition language support for its M-Series Smart Glasses
PowerTap Hydrogen says Pinakin Patel, CEO of it’s 49%-owned Advanced Electrolyzer Systems business, appointed to the company's Advisory Board
Western Magnesium completes commissioning of continuous pilot reactor; commercial pilot plant construction progressing well
Aurelius CEO says drill results ‘exceed expectation’ as it intersects high-grade gold at Aureus East Mine in Nova Scotia
Canntab Therapeutics reaches agreement with 36Eight Technologies to provide effective medical solutions for patients
Cardiol Therapeutics (TSX:CRDL, NASDAQ:CRDL) announces expansion of LANCER Phase II/III trial to three new countries
Star Royalties announces formation of subsidiary Green Star Royalties, a carbon negative gold royalty platform
Bragg Gaming Group (TSX:BRAG, NASDAQ:BRAG)’s ORYX Gaming online content now live at Holland Casino in the Netherlands
EverGen Infrastructure says British Columbia Utilities Commission approves RNG offtake agreement for its Net Zero Waste Abbotsford facility
O3 Mining says Marban open pits at Val-d'Or indicate resource expansion potential
The Valens Company (TSX:VLNS, OTCQX:VLNCF) to enter Quebec market in 2022
Versus Systems reaches 10 million fans since July 1, approaching one-million-a-week in October
i-80 Gold closes its acquisition of the Ruby Hill mine in Nevada
BTU Metals poised for at least 2,200 meters of drilling at its Dixie Halo project in Red Lake
Great Panther releases update for Urucum Central South pit at the Tucano project
Kodiak Copper hails more "impressive" drill results from the Gate Zone at MPD project; starts work at Dillard target
OTC Markets Group announces third quarter 2021 performance and quarterly rebalancing of the OTCQX and OTCQB indexes
Group Eleven Resources welcomes better-than-expected drill result at Denison prospect at PG West project in Ireland
Trust Stamp (OTCQX:IDAI, EURONEXT:AIID) says patent filed for privacy-first, cross-platform identity authentication for NFT and other digital assets
Great Panther releases update for Urucum Central South pit at the Tucano project
9.44am: US stock drop at open
US benchmarks started the new trading week in the red as disappointing US industrial production figures emerged and there were continued fears over China growth.
The Dow Jones Industrial Average fell 174 points at 35,120 in early deals in New York. The S&P 500 shed around 17 points at 4,453.
The technology-laden Nasdaq exchange dropped over 44 at 14,853.
US Industrial production fell 1.3% in September this year, representing the biggest fall since the height of the coronavirus pandemic in the spring of 2020. Wall Street had pencilled in a 0.2% gain for the month.
Global shares continued to recover last week, not least due to big banks' third quarter earnings beats, but things may get choppy soon, reckons Rupert Thompson, chief investment officer at wealth management firm Kingswood.
"The macro environment has clearly turned distinctly more murky. There is more than a whiff of stagflation which was confirmed by last week’s raft of data," he said.
"US inflation was a tad worse than expected in September with the headline rate running at a high 5.4% and the core rate (excluding food and energy) at 4.0%. At the same time, wage growth picked up further both in the US and UK with no sign yet of any easing of the labour shortages.
"As for growth, today’s numbers from China showed GDP posting only a modest 0.2% gain in the third quarter. This left GDP up 4.9% on a year earlier, a far cry from the double-digit growth rates seen early in the year and also low by China’s pre-pandemic standards.
"Growth has been hit by renewed lockdowns over the summer and more recently power shortages. In addition, there is now the demise of Evergrande which is casting a shadow over the whole property sector."
6.30am: US shares poised to head lower
US stocks are expected to start the new week on the back foot after data showed that China’s economic growth slowed sharply in the third quarter, raising fears that global growth will be impacted by rising inflation and heightened demand for energy.
China’s economy grew by 4.9% in the third quarter from a year earlier, a slowdown from growth of 7.9% in the second quarter as power shortages and supply-chain problems added to the impact of Beijing’s efforts to rein in its property and technology sectors.
Major indexes in Asia mostly closed slightly lower, with China’s Shanghai Composite down 0.1%, although Hong Kong’s Hang Seng rose at the end of trading, to close up 0.3%.
Futures for the blue-chip Dow Jones Industrial Average shed 0.2%, while those for the broader S&P 500 index also lost 0.2%, and contracts for the tech-laden Nasdaq-100 fell 0.3%.
Wall Street posted strong gains on Friday as a solid start to the latest earnings season underpinned hopes that companies can weather the mounting challenges. On the diary today, retailer Albertsons and financial firm State Street are set to report quarterly results before the market opens.
Energy prices remain a big focus with Brent crude continuing to rise, up 0.9% on Monday having notched up an eighth consecutive week of gains - its longest such streak since a 10-week period through April 30, 1999.
Walid Koudmani, XTB Market analyst commented: "The situation in the energy market is quite interesting today with Oil prices managing to extend their gains and reach new yearly highs while Natgas prices started the day with a significant downward gap. Brent managed to break through its previous high and briefly reached $86 before pulling back slightly, while WTI reached the highest price in 7 years and is currently hovering around $82.60.
"Continued supply constraints combined with an increase in demand have been pressuring Oil prices while the recent news of Russian increasing Natural gas supplies has provided some relief for the price of the commodity. While better than expected weather forecasts could help contain NatGas prices for the time being, any further supply constraints or shortages could lead to significant reactions once again."