4:05pm: S&P 500 hits all-time high
The S&P 500 soared to new heights Thursday hitting a new all-time high of 4,551. By closing the index had registered a 13-point gain for the day to sit at 4,549. The Dow Jones Industrial Average was unable to edge out a gain, and instead fell 6 points to close at 35,603.
While the main indexes remained mixed, the NASDAQ added 94 points on the penultimate trading day of the week to hold at 15,215.
Investors could see more tailwinds in the days to come as jobless claims continue to fall signaling a growth period.
12:10pm: US equities mixed midday as earnings reports, inflation loom
US stocks were mixed midday Thursday as investors pondered the market’s direction amid solid corporate earnings and looming inflation threats.
Strong results, including from the largest banks, have pushed the major averages to within striking distance of their all-time highs.
On Wednesday, the Dow jumped about 150 points to hit an intraday record, surpassing its peak from mid-August, and fell just short of its closing record. The S&P 500 climbed 0.4% for its sixth straight positive day and sits just 0.2% below its all-time high
As of noon, the Dow Jones Industrial Average fell 115 points, or 0.32%, to 35,500. The S&P 500 dropped 2 points, or 0.03%, to 4,534.
The tech-heavy Nasdaq increased 36 points, or 0.23%, to stand at 15,153.
Joshua Mahony, senior market analyst at online trading group IG, noted that tech stocks are outperforming despite disappointing IBM earnings.
“While elevated inflation appears to be here to stay, today highlights how we should expect major volatility as part of this process,” he said. “Elevated input prices, transport costs and wages remain a concern despite today’s decline in commodity prices, with a decline in the Philly Fed manufacturing survey bringing a timely reminder.”.
The biggest gainer on the day so far is Nel ASA, up 18% to $1.93 a share.
11.05am: Proactive North America headlines:
One World Lithium engages two experts to help advance its lithium strategic opportunities globally
Hillcrest Energy expects to have proof-of-concept of its next-generation High Efficiency Inverter by end of 4Q
Todos Medical says journal article highlights utility of combining cPass and PCR testing to reduce COVID-19 transmission
ElectraMeccanica (NASDAQ:SOLO) Vehicles completes integration of new ERP system leveraging RISE with SAP
Wellteq Digital Health completes execution of perpetual license agreement with one of Asia Pacific’s leading sleep technology providers
Loncor receives ‘very good’ wide gold intercepts from infill drill program at Adumbi deposit
LQwD FinTech announces $6M offering to advance payment infrastructure solutions technology strategy
BioHarvest Science welcomes David Tsur to its board of directors
Recruiter.com announces Enterprise Plan for Recruiters on Demand
Codebase Ventures says its bit mining infrastructure generates 2.9 Bitcoins to date
GameSquare Esports subsidiary GCN launches ‘Unexpected Combinations’ with Bagel Bites
Goldshore Resources hails results of first three holes from 100,000m program at Moss Lake
Braxia's study on COVID-19 and suicide rates in Canada published in influential journal, urges continued government intervention and timely psychiatric services
Ximen Mining closes recently announced financings
Mednow ends 4Q with over $28M in cash as it continues to grow its telemedicine services for Canadians
Esports Entertainment launches fan-centered EGL ClubClash program with professional sports teams
Western Magnesium hires retired US Air Force major Jacquelyn Hayes-Byrd to lead its communications and government affairs division
Algernon Pharmaceuticals gets C$2M cash refund from Australian research program and files application to list on Nasdaq
Vicinity Motor announces US$17M underwritten public offering of common shares and warrants
TNR Gold Royalty Holding notes ILC says Ganfeng subsidiary Litio Minera Argentina assumes all rights and obligations in respect of Mariana Lithium
Levitee Labs (CSE:LVT) enters into financing agreement for up to $12M for further business expansion
Organic Garage (TSX-V:OG) says Future of Cheese unit sold out initial run of butters to select Ontario retailers within 48 hours
Elon Musk’s The Boring Company given the green light to develop a new public transportation system underneath Las Vegas
Blue Sky Uranium kicks off drilling at its Amarillo Grande project in Argentina
Wishpond Technologies introduces Zoom integration for its appointment software
EverGen announces optimization of Fraser Valley Biogas results in record renewable natural gas production in September
Zinc8 Energy Solutions (CSE:ZAIR) continues to advance towards initial production of 40-kilowatt zinc-air energy storage system
Tetra Bio-Pharma (TSX:TBP, OTCQB:TBPMF) receives positive opinion on orphan drug designation for QIXLEEF from the European Medicines Agency
ProShares ‘BITO’ ETF reaches US$1bn of asset under management in record time
Zoglo's Incredible Food partners with Ontario-based foodservice provider to launch new plant-based product line
GGX Gold awaits results after diamond drilling at flagship Gold Drop asset this summer
Manganese X Energy Corp joins trade organization to advance battery metals industry and supply chain in Canada
9.44am: US stocks start in the red
US stocks joined in with the mood of global equity markets and started lower on Thursday as the shine came off yesterday's gains for the DJIA and S&P 500.
In New York, the Dow Jones Industrial Average dropped over 75 points to stand at 35,533. The S&P 500 lost around six at 4,529.
The tech-laden Nasdaq exchange shed around 18 points at 15,103.
In London, in mid-afternoon trading, FTSE 100 was down nearly 30 points at 7,193.
Yesterday, US shares gained and the Dow Jones reclaimed its record high in the prior session amid the continued flurry of positive earnings reports.
The US Labor Department reported that there were 290,000 initial jobless claims for the week ending October 16 - down from the previous week by 6,000 and lower than the figure of 300,000, which had been pencilled in by economists.
6.30am: US stocks seen opening down
US stocks are expected to open lower after a rally that saw the blue-chip Dow Jones Industrial Average scaling a new record ran out of steam as third-quarter earnings continue to come in higher than anticipated.
Futures for the Dow Jones declined 0.29% in Thursday pre-market trading, while the broader S&P 500 index fell 0.24% and those for the tech-heavy Nasdaq 100 shed 0.14%.
The Dow rose to a record intra-day high of almost 35,670 on Wednesday but finished the day 0.1% off its record close with a 0.43% gain to 35,609. The S&P 500 gained 0.37% to 4,536 but the Nasdaq eased back seven points, or 0.05%, to 15,122.
“Caution is the order of the day ... European stock markets fell moderately in early trade as the risk-on rally that powered Wall Street to fresh all-time highs ran out of steam overnight,” said Neil Wilson, chief market analyst at Markets.com.
“US futures are lower after the Dow Jones industrial average recorded a fresh all-time high and the S&P 500 notched its sixth daily gain on the bounce as investors looked through inflation and central bank fears to better earnings.”
Wilson noted that corporate earnings are generally beating expectations – 84% so far according to FactSet.