4.05pm: S&P 500 hits an intraday record high
US stocks finished the trading session mixed as share prices got an afternoon boost from President Biden's decision to re-nominate Jerome Powell to continue to lead the Federal Reserve.
At the close, the Dow rose 17 points to 35,619, while the S&P 500 slipped 15 points at 4,683 and the tech-heavy Nasdaq fell 203 points to 15,855.
Notable movers included shares of Tesla Inc (NASDAQ:TSLA), which climbed more than 4% after CEO Elon Musk said the electric vehicle maker’s Model S Plaid could debut in China by the spring of 2022.
12:10pm: US equities mixed as Powell renominated
US stocks were mixed midday as tech stocks tanked after President Joe Biden picked Jerome Powell to continue to lead the Federal Reserve.
Powell’s renomination comes as inflation has exceeded expectations in recent months while the Central Bank slows its asset purchase program.
As of noon, the Dow Jones Industrial Average was up 263 points, or 0.74%, to 35,858. The S&P 500 rose 13 points, or 0.28%, to 4,712.
The tech-heavy Nasdaq fell 122 points, or 0.76%, to stand at 15,934.
Chris Beauchamp, chief market analyst at online trading group IG, said that Powell’s reappointment “marks the return of the approach pursued by new US presidents since 1980, namely reappointing the incumbent Fed chair in order to provide the continuity that markets crave.”
Beauchamp added: “This has provided the trick for a market bounce this afternoon, although to be fair to the occupant of the Oval Office that was not his main intention. The warm words for Powell obscure the fact that it was going to be easier to get Powell through at a time when legislative wins are very much at the top of the agenda. Why risk political capital on a minor point when there are bigger battles to fight?”
The biggest gainer on the day so far is Telecom Italia SPA, up 31% to $5.01 a share.
11am: Proactive North America headlines:
Alpine 4 announces new ‘Bully Class’ line of drones for law enforcement and military
NEXE Innovations says its XOMA Superfoods line to list on e-commerce retailer platform Walmart.ca
Marvel Discovery acquires Saskatchewan-based Highway North Property for uranium exploration
CULT Food leads seed investment round for intelligent food design company Fiction Foods
Japan Gold (TSX-V:JG) strengthens leadership team with Toru Tokuhisa and Yoshio Nojima
The Parent Company (OTCQX:GRAMF, NEO:GRAMU) launches extension of its Fun Uncle Cruisers vape cartridge to celebrate Green Wednesday
American Resources names Tarlis Thompson as president of its American Carbon division
Dalrada Corporation appoints Harvey Hershkowitz as president of its subsidiary Dalrada Health
BioHarvest Sciences says its new manufacturing facility receives GMP certification from Israeli Ministry of Health
MedX convenes medical advisory boards of leading dermatologists in Canada and US
Whitehorse Gold completes exploration and drill program on Skukum gold project in the Yukon
Todos Medical receives Tollovid Daily purchase order from European distribution partner T-Cell Protect Hellas for initial market launch in Greece
Biocept launches single test for COVID-19 and Influenza as cases rise during flu season
ESE Entertainment in partnership to organize EA SPORTS FIFA tournament
Bragg Gaming Group (TSX:BRAG, NASDAQ:BRAG)’s ORYX Gaming unit receives landmark UK supplier license
District Metals hails latest drill assays from Steffenburgs zone at Tomtebo project
SoLVBL Solutions appoints industry veteran Kaiser Akbar as interim CEO and President
Silver Range announces adoption of shareholders' rights plan
Valens says Pommies receives micro-processing licence from Health Canada for Greater Toronto Area Facility
Zynerba Pharmaceuticals (NASDAQ:ZYNE) further boosts patent portfolio for its Zygel CBD gel
i-80 Gold to proceed with underground program at its McCoy-Cove property in Nevada
Fobi Announces the completion of SOC 2 Type 1 certification
XPhyto Therapeutics appoints Joseph Meagher as its chief financial officer
9.47am: US stocks surge out of the gate
Wall Street shares started higher on Monday, with the S&P 500 and Nasdaq hitting new intraday highs, as it emerged Jerome Powell would remain at the helm of the US Central Bank after he was re-appointed.
The Dow Jones Industrial Average added over 176 points at 35,778. The broader-based S&P 500 advanced over 27 points at 4,725.
The Nasdaq Composite Index gained over 78 points to stand at 16.136.
Powell was nominated to the Fed Board a decade ago by then President Barack Obama. President Trump appointed him chairman of the Federal Reserve.
He has been in the job throughout the global coronavirus (COVID-19) crisis.
It comes as inflation in the US has exceeded expectations in recent months despite noises from the Fed that suggested the rise in prices would be "transitory".
US markets will be closed Thursday for Thanksgiving Day, while the stock market closes early at 1 pm EST on Friday.
6.30am: US stocks seen opening higher
US stocks are expected to open higher Monday at the start of a shortened trading week due to Thursday’s Thanksgiving Holiday, ahead of which US President Joe Biden is expected to announce a new chair for the Federal Reserve.
Futures for the Dow Jones Industrial Average rose 0.42% in Monday pre-market trading, while the broader S&P 500 index gained 0.37% and those for the tech-heavy Nasdaq 100 added 0.93%.
US stocks closed mixed on Friday as concerns over a resurgence of coronavirus (COVID-19) cases weighed on global markets.
Stocks took a hit after Austria announced early in the day that it would re-enter a full national lockdown due to a spike in cases. That followed new restrictions for unvaccinated people in Germany.
The Dow Jones fell by 269 points, or 0.77%, to 35,602 on Friday and the S&P 500 declined 0.14% to 4,698. But the Nasdaq Composite added 0.40% to 16,057.
“This week will be heavily compressed given Thanksgiving on Thursday. The highlight though will be a likely choice of Fed governor before this, assuming the timetable doesn’t slip again,” Deutsche Bank research strategist Jim Reid said.
"Overnight it’s been announced that Biden will give a speech to the American people tomorrow on the economy and prices. It’s possible the Fed Chair gets announced here and perhaps plans to release oil from the strategic reserve. We will see,” Reid added.