4:05pm: Dow lags at the close but S&P, Nasdaq perform well
US stocks performed well at Wednesday's close but the Dow lagged behind the other two major indicies.
Both the S&P 500 and the Nasdaq were in positive territory, with the S&P closing at 4,701 points and the Nasdaq finishing at 15,845 points -- a 0.23% and 0.44% gain, respectively.
But the Dow Jones couldn't keep up, losing just 0.03% at the close to finish at 35,804 points.
12:10pm: US equities mixed as yields rise
US stocks were mixed amid higher yields and some poor retail earnings
The recent rise in yields started when President Joe Biden’s renomination of Jerome Powell as chairman of the Federal Reserve on Monday. The 10-year Treasury yield stood at 1.65% Wednesday, up from 1.55% on Friday.
Traditional retail stocks such as Gap fell 22% with Nordstrom falling 28% in recent trading. Both companies reported earnings misses for the most recent quarter.
As of noon, the Dow Jones Industrial Average was down 120 points, or 0.33%, to 35,700. The S&P 500 fell 2 points, or 0.04%, to 4,688.
But the tech-heavy Nasdaq increase 21 points, or 0.13%, to 15,793.
Chris Beauchamp, chief market analyst at online trading group IG, said the weakest stocks in the US start to stabilise, “with names like Paypal and Twitter either holding their ground or beginning to edge higher.”
He added: Bank stocks are still under pressure, holding back the market from making a better move to the upside, but with heavyweight Boeing also holding up well the outlook appears to be brightening for US equities.
The biggest gainer on the day so far is RLX Technology Inc., up 15% to $5.72 a share.
10.51am: Proactive North America headlines:
Canada Silver Cobalt Works makes exciting new find at its Graal property in Quebec
Aurania Resources intersects targeted silver-zinc mineralization at the Tiria-Shimpia target in Ecuador; provides Tsenken exploration update
Pathway Health (TSX-V:PHC) reports fiscal third-quarter financials showing a positive cash position of $4.2M
Global Energy Metals completes soil sampling and geological mapping at Monument Peak in Idaho
Star Royalties says 3Q revenue has exceeded its expectations as its Keysbrook asset continues to perform
CytoDyn says data from leronlimab trial is a step forward, demonstrating the drug’s potential for inhibiting liver fibrosis
Renforth completes trenching program at Victoria West exposing continuous nickel, cobalt, copper and zinc
ImagineAR launching FameDays.com to deliver celebrity hologram e-greetings to sports and entertainment fans
BTU Metals closes its $274,500 non-brokered private placement
Cabral Gold says it has extended the size of the gold-in-oxide blanket at the MG deposit by 11%
Great Bear Resources (TSX-V:GBR) discovers 'Midwest' zone at flagship Red Lake project; unveils new LP fault drill results
Algernon Pharmaceuticals receives positive feedback from US FDA on Phase 1 Ifenprodil small cell lung cancer study
Mirasol Resources says Newcrest has kicked off drilling at its Gorbea gold project in Chile
Apple sues spyware company NSO Group
AEX Gold says engineering study on de-risking its Nalunaq project is on track
Fobi enters into a revenue share agreement with Canada’s largest mobile-first insights marketplace app Caddle
Mednow announces strategic investment in US virtual care provider Doko Medical Inc
Arrow Exploration reports 3Q results showing strong revenue and production thanks to its core Colombia assets
Victory Resources poised for drilling at Smokey lithium project after filing drill permit amendment
Jack Nathan Health (TSX-V:JNH, OTCQB:JNHMF) acquires five medical clinics in British Columbia
BioPorto (NASDAQ COPENHAG:BIOPOR) A/S reports that its biomarker test was used in research study for seriously ill coronavirus patients
Planet 13 reports higher third-quarter revenue on a strong performance from Las Vegas operations
9.40am: US stocks lower at open
US shares started firmly in the red midweek as investors digested economic data, wait for tomorrow's Thanksgiving holiday and higher bond yields continue to pressure tech stocks.
In New York, the Dow Jones Industrial Average shed around 211 points to stand at 35,602. The S&P 500 fell 27 points at 4,662.
The tech-laden Nasdaq plunged over 152 points at 15,622.
It comes as initial jobless claims for last week came in at 199,000, which was the lowest level in more than 50 years, suggesting the bounce-back in the economy.
US gross domestic product (GDP) growth for the third quarter was also revised up slightly to 2.1%.
Orders for US durable goods (those supposed to last over three years such as cars and white goods) in October this year fell 0.5% after economists had forecast a 0.3% increase, But that decline was put down to fewer orders, unsurprisingly, for passenger planes.
6.30am: US stocks seen opening down
US stocks are expected to start lower ahead of a slew of data releases due for release before the Thanksgiving holiday and as tech stocks continue to come under pressure due to a quicker move to interest rate hikes after it emerged that Jerome Powell would remain as Fed chair.
Futures for the Dow Jones Industrial Average declined 0.39% in Wednesday pre-market trading, while the broader S&P 500 index shed 0.34% and those for the tech-heavy Nasdaq 100 fell 0.38%.
US stocks closed mixed on Tuesday as the Nasdaq fell for the second-straight day, dropping 0.5% to 15,775.
The Dow Jones Industrial Average increased by 195 points, or 0.55%, to 35,814 and the S&P 500 rose 0.17% to 4,691.
Advance goods trade, durable goods orders and personal income and spending figures for October are due for release, as well as the University of Michigan’s consumer sentiment survey for November.
“Last but by no means least, of course, the minutes of the FOMC’s 3 November meeting are also due,” commented Daiwa Capital Markets head of economic research.
“With upside surprises in the latest inflation figures, solid employment data and signs of an acceleration in economic growth this quarter, a number of Fed Governors – including Clarida and Waller – last week suggested that a faster pace of tapering will likely be up for discussion at the next FOMC meeting in December.
“So the minutes will be watched closely for detail on last month’s debate on the tapering policy and, not least, the room for manoeuvre and burden of proof required to accelerate."