Business

Dow edges higher, U.S. stock indexes aim to extend winning streak

U.S. shares edged increased Tuesday afternoon, with the principle benchmarks making an attempt to increase a profitable run as buyers face an onslaught of company earnings studies.

What are inventory benchmarks doing?
  • The Dow Jones Industrial Common
    DJIA,
    +0.30%

    was up 61 factors, or 0.2%, at 35,802 after rising to an all-time intraday excessive at 35,892.92 in earlier exercise.

  • The S&P 500
    SPX,
    +0.42%

    was up 13 factors, or 0.3%, at 4,579, after additionally hitting an intraday document, at 4,598.53.

  • The Nasdaq Composite
    COMP,
    +0.26%

    gained 15 factors, or 0.1%, to fifteen,242. The tech-heavy index traded as excessive as 15,384, briefly topping its closing document of 15,374.33 from Sept. 7.

On Monday, each the Dow and the S&P 500 ended at document highs, with the Nasdaq Composite closed inside 1% away from a brand new excessive.

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What’s driving the market?

“Traders are shrugging off considerations about inflation. As an alternative, they’re specializing in the company earnings season, which continues to shock on each aspect of the Atlantic,” mentioned Fawad Razaqzada, market analyst at ThinkMarkets, in a observe.

See: Why it’s wrong to compare today’s inflation surge to 1970s-style ‘stagflation’

The S&P 500 index has superior for eight of the final 9 classes as third-quarter earnings studies have largely topped expectations.

“Firms are nonetheless in a position to put by means of lots of their costs will increase,” mentioned Paul Nolte, a senior portfolio supervisor at Kingsview Funding Administration, in a cellphone interview Tuesday. “Up to now, it appears the patron is taking increased costs in stride.”

Tuesday’s earnings wave included Common Electrical Co.
GE,
+2.44%
,
3M Co.
MMM,
+0.29%
,
and, after the market shut, Google dad or mum Alphabet Inc.
GOOGL,
+1.35%

and Microsoft Corp.
MSFT,
+0.53%
.
Social-media big Fb Inc.
FB,
-4.57%

fell 5% after it surpassed third-quarter earnings estimates however issued a income outlook under Wall Road forecasts.

In financial information launched Tuesday, the S&P CoreLogic Case-Shiller Residence Worth Index confirmed that residence costs increased nationally 19.8% from a yr in the past in August, roughly consistent with the earlier month’s improve. The separate 20-city index, which measures value appreciation amongst a gaggle of main metropolitan areas throughout the nation, confirmed a 19.7% year-over-year acquire, down from a revised 20% annual acquire the month earlier than.

In the meantime, U.S. new-home gross sales increased 14% to an annual rate of 800,000 in September, the federal government mentioned Tuesday. The median forecast of economists polled by MarketWatch was that new residence gross sales would are available in at an annual fee of 760,000 for September.

“The housing market is robust,” mentioned Eric Winograd, senior economist at AllianceBernstein, in a cellphone interview Tuesday. “Rates of interest are very low,” he mentioned, whereas “housing demand may be very excessive.”

The Convention Board mentioned its U.S. client confidence index rose to 113.8 in October from a revised 109.8 a month earlier. The acquire follows three straight declines in sentiment. Economists polled by The Wall Road Journal had forecast a decline to 108.

“It was encouraging, definitely, to see client confidence tick up,” mentioned Winograd. “Shopper confidence has tracked the COVID scenario fairly intently, and with the delta variant fading, it’s good to see shoppers responding.”

Which firms are in focus?
  • Shares of Common Electrical had been up 2.3% after the economic conglomerate reported third-quarter revenue and industrial free money circulate that beat expectations however income that surprisingly fell, whereas offering an upbeat full-year earnings outlook.

  • 3M shares had been up lower than 0.1% after the maker of Publish-it Notes and diversified industrial firm topped forecasts for the third quarter.

  • Shares of Lockheed Martin Corp.
    LMT,
    -12.49%

    dropped 12% after the protection contractor’s revenue and gross sales fell and gross sales came in below consensus estimates and the corporate mentioned it will reassess its five-year marketing strategy.

  • Raytheon Applied sciences Corp.
    RTX,
    -2.18%

    reported earnings and income that topped forecasts whereas raising its 2021 outlook. Shares had been down 2.6%.

  • Shares of drugmaker Eli Lilly Co.
    LLY,
    +1.12%

    had been up 0.9% after missing estimates on earnings however topping gross sales expectations.

  • United Parcel Service Inc.
    UPS,
    +7.66%

    reported third-quarter revenue and income that beat expectations, with all enterprise segments topping forecasts. Shares rose greater than 7%.

What are different markets doing?
  • The yield on the 10-year Treasury observe
    TMUBMUSD10Y,
    1.619%

    fell about 1 foundation factors to 1.62%. Yields and debt costs transfer in reverse instructions.

  • The ICE U.S. Greenback Index
    DXY,
    +0.15%
    ,
    a measure of the foreign money in opposition to a basket of six main rivals, was up 0.1%.

  • Oil futures moved increased, with the U.S. benchmark
    CL00,
    +0.98%

    up 1.1% at $84.61 a barrel. Gold futures
    GC00,
    -0.68%

    settled 0.7% decrease at $1,793.40 an ounce.

  • The Stoxx Europe 600 index
    SXXP,
    +0.75%

    ended 0.7% increased, whereas London’s FTSE 100
    UKX,
    +0.76%

    gained 0.8%.

  • The Shanghai Composite
    SHCOMP,
    -0.34%

    was down 0.3%, whereas the Dangle Seng Index
    HSI,
    -0.36%

    fell 0.4% and Japan’s Nikkei 225
    NIK,
    +1.77%

    jumped 1.8%.

—Steve Goldstein contributed to this report.

https://www.marketwatch.com/story/futures-point-to-further-wall-street-records-ahead-of-earnings-onslaught-11635241595?rss=1&siteid=rss | Dow edges increased, U.S. inventory indexes purpose to increase profitable streak

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