4.05pm: Markets end with gains
US equities ended sharply higher as investors await corporate earnings from major companies, while inflation concerns continue to loom.
The Nasdaq Composite was up by 1.3% at 14,194, followed by the Dow Jones Industrial Average that rose by 1%, or 372 points at 35,463, while S&P 500 gained 0.8% at 4,521.
On the corporate side, shares of KKR & Co fell by over 6% after the company issued its quarterly earnings, while cash available to its shareholders doubled, hitting a new record.
Harley-Davidson (NYSE:HOG) shares revved more than 15% higher after posting a surprise fourth-quarter profit.
12.05pm: Stocks edge nervously higher
US markets had recovered their losses by midday on Tuesday as investors await another round of earnings reports and key CPI inflation data due on Thursday.
At noon, the Dow Jones Industrial Average had gained 0.9%, or 301 points at 35,392, while the Nasdaq Composite and the S&P 500 index rose by 0.9% and 0.6%, respectively.
“US CPI looms over the week, bringing with it the potential to undo any gains made before the release,” said says Chris Beauchamp, chief market analyst at online trading platform IG.
“As a result, no one seems too keen to buy the dip this time around, lest they find the lower liquidity levels result in a sudden lurch lower that gets the buyers chased out of their positions,” he added.
On the corporate front, analysts are anticipating Pfizer to post a record $102 billion in its quarterly earnings report due later today, with over half expected to come from its new COVID-19 pills and vaccine.
11.05am: Proactive North America headlines:
First Mining Gold acquires more shares of Beattie Gold Mines
Wellteq Digital Health says study shows that its technology can improve employees' sleep
Gratomic signs indicative term sheet with Millenium Metals to supply graphite over 60 consecutive months
CLS Holdings USA (CSE:CLSH, OTCQB:CLSH) releases initial 2022 outlook and review of 2021 financial and operational highlights
Looking Glass Labs says its 3D modelling technology core to developing Digimental's HAPEBEAST NFT collection
EverGen announces operational outperformance at Sea to Sky Soils in 2H 2021
Vox Royalty (TSX-V:VOX) says 2022 is gearing up to be a "record year" with key milestones within its royalty portfolio
Global Energy Metals kicks off extensive geophysical works at its Treasure Box project in Nevada
Nova Royalty completes acquisition of royalty on two copper assets in the US
GlobalBlock Digital Asset Trading says subsidiary strikes partnership with Premier Sports Network
Valkyrie Bitcoin mining ETF approved by Nasdaq
Doré Copper Mining expands copper-gold mineralization at Corner Bay project with drilling
MySize acquires Orgad, an omnichannel e-commerce platform with a presence on Amazon.com
Marble Financial says its banking verification software now live with FinExpert
i-80 Gold reports impressive results from step-out drilling at Granite Creek in Nevada
Vicinity Motor receives C$2.6M to support Calgary transit fleet electrification efforts
BioVaxys Technology set to raise up to C$1M in a non-brokered private placement
Zoglo's Incredible Food says it is to sell its Incredible plant-based products at Food Basics and Marché Adonis supermarkets
O3 Mining reveals positive test results showing high gold recoveries at its Marban project in Quebec
Mindset Pharma appoints Dr Fiona Randall as senior vice president of external alliance and scientific strategy
Trees Corporation (NEO:TREE.AQN) inks deal to acquire all shares of Miraculo; announces leadership changes
Enveric Biosciences (NASDAQ:ENVB) advancing clinical plans as it announces two new molecules to potentially treat osteoarthritis
Scottie Resources hits more high-grade gold at the Blueberry zone in British Columbia
Hapbee announces marketing partnership with Veritone One
Delota opens first Offside Cannabis dispensary
Mydecine Innovations says its exclusive dealer identified as licensed psilocybin and MDMA supplier in Canada
XPhyto Therapeutics planning to release strategy on psychedelic medicine program in days as it updates on business divisions
Nextech AR extends Asian reach as it partners with smart commerce platform SHOPLINE
Plurilock says Aurora Systems receives purchase orders worth US$306,000 from US Departments of Defense and Homeland Security
Else Nutrition appoints world class infant nutrition expert Dr Bo Lönnerdal to its scientific advisory board
Empower Clinics forges coronavirus lab testing partnership for Canada
Lion Copper and Gold aims for updated PEA on MacArthur asset as company announces latest presentation
Metal Energy prepares for first drill program at flagship high-grade nickel Manibridge project
The Parent Company (OTCQX:GRAMF, NEO:GRAMU) says its chief operating officer, Dennis O'Malley has elected to step down in the spring of 2022
10.00am: Investors await direction
US stocks opened mixed on Tuesday ahead of fresh data on inflation and corporate earnings from major players including Pfizer.
In New York, the Dow Jones Industrial Average gained 0.2%, or 92 points, at 35,183, but the tech-heavy Nasdaq Composite shed 0.2% and the broader S&P 500 lost 0.1%.
Investors are expecting the Federal Reserve pathway to monetary policy changes as early as next month, while economic data continue to highlight inflationary pressures.
Moreover, the latest US Consumer Price Index report due on Thursday is expected to impact the volatile markets.
6.30am: US stocks seen opening flat
US stocks are expected to open unchanged from Monday's levels as investors mark time ahead of corporate earnings reports due for release today, including those for Pfizer and KKR, while inflation concerns continue to niggle.
Futures for the Dow Jones Industrial Average rose 0.04% in Tuesday pre-market trading, while the broader S&P 500 index and the Nasdaq 100 hovered in and out of the red.
Stocks ended mostly lower on Monday, with the Dow gaining 1 point to 35,091, while the S&P 500 eased back 0.37% to 4,484 and the Nasdaq shed 0.58% to 14,016 as Facebook owner Meta shed a further 5.1% following a disappointing earnings report last week.
With earnings season in full swing, Uber and Disney are expected to unveil their quarterly reports on Wednesday. Coca-Cola, Twitter, and PepsiCo (NASDAQ:PEP) will also issue their earnings later this week.
“The Nasdaq continues to be the main driver for US markets and continues to look vulnerable to a return to its January lows, while below the 200-day MA (moving average),” commented Michael Hewson, chief market analyst at CMC Markets.
“All the while the S&P 500 is holding above its 200-day MA as the tug of war continues between the bulls and bears, as sentiment ebbs and flows.
“Having digested what was an unexpectedly good January payrolls report last week, market attention is now firmly fixed on this week's US CPI numbers for January for evidence of whether the upswing in prices we’ve seen in the last three months of 2021 is set to show any signs of easing.”