4:05pm: US equities end higher on strong earnings
US stocks closed higher as the continuing strong earnings pushes the major indices toward record levels.
Nearly 30% of S&P 500 companies have reported earnings and more than 80% of them beat Wall Street expectations. And S&P 500 companies are expected to grow profits by more than 35% in the third quarter.
One the day, the Dow Jones Industrial Average increased by 16 points, or 0.04%, to 35,756, while the S&P 500 rose 0.18% to 4,574. Both gauges closed at record highs.
And the tech-heavy Nasdaq climbed 0.06% to 15,235.
12.05 pm: Dow and S&P 500 hit all-time highs on strength in tech stocks
US stocks advanced in noon trading on the back of stronger-than-expected corporate earnings.
At midday, the Dow rose 84 points to 35,825, while the S&P 500 gained 18 points at 4,584 and the tech-heavy Nasdaq climbed 61 points, or 0.4%, to 15,288.
“US tech stocks are leading the push higher today, with a pullback in the US 10-year yield coming as traders await fresh Q3 numbers from the likes of Twitter, Microsoft, and Alphabet after the close,” IG senior market analyst Joshua Mahony said.
“Coming off the back of a well-received set of Facebook numbers, there is a clear feeling of optimism that has pushed the Nasdaq back within touching distance of record highs,” Mahony added.
Notable movers included shares of United Parcel Service (NYSE:UPS) Inc, which surged more than 7% after the shipping giant handily surpassed profit and revenue estimates across all its business segments.
On the economic front, home prices rose 1.4% nationally in August on a seasonally-adjusted basis, propelling it to a record 19.9% year-over-year increase, according to the S&P CoreLogic Case-Shiller Index.
10.10am: Proactive North America headlines:
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KWESST (TSX-V:KWE, OTCQB:KWEMF) announces development of new system to counter threat of ‘Loitering Munition’ drones
Nextech AR signs multiple deals with Asian e-commerce aggregators
Wellteq Digital partners with Australia's Monash University to commercialize sleep research, coaching solution for insomnia
Altaley Mining CEO says Campo Morado operations saw "another excellent quarter" in spite of disruptions due to maintenance work
Organic Garage (TSX-V:OG) says subsidiary Future of Cheese launches new brand identity
Plurilock's Aurora Systems receives purchase order from US Air Force
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African Gold Group announces $3.5M private placement and board changes
9.45am: New peaks hit
US markets, as expected, got off to a bright start on Tuesday, with the Dow Jones Industrial Average and the S&P 500 both opening at new peaks.
The Dow added 0.2% or 78 points while the S&P 500 rose 0.5%. The Nasdaq Composite was up 0.6%.
Positive corporate news continued to support the market, with upbeat results from United Parcel Service (NYSE:UPS). Microsoft and Alphabet are due to report later.
US consumer confidence figures for October are also due later.
Michael Hewson at CMC Markets said: "In August these served as an early warning indicator of souring sentiment, as well as a sharp slowdown in US retail sales, falling sharply from their July peaks. In September the numbers hit their lowest levels since February although retail sales actually picked up during the month.
"The slowing jobs market, as well as the expiry of the remaining government stimulus measures at the beginning of September appears to have made US consumers much more cautious, and this trend is expected to continue with today’s October numbers with a further fall to 108.5 [from 109.3] expected."
6.30am: US stocks seen opening higher
US stocks are expected to open higher, building on record closes for major indices on Monday after Tesla’s market cap crossed $1 trillion.
Futures for the Dow Jones Industrial Average futures rose 0.32% in Tuesday pre-market trading, while contracts for the broader S&P 500 index gained 0.42% and those for the tech-heavy Nasdaq 100 added 0.65%.
Tesla Inc (NASDAQ:TSLA) became a $1 trillion company on Monday following reports of a large order and news that its Tesla Model 3 was the most purchased vehicle in Europe for September, the first time that an electric vehicle (EV) has led the continent's car market. The EV company's stock soared to an all-time high above $1,000, contributing to broader market gains.
The Dow finished the day 64 points higher at 35,741 points on Monday, while the S&P ended 22 points, or 0.56% higher at 4,566 points and the Nasdaq gained 137 points, or 0.9% to 15,227.
“The US equity market started the week on the front foot yesterday, with a surge in Tesla’s stock helping to propel the S&P 500 to a 0.5% gain and so to a new record high,” commented Daiwa Capital Markets analyst Emily Nicol.
“The positive sentiment in the US stock market has continued since the close. News of a seemingly cordial and constructive meeting between Treasury Secretary Yellen and Chinese Vice Premier Liu didn’t hurt sentiment. Meanwhile, Facebook stocks moved up 2% in extended trading after reporting higher than expected user numbers.," she added.