4:05 pm: Nasdaq and S&P continue to record highs as Tesla market cap crosses $1 trillion
By closing, Nasdaq and S&P 500 both hit record highs, with the Nasdaq closing at 15,227 points upon gaining 47 points after the midday rise. The S&P 500 gained four points to sit at 4,566.
The Dow Jones Industrial Average was unable to edge out a gain in the second half of the day, losing six points to close at 35,741.
Tesla stock continued to soar to an all-time high above $1,000, sending the market capital to over $1 trillion.
12.05 pm: Dow hovers at record highs as investors remain upbeat about 3Q financial results
US stocks advanced in noon trading on optimism that 3Q earnings season will continue to be strong.
At midday, the Dow rose 70 points to 35,747, while the S&P 500 added 17 points at 4,562 and the tech-heavy Nasdaq climbed 90 points, or 0.6%, to 15,180.
“Rising tide of earnings is lifting all the boats and adding fuel to the bull market fire,” Commonwealth Financial Network global investment strategist Anu Gaggar said.
“The 3Q earnings season is off to a strong start despite concerns about supply bottlenecks and labor shortages,” Gaggar added.
Notable movers included shares of Tesla Inc (NASDAQ:TSLA), which climbed about 6% after rental car company Hertz announced it would order 100,000 Tesla vehicles in a deal valued at about $4.2 billion.
Some big technology companies releasing earnings this week include Facebook, Alphabet, Microsoft, Amazon and Apple.
10.05am: Proactive North America headlines:
Cardiol Therapeutics (TSX:CRDL, NASDAQ:CRDL) receives Health Canada approval for Phase II trial of CardiolRx
Amarillo Gold receives regulatory approval for Posse power line in Brazil’s Goiás State
Predictmedix deployed 15 Safe Entry Stations at recent Formula 1 Aramco United States Grand Prix in Texas
PlantX Life set to open XMarket pop-up shop inside two Hudson's Bay locations in Ontario
Alpine 4 subsidiary Alternative Laboratories secures $1.9M nutraceutical order from new client
FPX Nickel shares start trading on the OTXQB market in the US under the symbol ‘FPOCF’
The Parent Company (OTCQX:GRAMF, NEO:GRAMU) expands edible cannabis offerings with launch of DELI Dimes
Great Bear reports high gold recoveries in preliminary LP Fault metallurgical tests
ESE Entertainment inks binding share purchase agreement to acquire European esports media and technology company, Frenzy
Renforth Resources exposes 180m of continuous visible mineralization on surface at Surimeau project
LexaGene completes analytical studies for FDA EUA application for coronavirus (COVID-19) diagnostics
Versus Systems makes company record after featuring in 33 major live events last week
Zoglo’s Incredible Food says it is to sell its products at Foodland supermarkets in Ontario
Irwin Naturals sets up wholly-owned units to enter US, Canada recreational cannabis market and psychedelic mental health industry
CytoDyn announces treatment of first patient in pivotal Phase 3 trial for critically ill Coronavirus patients in Brazil
Lucky Minerals (TSX-V:LKY, OTC:LKMNF) says trenching at Wayka gold discovery in Ecuador is expanding mineralized footprint
Valereum Blockchain wants to create world’s first crypto-friendly stock exchange
DRDGOLD says it is on track for interim dividend payout as it increases gold production and sales
9.45am: Wall Street shares start lower
Wall Street shares started lower amid volatility shortly after the New York bell in what is the last week of trading for October as traders eye big tech earnings.
The Dow Jones Industrial Average dropped around three points at 35,673 after the bell.
The broader-based S&P 500 shed around two points at 4,542. The Nasdaq index also fell around four points at 15,084.
It comes after a strong week for US equities last week. The Dow Jones gained over 1% last week and closed Friday at a record high, while the S&P 500 rallied 1.7% last week.
This week Facebook, Alphabet, Microsoft, Amazon and Apple are in the diary to report earnings.
According to one report Monday, of the 117 companies in the S&P 500 that have so far reported quarterly earnings, 84% posted numbers that beat expectations.
6.30am: US stocks seen opening higher
US stocks are expected to open in the green after the Dow closed at a new high on Friday while other indices faltered after Federal Reserve Chair Jerome Powell revealed a cautious tone on inflation and tapering.
Futures for the Dow Jones Industrial Average futures added 0.04% in Monday pre-market trading, while the broader S&P 500 index edged 0.01% higher and those for the tech-heavy Nasdaq 100 gained 0.26%.
At a virtual event hosted by the South African Reserve Bank on Friday, Powell commented that the central bank was "on track to begin a taper of our asset purchases that, if the economy evolves broadly as expected, will be completed by the middle of next year."
The S&P finished the day at 4,545 points, a loss of 0.11%, while the Nasdaq took a hammering, dropping 0.82% to close at 15,090 points. The Dow was the outlier, finishing in the green at 35,677 points, a gain of 0.21%, for an all-time high.
This week, the focus remains on the US earnings calendar, as over 25% of S&P 500 companies get set to release their quarterly scorecards, representing just shy of half of the index’s total market value, said Victoria Scholar, head of investment at interactive investor.
“So far, more companies than not have released forecast-topping results, yet the market’s responses have been lukewarm with investors struggling to get excited by and seemingly accustomed to earnings beats,” Scholar said.
“Silicon Valley’s tech behemoths take centre stage this week with the likes of Facebook, Apple, Amazon, Microsoft and Alphabet all reporting results. Snap’s shares plummeted more than 26% on Friday after the disappearing photo app said that Apple’s new iOs privacy rules will hit fourth-quarter revenue," she added.
Scholar said that there are serious concerns among investors about what Apple’s new privacy rules will mean for other social media giants such as Facebook and Twitter, with the impact laid bare in this week’s earnings releases.
"The market appears to be bracing for a hit after Twitter and Facebook both closed Friday’s session down by around 5%," she said.