4:05pm: US equities end higher
US stocks closed higher on continuing strong corporate earnings.
For example, Under Armour shares soared 19% after the athletic retailer hiked its annual outlook. And Pfizer shares rose 3.8% after the drug maker’s third-quarter profit topped expectations and it raised its 2021 revenue and earnings-per-share (EPS) outlook.
Also, the rising market comes ahead of the Federal Reserve’s policy decision expected tomorrow.
One the day, the Dow Jones Industrial Average increased by 139 points, or 0.39%, to 36,053 and the S&P 500 rose 0.37% to 4,630. Both gauges closed at record highs, again.
And the tech-heavy Nasdaq climbed 0.34% to 15,649.
12.05 pm: S&P 500 hits a record as run of strong corporate earnings continues
US stocks were higher in noon trading, boosted by corporate earnings ahead of the Federal Reserve’s policy decision tomorrow afternoon.
At midday, the Dow rose 91 points to 36,005, while the S&P 500 added 13 points at 4,627 and the tech-heavy Nasdaq gained 27 points to 15,623.
“We continue to see downside risks ahead,” Bank of America (NYSE:BAC) head of US equity and quantitative strategy Savita Subramanian said.
“Despite a strong 7% beat, 2021-22 EPS (earnings per share) remains largely unchanged, suggesting the upward revision cycle has likely peaked,” Subramanian added.
Notable movers included shares of Pfizer Inc (NYSE:PFE), which climbed nearly 5% after the drug giant raised its 2021 revenue and EPS outlook.
11am: Proactive North America news headlines:
Forward Water appoints Grant W. Thornley as its vice president of engineering sales
Vuzix announces follow-on order for its Smart Glasses from Australian and New Zealand distributor
CO2 Grow CEO writes letter to shareholders; says company technologies resulting in increased grower profitability, reduced ecological footprint
Camino Minerals CEO meets local community ahead of drilling its Maria Cecilia property in Peru
Western Magnesium hires media veteran Ashleigh Barry to lead media relations and corporate communications
Todos Medical says its Provista lab seeing significant increase in COVID-19 PCR testing volume with new automation
Hillcrest Energy announces breakthrough results of its high efficiency inverter, demonstrates ability to eliminate switching losses
ImagineAR says selected as category winner for fan engagement by leading tech industry body STA Group
Mountain Valley MD Holdings completes licensing agreement with Red White and Bloom Brands
ACME Lithium expands Nevada lithium project by securing key land position
Predictmedix to commercialize its Safe Entry Station in EU and key global markets after winning CE Mark approval, ISO certification
Safe-T Group (NASDAQ:SFET) announces first new web Data Collection-as-a-Service project with global data services company
QC Copper and Gold kicks off fall drilling program at flagship Opemiska Copper project in Quebec
LexaGene awarded 2021 Biotech Breakthrough Molecular Diagnostics Solutions of the Year
Zoglo's Incredible Food signs binding MOU to acquire 51% interest in European plant-based food company Monday Swiss UK
Vox Royalty (TSX-V:VOX) reports strong royalty revenue in 3Q; on track for revenue at high end of expectations for full year
Braxia Scientific completes psilocybin-assisted therapy training for first cohort of therapists; ready to begin Health Canada-approved clinical trial
Clean Air Metals releases new assay results from drilling at Escape and Current deposits in Thunder Bay
Altaley Mining marks milestone as it hires underground mining contractor MGA to bring Tahuehueto mine into production
Plurilock's Aurora Systems receives US$220,000 purchase order from US Department of State
Newrange Gold closes acquisition of past-producing, high-grade Argosy Gold Mine in Ontario
Royal Wins Corporation (CSE:SKLL) achieves major milestone in launching in large US market
Harbor Custom Development appoints Lance Brown as the company’s new chief financial officer
IQ-AI says prestigious US brain centre signs up for IB Clinic software
Logiq board approves plan to separate AppLogiq and DataLogiq into two independent publicly traded companies
New Pacific Metals (TSX:NUAG, NYSE:NEWP) reports more encouraging drill results from Phase 1 discovery program at Carangas silver project
Delta 9 Cannabis announces strong 3Q revenue forecast and earnings call on November 15
Nabis Holdings says it and Caravel CAD Fund have inked an agreement of settlement for all legal proceedings previously commenced
Lumina Gold successfully completes reorganization of concession package comprising Cangrejos project in Ecuador
Greenbank Capital says it and Pharmakure discussing fresh terms as they agree to terminate existing agreement
9.44am: Wall Street opens mixed
US stocks started mixed on Tuesday with the S&P 500 near a record high but the Nasdaq lower as traders await the outcome of a key Fed policy meeting starting today.
In early deals in New York, the Dow Jones Industrial Average added over 26 points at 35,940, while the S&P 500 gained nearly five points to stand at 4,618.
The tech-heavy Nasdaq index though shed around six points at 15,589.
It comes after all three benchmarks Monday closed at new records on Monday as markets appear to continue to be bullish despite fears lurking in the background over coronavirus (COVID-19), inflation and global supply chain issues.
Also closely watched this week will be Friday's non-farm payroll report for October.
All eyes on @federalreserve meeting this week (Tuesday & Wednesday ET)
If #inflation is too high (which it already is) and FED's raise rates before April 2022 then expect huge sell off in #StockMarket and #cryptocurrencies
Link:https://t.co/UWuzaN3QVZ#CryptocurrencyNews pic.twitter.com/TXPBZ1LPV7
— High Stakes (@KshitizBisht) November 2, 2021
6.30am: US stocks seen opening lower
US stocks are expected to open down after the major indices closed at new records, driven by better-than-expected corporate earnings and as investors turn their attention to the US Federal Reserve’s two-day policy meeting.
Futures for the Dow Jones Industrial Average declined 0.05% in Tuesday pre-market trading, while the broader S&P 500 index shed 0.08% and those for the tech-heavy Nasdaq 100 eased back 0.2%.
US stocks finished the first day of November in positive territory following the S&P 500’s best-performing month in nearly a year. At the close, the Dow was up 94 points to 35,914, while the S&P 500 gained 8 points at 4,614 and the Nasdaq advanced 98 points, or 0.6%, to 15,596.
“Nothing gets in the way of the equity bulls: not chip shortages, nor labour shortages, or the energy crisis, or the pandemic, not even the fact that the Federal Reserve is just about to announce scaling back its massive bond purchases program in order to contain the rising inflation,” commented Ipek Ozkardeskaya, senior analyst at Swissquote.
“The bulls continue pushing the equity rally to fresh records. The S&P500 and Nasdaq both renewed record on Monday’s session, whereas the major headline on Bloomberg this morning was that ‘the supply chain crisis risks taking the global economy down with it. Still, investors prefer seeing the glass half full: we have a strong earnings season, 80% of the S&P500 companies that announced earnings so far, beat expectations.”
The Fed is expected to announce its plans to start tapering bond purchases when it wraps up its two-day Federal Open Market Committee Meeting tomorrow.
“That’s a well digested and a broadly priced in decision,” Ozkardeskaya added. “It is not even a decision, it will simply be a confirmation.”