4:05pm: US equities end higher on higher retail sales
US stocks closed higher after a strong October retail sales report.
The latest retail sales figures for October showed consumers were increasing their spending, with sales jumping 1.7%. That compares to a 0.8% increase in the prior month. The report showed broad strength in a number of categories from autos to sporting goods.
On the day, the Dow Jones Industrial Average increased by 58 points, or 0.15%, to 36,142, and the S&P 500 rose 0.39% to 4,700.
The tech-heavy Nasdaq jumped 0.76% to 15,973.
1.00pm: US stocks climb as retail sales grow
US stocks climbed in afternoon trade after a report on consumer spending raised hopes for the holiday-sales season, despite the dent in consumers’ wallets from inflation.
The Dow Jones Industrial Average gained 209 points, or 0.5% at 36,297, while the technology-dominated Nasdaq Composite Index rose 110 points, or 0.7% to 15,964. Both are less than 1% from new highs, according to the Wall Street Journal.
Meanwhile, the S&P 500 climbed nearly 0.6%, a day after the benchmark index closed at its fifth-highest level on record.
“Fresh October data has brought optimism over the festive demand boom that is around the corner, with retail sales and industrial production figures both on the rise despite concerns over the supply chain,” said Joshua Mahony, senior market analyst at IG, an online trading and global forex broker.
Market watchers said we are moving toward a period now of volatility as inflation in the US points to potential challenges for the market.
11am: Proactive North America headlines:
Mydecine announces 3Q results, says it's preparing to supply MYCO-001 for Johns Hopkins smoking cessation study
Power REIT (NYSE-A:PW) sees big rise in net income and revenue as property acquisitions drive growth
Kontrol Technologies strikes deal to offer real-time detection of airborne workplace pathogens in Australia and New Zealand
Nextech AR Solutions rebrands itself as a full Metaverse company
CULT Food announces $1M CULT Prize with goal to accelerate future of food worldwide
Contakt World (CSE:HELP) Technologies looks to strengthen its product portfolio as it summarises recent achievements and strategic initiatives
Gevo and Sweetwater Energy ink MoU to supply lignocellulosic feedstocks to produce cellulosic alcohols and sustainable aviation fuel
HealthLynked (OTCQB:HLYK) sees its 3Q revenue climb 98% to $4M on strong patient volume
Evergold says drilling on Golden Lion property yields highest grades of gold, silver, zinc, and lead ever
Codebase Ventures welcomes progress made at Arcology to benefit Ethereum developer
Todos Medical strikes new reference lab deal for Provista Diagnostics; ends 3Q with $1.01M in revenue
BioSig Technologies initiates Artificial Intelligence Development Program with Israel-based Technion
BioLargo reports rising consolidated 3Q revenue on strong engineering division growth
Maverix Metals lifts gold equivalent ounce sold guidance for full year as it reports on 'active' third quarter
AIM ImmunoTech closes 3Q with $53.7M balance sheet
CytoDyn submits the first of three main sections of its HIV Biologics License Application to FDA under rolling review
Kidoz sees 3Q revenue grow to $2.8M as mobile advertising industry pivots towards contextual targeting
CLS Holdings (LSE:CLI) USA says Nevada subsidiaries generated $1.9M in revenue during October
Recruiter.com sees 3Q sequential revenue growth of 43% as recruiters are prized in a ‘job hopper’ economy
FSD Pharma (CSE:HUGE, NASDAQ:HUGE) announces appointment of Dr Eleanor N. Fish to its Research and Clinical Advisory Board
Predictiv AI ends its SMRT Labs joint venture with Commersive Solutions
PyroGenesis Canada focusing on its emission reducing offerings as it posts higher revenue in 3Q
BetterLife Pharma says pharmacology data on second-generation LSD derivative confirms its projected non-hallucinogenic property
Rio2 inks definitive Gold Stream agreement in relation to its Fenix Gold Project with a wholly-owned subsidiary of Wheaton Precious Metals
Kontrol Technologies posts record $21.5M revenue in 3Q as its Global HVAC & Automation acquisition starts to pay off
Esports Entertainment Group says 1Q revenue nearly doubled year-over-year
ME2C Environmental (OTCQB:MEEC) sees its 3Q revenue surge 78% to $5M on higher sorbent product sales
Revive Therapeutics announces published results on Bucillamine as potential inhibitor of SARS-CoV-2 infection Delta variant
OTC Markets Group launches upgraded Qaravan platform, providing a seamless approach to peer monitoring and competitor benchmarking
PyroGenesis Canada focusing on its emission reducing offerings as it posts higher revenue in 3Q
BetterLife Pharma says pharmacology data on second-generation LSD derivative confirms its projected non-hallucinogenic property
Rio2 inks definitive Gold Stream agreement in relation to its Fenix Gold Project with a wholly-owned subsidiary of Wheaton Precious Metals
Kontrol Technologies posts record $21.5M revenue in 3Q as its Global HVAC & Automation acquisition starts to pay off
Esports Entertainment Group says 1Q revenue nearly doubled year-over-year
ME2C Environmental (OTCQB:MEEC) sees its 3Q revenue surge 78% to $5M on higher sorbent product sales
Revive Therapeutics announces published results on Bucillamine as potential inhibitor of SARS-CoV-2 infection Delta variant
Royal Wins relaunches pure-skill gaming platform Kash Karnival on Google Play in US to broaden its audience base
Talon Metals welcomes US government action on battery supply chain
Logiq sees 3Q revenue rise to $7.8M and gross profit soar 108%, driven by AppLogiq and DataLogiq business
Organic Garage (TSX-V:OG) says Future of Cheese Inc continues to report increasing demand for its initial product, the plant-based 'Future of Butter'
Revive Therapeutics announces published results on Bucillamine as potential inhibitor of SARS-CoV-2 infection Delta variant
Ketamine One (NEO:MEDI.AQN) says wholly-owned subsidiary, IRP Health recently opened two veteran-focused and multidisciplinary clinics in Comox Valley and Ottawa
Biocept sees profitability in third quarter thanks to increased RT-PCR COVID-19 testing
i-80 Gold announces positive results from ongoing drill program at its Granite Creek property in Nevada
9.50am: US stocks start higher
US shares started higher on Tuesday as traders digested the latest retail sales data and earnings from big hitters.
The Dow Jones Industrial Average surged over 124 points at 36,211 in early deals in New York.
The S&P 500 added around ten points at 4,693.
The tech-heavy Nasdaq gained around 34 points at 15,888.
Official figures showed retail sales for October came in 1.7% higher than the figure of 0.7% seen in September this year, which was better than economists had expected - at a1.5% jump.
Walmart shares dropped 0.79% after it posted third-quarter profit and revenue, which were well above estimates. The group also raised its forecast for 2021, saying adjusted earnings per share will be around $6.40 versus its prior expectations of between $6.20 and $6.35.
Meanwhile, Home Depot shares added 3.64% as its third-quarter earnings beat Wall Street estimates.
6.45am: US shares set for cautious start
US stocks look set for a cautious start on Tuesday as investors eye some key data and earnings amid ongoing fears over the impact of higher inflation on the economy.
Futures for the Dow Jones Industrial Average ticked down 0.1%, while those for the S&P 500 index also lost 0.1% and contracts for the technology-focused Nasdaq-100 were flat.
Investors are preparing for the Federal Reserve to raise interest rates by next summer to check the growth of consumer price inflation, which is running at a three-decade high.
Data due at 8.30am ET, are expected to show US retail sales rose in October, boosted in part by a rebound in auto sales, then figures on October industrial production will be released at 9.15am, having seen a decline in September amid supply-chain disruption.
On the corporate front, retail giants Walmart and Home depot are scheduled to file earnings for the third quarter before the opening bell.
In the bond market, yields on benchmark 10-year Treasury notes slipped again on Tuesday, but gold prices rose 0.1%, rallying to five-month highs in a sign of growing unease about the inflation outlook.
Meanwhile, cryptocurrencies retreated with Bitcoin losing 5% in value as US president Joe Biden signed the $550 billion infrastructure deal which includes some major tax implications for most retail crypto investors as it would require them to report their holdings.
Walid Koudmani XTB Market analyst commented: "While these factors may frighten some investors and newcomers to the market, some experienced traders will have seen similar sized corrections in the past and could potentially be eyeing opportunities as mainstream adoption of cryptocurrencies and NFT’s continues to move further.
"On the other hand, the extreme volatility that the market is prone to could lead to a potential domino effect if more negative news were to emerge and take prices to new lows."