4:05pm: US equities close mixed session
US stocks closed mixed as the Nasdaq Composite fell for the second-straight day as higher interest rates appeared to put pressure on tech stocks.
On the day, the tech-heavy Nasdaq dropped 0.5% to 15.775.
The Dow Jones Industrial Average increased by 194 points, or 0.55%, to 35,813 and the S&P 500 rose 0.17% to 4,690.
12.05 pm: Higher Treasury yields drive the Nasdaq lower
US stocks were mixed in noon trading as tech stocks continued to fall on the prospect of higher interest rates following President Biden’s decision to re-nominate Fed Chair Jerome Powell.
At midday, the Dow rose 43 points to 35,663, while the S&P 500 eased 12 points at 4,671 and the tech-heavy Nasdaq slipped 179 points to 15,676.
“With a Powell-led Fed, we expect the speed of the QE taper to follow the data, likely speeding up if inflation prints continue at the pace of the October print with interest rate hikes to shortly follow the taper (June at current pace),” Aptus Capital Advisors portfolio manager John Luke Tyner said.
“The market believes this action will keep the Fed in control of inflation,” Tyner added.
Notable movers included shares of Zoom Video Communications Inc (NASDAQ:ZM), which slid more than 17% after the video conferencing company warned of an upcoming slowdown in its business as demand for remote contact decreases with an improvement in serious coronavirus (COVID-19) cases.
11.10am: Proactive North America headlines:
EverGen Infrastructure advances renewable natural gas operations during 3Q
Cloud DX (TSX-V:CDX, OTCQB:CDXFF) says Connected Health platform recognized by the NSERC as co-recipient of its Synergy Award of Innovation
FansUnite acquires American Affiliate in ‘transformative deal’ to turbo-charge its entry into US gaming market
Fireweed Zinc announces results from its 2021 drilling program at Boundary West, Yukon
NEO Battery Materials appoints lithium-ion battery binder expert Byeong-Su Kim to its scientific advisory board
Clean Seed Capital announces stock now trading on OTCQB Venture Market
Western Magnesium announces long-time board director Robert Brown accepts new role as Honorary Technical Director Emeritus
Naturally Splendid to raise up to C$3M in a non-brokered private placement
Alpine 4 Holding announces direct offering of 8.5 million shares to raise $24M
Plurilock says Aurora Systems subsidiary continues to grow sales as cyber threats increase
Amazon and Apple fined over €200mln by Italian antitrust authority - report
Goldshore Resources closes its upsized private placement for aggregate gross proceeds of $10 million
Royal Wins starts trading on OTCQB Venture Market under the symbol 'RYWCF'
Phunware launches its Multiscreen-as-a-Service platform in Amazon Web Services Marketplace
American Resources Corporation (NASDAQ:AREC) receives final permit approval for rare earth and critical element purification and isolation facility
Coinsilium readies trial launch of its NFT marketplace
Bhang begins selling its THC chocolates in Florida through Trulieve Cannabis dispensaries
SoLVBL Solutions unveils first deal in financial services sector - with QuantGate Systems
Amarillo Gold sees exploration success in 3Q and remains on track in advancing its gold projects in Brazil
Codebase Ventures says blockchain company Arcology produces positive Amazon Web Services test results
ElectraMeccanica (NASDAQ:SOLO) announces appointment of global automotive industry veteran, Michael Richardson to its board of directors
Psyched Wellness (CSE:PSYC, OTCQB:PSYCF) appoints Matthew Singh as chief commercial officer
Goldseek Resources reports more strong intercepts from maiden drill program at Beschefer
Ascendant Resources begins drill program at its Lagoa Salgada project in Portugal to support feasibility study
Nextech AR Solutions strengthens its board of directors with addition of cybersecurity and finance veteran Jeff Dawley
Love Pharma (CSE:LUV) signs letter of intent to acquire MicroDoz Therapy to advance pilot study of psilocybin-assisted treatment of cannabis use disorder
Golden Minerals appoints Julie Weedman as its new chief financial officer
New Pacific Metals (TSX:NUAG, NYSE:NEWP) hails latest Carangas drill results which confirm large mineralized system
Audacious sees 2Q revenue soar on ALPS results, Green Therapeutics management fee
Revive Therapeutics files for Orphan drug designation for Bucillamine which aims to prevent ischemia-reperfusion injury during liver transplantation
Empower Clinics sees 3Q revenue soar following The Medi-Collective launch and Kai Labs expansion
9.45am: US stocks start mixed
US stocks started mixed and little changed in New York on Tuesday as traders await the Thanksgiving break and after a technology led sell-off.
In early deals, the Dow Jones Industrial Average added around ten points at 35,629. The S&P 500 was down around six points at 4,676. The Nasdaq index lost neatly 77 at 15,777.
Stocks rose yesterday initially after it emerged Jerome Powell would remain as Fed chair. However, markets turned south nearer the end of the session as yields continued to rise.
Today, crude prices dropped but then steadied after US President Joe Biden announced plans to release up to 50 million barrels from strategic reserves to cool the market.
The aim is to ease pricing pressures and supply-chain bottlenecks amid growing demand as economies open up amid the pandemic.
6.30am: US stocks seen opening lower
US stocks are expected to open down as investors continue to digest US President Joe Biden’s decision to nominate incumbent Federal Reserve Chair Jerome Powell to serve a second term over Lael Brainard, the only Democrat on the Fed’s Board of Governors.
Futures for the Dow Jones Industrial Average declined 0.1% in Tuesday pre-market trading, while the broader S&P 500 index shed 0.19% and those for the tech-heavy Nasdaq 100 fell 0.45%.
US stocks finished Monday’s trading session mixed following the news of the Powell renomination. At the close, the Dow rose 17 points, or 0.05% 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.
“It was a frisky session on Wall Street overnight as President Biden renominated Jerome Powell for another term as Fed Chairman while elevating his rival, Lael Brainard, to Vice-Chair,” commented Jeffrey Halley, a senior market analyst at OANDA.
“Ms Brainard is very much a dove, and it appears that stock and bond markets, in particular, had been simmering near recent highs in case Ms Brainard got the nod for the top job.
“Rate-sensitive technology stocks didn’t like the J-La song, thanks to their galactic valuations, headed South, and gold plummeted as it was shown who its boss was, thanks to US yields finally reacting to the reel-in-inflation chorus,” Halley added.