4.05pm: Dow hits an all-time intraday high as Bitcoin price reaches a record
US stocks finished mostly higher on the day, despite a flat performance by the Nasdaq, boosted by better-than-expected corporate earnings and a record Bitcoin price.
At the close, the Dow climbed 153 points, or 0.4%, to 35,607, while the S&P 500 gained 17 points at 4,536 and the tech-heavy Nasdaq eased 7 points to 15,122.
The Bitcoin price rose above $65,000 to establish a new all-time high.
Verizon Communications Inc led the Dow’s advance, gaining more than 2% as the telecom giant topped estimates for its 3Q financial results and raised its forecast because of growing 5G adoption.
12:05pm: Stocks continue upward trajectory after stronger-than-expected earnings
US stocks continued their run on Wednesday as investor enthusiasm permeated Wall Street after stronger-than-expected earnings.
The S&P 500 was up 0.39% at the midday point to sit at 4,537 points, while the Dow Jones Industrial Average rose 0.46% to reach 35,621 points. Over on the Nasdaq, the tech-heavy exchange was up 0.11% at 15,146 points.
"Stock markets have performed well over the past week, emboldened by better earnings, with the Dow knocking on the door of a new record high," analyst Chris Beauchamp at IG wrote on Wednesday.
"Sentiment has shifted remarkably in just a week, but then rallies can do that, as investors switch from doom and gloom to relentless optimism. We can only hope that earnings season continues to deliver the goods."
11.15am: Proactive North America headlines:
Pathfinder Ventures (TSX-V:RV) says its common shares are now trading on the TSX Venture Exchange
Greenbank portfolio company CodiKoat achieves outstanding trial results for its anti-viral coating product
ESE Entertainment says its Digital Motorsports and Ford World Rally team develop VR rally simulator
Thunderbird Entertainment sees FY2021 revenue climb 37% to C$111.5M on production services projects growth
Tesla results will put China and supply chain in focus
Alpine 4 debuts on the NASDAQ and acquires Identified Technologies
Heritage Cannabis sees significant sales growth of 28.8% between May and August 2021
Numinus Wellness advances Phase 1 trial on its proprietary psilocybin product PSYBINA
Kenorland Minerals releases results from recently completed survey at Chebistuan property
Vox Royalty (TSX-V:VOX) hails successful start of production at Segilola gold mine in new asset update
Green Battery Minerals set to start drilling at Berkwood graphite project at the end of this month
Real Luck Group (TSX-V:LUCK, OTCQB:LUKEF) forges partnership with Nuvei to enhance pay-in and payout capabilities
PharmaDrug says its stock is now trading on OTCQB Venture Market in the US
Marble Financial launches new credit-improvement subscription program ‘Boost’
LeanLife Health (CSE:LLP) places large purchase order for Tyson Iron Energy beverages to meet growing demand
Audacious unveils turnkey facilities solutions aimed at cannabis industry
Canada Silver Cobalt Works upsizes marketed public offering to $6.5M
Arrow Exploration announces fundraising and publication of AIM admission document
BioPorto (OTC:THOXF, NASDAQ COPENHAG:BIOPO) appoints new CEO and CFO, makes board changes
CleanSpark set to add new bitcoin mining machines as the cryptocurrency hits an all-time high
Bam Bam Resources (CSE:BBR) encouraged by analysis of historic core from DeSoto oxide zone at Majuba Hill
HempFusion (TSX:CBD.U, OTCQX:CBDHF) subsidiary Sagely Naturals launches into Top 10 US retailer
BioVaxys files application with US Patent and Trademark Office for pan-sarbecovirus vaccine
Falcon Gold signs MOU to acquire Viernes project adjacent to Yamana’s El-Peñon gold-silver deposit in Chile
American Manganese updates on progress of its demonstration plant; major equipment expected to arrive throughout rest of 2021
Ketamine One (NEO:MEDI.AQN) is conducting its inaugural research studies with Biostrap across multiple locations
9:45am: US equities higher on earnings reports
US stocks started Wednesday higher as strong earnings numbers lifted investor sentiment.
A number of big names are set to report in the week, including Tesla, Verizon, and IBM.
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.
Recently, the Dow Jones Industrial Average rose 110 points, or 0.31%, to 35,567. The S&P 500 increased 14 points, or 0.26%, to 4,531.
The tech-heavy Nasdaq increased a slight 9 points, or 0.06%, to stand at 15.137.
6.30am: US stocks seen opening flat
US stocks are expected to open flat to slightly higher as upbeat earnings reports offset concerns that accelerating inflation will result in tighter monetary policy from central banks.
Futures for the Dow Jones Industrial Average futures gained 0.01% in Wednesday pre-market trading, while the broader S&P 500 index eased back 0.01% and those for the tech-heavy Nasdaq 100 added 0.03%.
Stocks closed mostly higher on Tuesday as companies continued to report strong third-quarter earnings. Tech shares gained after Netflix reported better-than-expected subscriber numbers, buoyed by its blockbuster Squid Game series.
At the close, the Dow increased by 0.56% to 35,457, while the S&P 500 rose 0.74% to 4,520 and the Nasdaq gained 0.71% to 15,129.
“Whilst inflation concerns are still very much bubbling under the surface of markets, risk appetite strengthened further yesterday thanks in no small part to decent earnings reports,” said Jim Reid, a strategist at Deutsche Bank (NYSE:DB).
Reid noted that 10 of the 11 companies reporting during New York trading on Tuesday beat estimates, while all four of those reporting after the close beat as well. That brings the total number of reporters for the season so far to 57, 50 of which have beaten earnings expectations.
“There are no signs of widespread erosions of margins at the moment. Perhaps there is so much money sloshing about that for now prices are broadly being passed on. We’ll get a better picture of this as the earnings season develops,” Reid added.