Market Update
Lowe's Companies lifted its full-year earnings outlook and said U.S. comparable sales rose 3%.
16 Nov, 2022
Cooler Inflation Sparked Stock Rally Cut by Missiles Landing In Poland
Barry Adams
15 Nov, 2022
New York City
Stocks on Wall Street opened sharply higher after wholesale inflation cooled in October, the second inflation measure to cool in as many week.
The lighter-than-expected inflation data offered another ammunition to policymakers advocating a slower rate hike at the next policy meeting in December.
Benchmark indexes trimmed most of the day's gains after news reports suggested Russian missiles landed in Poland, killing two people.
Crude oil prices rose 94 cents to $86.82 a barrel and natural gas prices increased 13 cents to $6.14 a thermal unit.
In stock trading, indexes advanced and tech stocks led the gainers.
The S&P 500 index advanced 0.9% to 3,991.73 and the Nasdaq Composite index increased 1.5% to 11,358.41.
Among widely held tech stocks, Apple, Amazon, Tesla, Microsoft and Alphabet jumped between 0.2% and 2%.
Technology, real estate, communications systems, consumer staples and financial sectors jumped between 0.5% and 1.2%.
Wholesale Inflation Cools In October
The Producer Price Index increased 0.2% in October from the previous month, matching the downwardly revised rate in September, the U.S. Bureau of Labor Statistics said Tuesday.
The 5.7% jump in gasoline prices drove the goods cost 0.6% higher, the fastest increase since 2.2% rise in June.
However, services costs declined 0.1% in the month, the first decline since November 2020.
The PPI rose 8.0% from a year ago following the 8.4% surge in September and the smallest increase since July 2021.
The yield on 2-year Treasury notes fell to 4.34%, 10-year notes declined to 3.77% and 30-year bonds eased to 3.97%.
U.S. Market Movers
Taiwan Semiconductor soared 11.9% to $81.21 after Warren Buffett controlled Berkshire Hathaway said in a filing with the Securities and Exchange Commission purchased $4.1 billion of stock in the third quarter.
Home Depot increased 2.2% to $314.27 after the retailer reported better-than-expected revenue and earnings in its latest quarter and reaffirmed its annual outlook.
Energizer Holdings Inc jumped 6.9% to $31.67 after the company reported stronger-than-expected quarterly results.
Walmart Inc soared 7.8% to $148.20 after the retailer said fiscal third quarter revenue rose 9% to $152.81 billion and swung to a net loss of $1.8 billion or 66 cents a share from a profit of $3.11 billion or $1.11 a share a year ago.
The retailer also announced a nationwide opioid settlement of $3.1 billion without admitting liabilities with state, local and tribal governments.
The company also said the boost in sales at its e-commerce India-based arm, Flipkart.com, also helped results in the quarter.
Getty Images Holdings Inc dropped 13.6% to $6.02 after the stock image marketplace operator reported quarterly earnings ahead of expectations but sounded cautious outlook.
Bath & Body Works jumped 3.5% to $34.25 after hedge fund Third Point controlled by Dan Loeb revealed a stake of $265 million in the company.
Vodafone Group Plc declined 6.4% to $11.54 after the mobile communication services provider lowered its earnings and cash flow outlook.
Eurozone Economic Growth Slows
Seasonally adjusted eurozone gross domestic product in the third quarter rose 0.2% from the second quarter, Eurostat said Tuesday.
From a year ago, the economy advanced 2.1% in the third quarter after rising at 4.3% in the second quarter.
On a monthly basis, seasonally adjusted eurozone and EU employment in the third quarter expanded at a slower pace of 0.2% following a 0.4% rise in the second quarter, Eurostat also reported.
Eurozone Employment Growth Slows
The eurozone employment on an unadjusted basis increased 1.7% in the third quarter compared to 2.7% in the second quarter and in the EU expanded 1.5% from 2.4% on an annual basis.
Eurozone International Trade Swings to Deficit
The statistical agency also reported imports from outside the region soared at a faster pace than than exports in September.
Imports in the month soared 44.5% and exports advanced 23.6% from a year ago resulting in a large trade deficit.
International trade swung to a deficit of 34.4 billion euros from a surplus of 6.7 billion euros a year ago.
German wholesale price increase slowed to 17.4% in October from 19.9% in September, Destatis reported Tuesday.
The French jobless rate fell to 7.3% in the third quarter from 7.4% in the second quarter, Insee reported Tuesday.
European Markets Extend Multi-month Gains
European markets extended gains for the fourth day in a row and investors focused on the barrage of domestic economic data.
The DAX index increased 0.5% to 14,378.51, the CAC-40 index advanced 0.5% to 6,641.66 and the FTSE 100 index declined 0.2% to 7,369.44.
The euro inched lower to $1.031 and the British pound edged up to $1.812.
Brent crude oil gained 53 cents to $93.56 a barrel and TTF natural gas prices jumped 9.2% to 124.10 euros a MWh.
Europe Market Movers
Credit Suisse declined 0.2% to 4.28 Swiss francs after the troubled investment bank said it plans to sell a substantial portion of its securitized products group to Apollo Global Management.
Leoni AG fell 0.8% to
Movers: Bath & Bodyworks, Energizer, Getty Images, Home Depot, Taiwan Semiconductor, Vodafone, Walmart
Scott Peters
15 Nov, 2022
New York City
The S&P 500 index advanced 1.02% to 4,009.44 and the Nasdaq Composite index surged 2.1% to 11,429.39.
Among widely held tech stocks, Apple, Amazon, Tesla, Microsoft and Alphabet jumped between 2% and 4%.
Technology, real estate, communications systems, consumer staples and financial sectors jumped between 1.5% and 2.2%.
Taiwan Semiconductor soared 11.9% to $81.21 after Warren Buffett controlled Berkshire Hathaway said in a filing with the Securities and Exchange Commission purchased $4.1 billion of stock in the third quarter.
Home Depot increased 2.2% to $314.27 after the retailer reported better-than-expected revenue and earnings in its latest quarter and reaffirmed its annual outlook.
Energizer Holdings Inc jumped 6.9% to $31.67 after the company reported stronger-than-expected quarterly results.
Walmart Inc soared 7.8% to $148.20 after the retailer said fiscal third quarter revenue rose 9% to $152.81 billion and swung to a net loss of $1.8 billion or 66 cents a share from a profit of $3.11 billion or $1.11 a share a year ago.
The retailer also announced a nationwide opioid settlement of $3.1 billion without admitting liabilities with state, local and tribal governments.
The company also said the boost in sales at its e-commerce India-based arm Flipkart.com, also helped results in the quarter.
Getty Images Holdings Inc dropped 13.6% to $6.02 after the stock image marketplace operator reported quarterly earnings ahead of expectations but sounded cautious outlook.
Bath & Body Works jumped 3.5% to $34.25 after hedge fund Third Point controlled by Dan Loeb revealed a stake of $265 million in the company.
Vodafone Group Plc declined 6.4% to $11.54 after the mobile communication services provider lowered its earnings and cash flow outlook.
European Markets Extend Gains for 4th Day, Eurozone Q3 GDP Growth Slows
Bridgette Randall
15 Nov, 2022
Frankfurt
European markets extended gains for the fourth day in a row and investors focused on the barrage of domestic economic data.
Seasonally adjusted eurozone gross domestic product in the third quarter rose 0.2% from the second quarter, Eurostat said Tuesday.
From a year ago, the economy advanced 2.1% in the third quarter after rising at 4.3% in the second quarter.
On a monthly basis, seasonally adjusted eurozone and EU employment in the third quarter expanded at a slower pace of 0.2% following a 0.4% rise in the second quarter, Eurostat also reported.
The eurozone employment on an unadjusted basis increased 1.7% in the third quarter compared to 2.7% in the second quarter and in the EU expanded 1.5% from 2.4% on an annual basis.
The statistical agency also reported imports from outside the region soared at a faster than pace than exports in September.
Imports in the month soared 44.5% and exports advanced 23.6% from a year ago resulting in a large trade deficit.
International trade swung to a deficit of 34.4 billion euros from a surplus of 6.7 billion euros a year ago.
German wholesale price increase slowed to 17.4% in October from 19.9% in September, Destatis reported Tuesday.
The French jobless rate fell to 7.3% in the third quarter from 7.4% in the second quarter, Insee reported Tuesday.
The DAX index increased 0.5% to 14,378.51, the CAC-40 index advanced 0.5% to 6,641.66 and the FTSE 100 index declined 0.2% to 7,369.44.
The euro inched lower to $1.031 and the British pound edged up to $1.812.
Brent crude oil gained 53 cents to $93.56 a barrel and TTF natural gas prices jumped 9.2% to 124.10 euros a MWh.
Credit Suisse declined 0.2% to 4.28 Swiss francs after the troubled investment bank said it plans to sell a substantial portion of its securitized products group to Apollo Global Management.
Leoni AG fell 0.8% to
PPI Increase Slows to 8.0% In October
Brian Turner
15 Nov, 2022
New York City
The Producer Price Index increased 0.2% in October from the previous month, matching the downwardly revised rate in September, the U.S. Bureau of Labor Statistics said Tuesday.
The 5.7% jump in gasoline prices drove the goods cost 0.6% higher, the fastest increase since 2.2% rise in June.
However, services costs declined 0.1% in the month, the first decline since November 2020.
The PPI rose 8.0% from a year ago following the 8.4% surge in September and the smallest increase since July 2021.
The Treasury yields edged lower after the release of the inflation data.
The yield on 2-year Treasury notes fell to 4.38%, 10-year notes declined to 3.79% and 30-year bonds eased to 3.98%.
Stocks Soar On Wall Street After Wholesale Inflation Cools
Barry Adams
15 Nov, 2022
New York City
Stocks soared on Wall Street after a measure of inflation rose at a slower-than-expected pace in October.
The Producer Price Index increased 0.2% in October from the previous month, matching the downwardly revised rate in September, the U.S. Bureau of Labor Statistics said Tuesday.
The 5.7% jump in gasoline prices drove the goods cost 0.6% higher, the fastest increase since 2.2% rise in June.
However, services costs declined 0.1% in the month, the first decline since November 2020.
The PPI rose 8.0% from a year ago following the 8.4% surge in September and the smallest increase since July 2021.
The yield on 2-year Treasury notes fell to 4.38%, 10-year notes declined to 3.79% and 30-year bonds eased to 3.98%.
Crude oil prices declined 52 cents to $82.32 a barrel and natural gas prices were unchanged at $5.94 a thermal unit.
In stock trading, indexes advanced and tech stocks led the gainers.
The S&P 500 index advanced 1.02% to 4,009.44 and the Nasdaq Composite index surged 2.1% to 11,429.39.
Among widely held tech stocks, Apple, Amazon, Tesla, Microsoft and Alphabet jumped between 2% and 4%.
Technology, real estate, communications systems, consumer staples and financial sectors jumped between 1.5% and 2.2%.
Taiwan Semiconductor soared 11.9% to $81.21 after Warren Buffett controlled Berkshire Hathaway said in a filing with the Securities and Exchange Commission purchased $4.1 billion of stock in the third quarter.
Home Depot increased 2.2% to $314.27 after the retailer reported better-than-expected revenue and earnings in its latest quarter and reaffirmed its annual outlook.
Energizer Holdings Inc jumped 6.9% to $31.67 after the company reported stronger-than-expected quarterly results.
Walmart Inc soared 7.8% to $148.20 after the retailer said fiscal third quarter revenue rose 9% to $152.81 billion and swung to a net loss of $1.8 billion or 66 cents a share from a profit of $3.11 billion or $1.11 a share a year ago.
The retailer also announced a nationwide opioid settlement of $3.1 billion without admitting liabilities with state, local and tribal governments.
The company also said the boost in sales at its e-commerce India-based arm Flipkart.com, also helped results in the quarter.
Getty Images Holdings Inc dropped 13.6% to $6.02 after the stock image marketplace operator reported quarterly earnings ahead of expectations but sounded cautious outlook.
Bath & Body Works jumped 3.5% to $34.25 after hedge fund Third Point controlled by Dan Loeb revealed a stake of $265 million in the company.
Vodafone Group Plc declined 6.4% to $11.54 after the mobile communication services provider lowered its earnings and cash flow outlook.
China's Property Rescue Measures Fall Short of Expectations
Arjun Pandit
14 Nov, 2022
Mumbai
Hong Kong's property stocks advanced after China proposed sweeping measures to support moribund sector.
The new measures released by the banking regulator and central bank are designed to provide financial assistance to developers in completing housing projects and require banks to treat private and state-owned companies on a similar footing.
The 16-point measures also include some assistance to homeowners in deferring monthly payments.
The pace of home completion across China has slowed down considerably because of persistent and widespread coronavirus linked lockdowns for the last two years.
Housing market in China remains fragile and home prices are still falling as buyers struggle to find housing loans and developers are at a standstill after defaulting on several large international debts.
The proposed measures are likely to expedite completion of few large projects and the housing demand is not expected to recover for months because housing prices are still falling.
Amazon Layoff Drags Tech Stocks, Fed Comments In Focus
Barry Adams
14 Nov, 2022
New York City
Market sentiment was weak on Wall Street after the Federal Reserve sounded a cautionary note over the weekend and the expected Republican wave failed to materialize in the midterm elections.
Over the weekend, Democratic Party won one more U.S. Senate seat, retaining control of the upper chamber of the Congress.
Democrats hold 50 seats and Republicans 49 in the U.S. Senate, Georgia Senate election results will be decided after a runoff in December.
The Republican Party is expected to win the control of the U.S. House but results of 19 elections are still not decided six days after the election.
Former President Donald Trump is set to declare his intention to run for the presidential election in 2024 on Tuesday, despite several Trump-backed high-profile election deniers losing competitive races in the midterm elections.
Market sentiment was muted in the early trading after the U.S. Federal Reserve Governor Chris Waller said on Sunday that the pace of future rate hike may be slower but the central bank is not done with fighting sky-high inflation.
Investors took note of the latest comments from Federal Reserve Vice Chair Lael Brainard, indicating that rate hike may "soon" begin to slow after several -large hikes this year.