• Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
Top Trading Strategy
No Result
View All Result
Home Breaking News

Dow rises more than 100 points on strong retail sales, Home Depot earnings

by
November 16, 2021
in Breaking News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Related Posts

Turkey formally approves Finland’s NATO membership, in setback for Russia

Ford hikes prices on its F-150 Lightning as production resumes after EV battery fire

Peloton shares are on the up — but will it last? Here’s what Wall Street thinks

More home sellers are sitting out of the spring housing market

The Dow Jones Industrial Average gained after better-than-expected results from Home Depot and Walmart.

The Dow, which contains the two big retailers, added 159 points, or 0.4%. The S&P 500 and Nasdaq Composite added 0.3% and 0.2%, respectively.

Home Depot helped kicked off a busy week of retail earnings with a beat on earnings estimates and a 9.8% jump in net sales. Shares of the company gained 4%.

Retail sales figures for October also came in 1.7%, higher than 0.7% in September, the U.S. Census Bureau reported Tuesday. Economists surveyed by Dow Jones expected sales to have jumped by 1.5%.

“With the robust retail sales read and solid start to retail earnings, it’s crystal clear that inflation isn’t standing in the way of consumers,” said E-Trade’s Mike Loewengart. “Despite some hiccups on the labor market and inflation fronts, this could serve as the vote of confidence investors needed signaling that the economy is still chugging along nicely. As we narrow in on the holiday shopping season, the question remains if better than expected numbers from retailers from Q3 can continue to close out 2021.”

Walmart reported third-quarter profit and revenue well above estimates, and U.S. same-store sales jumping 9.2%, excluding fuel. The company also raised its forecast for 2021, saying adjusted earnings per share will be around $6.40 versus its prior expectations of between $6.20 and $6.35. Still, the shares fell 1.8%.

During regular trading Monday, the Dow dipped about 13 points, or 0.04%, for its fourth negative session in the last five. The S&P 500 finished the day unchanged at 4,682.87 and the Nasdaq Composite dipped 0.04%. The Russell 2000 was the relative underperformer, declining 0.45%.

Inflation fears weighed on the market after last month’s consumer price index posted its largest annual increase in more than three decades. Paul Christopher, head of global market strategy at Wells Fargo Investment Institute, said he believes inflation will moderate in 2022, but that “the path to lower inflation [will] begin with higher inflation in the front half of the year.”

“The stickier drivers of inflation are likely to persist, but our base case is that they will not outweigh the improvement we expect in the transitory elements,” he wrote in a note to clients.

On Monday afternoon President Joe Biden signed the $1 trillion bipartisan infrastructure bill into law. The package includes funding for transportation, broadband and utilities.

The major averages are coming off their first negative week in six, but stocks are still trading around all-time high levels. As Wall Street strategists look to 2022, some, including Morgan Stanley’s Michael Wilson, believe the picture looks muted.

“With financial conditions tightening and earnings growth slowing, the 12-month risk/reward for the broad indices looks unattractive at current prices,” he said Monday in a note to clients. “However, strong nominal GDP growth should continue to provide plenty of good investment opportunities at the stock level for active managers,” he added.

His 12-month base target for the S&P 500 is 4,400, which is 6% below where the index closed on Monday.

Next Post

Rivian shares climb in post-IPO rally

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Popular Posts

Breaking News

Turkey formally approves Finland’s NATO membership, in setback for Russia

by
March 31, 2023
0

Turkish President Recep Tayyip Erdogan (R) and Finnish President Sauli Niinisto (L) deliver a joint press conference held after their...

Read more

Turkey formally approves Finland’s NATO membership, in setback for Russia

Ford hikes prices on its F-150 Lightning as production resumes after EV battery fire

Peloton shares are on the up — but will it last? Here’s what Wall Street thinks

More home sellers are sitting out of the spring housing market

Disney blocks Ron DeSantis’ Florida power play with a royal family clause

Netflix and more: Analyst picks four stocks to ride out the volatility

Load More

All rights reserved by www.toptradingstrategy.net

  • Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
  • Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.