US open: Stocks open higher as traders digest retail sales data

by | Nov 16, 2021

Wall Street stocks were in the green early on Tuesday as market participants digested last month’s all-important retail sales report.
As of 1515 GMT, the Dow Jones Industrial Average was up 0.44% at 36,244.83, while the S&P 500 was 0.31% firmer at 4,697.41 and the Nasdaq Composite came out the gate 0.21% stronger at 15,887.25.

The Dow opened 157.38 points higher on Tuesday, easily reversing modest losses recorded in the previous session.

Tuesday’s primary focus was October retail sales data, which revealed US retail sales grew at a quicker than expected pace last month, driven by an early start to holiday shopping.

The value of overall retail purchases increased 1.7% month-on-month to $638.2bn in October, following an upwardly revised 0.8% increase in September for the sharpest increase seen in seven months, according to the Commerce Department. Excluding gas and motor vehicles, sales jumped 1.4% in October. Economists were expecting sales to have jumped by 1.5% last month.

In the corporate space, Home Depot posted third-quarter earnings that came in ahead of estimates on the Street, driven by a 9.8% quarterly sales increase, while Walmart also topped estimates after winning back grocery shoppers amid heightened inflation.

Also in focus, US president Joe Biden and Chinese leader Xi Jinping wrapped up their meeting on a much more positive note than originally expected, with it now appearing that there is a willingness on both sides to mend a relationship damaged during the previous White House administration.

Elsewhere on the macro front, industrial production rebounded in October, up 1.6% month-on-month following a 1.3% drop in September, according to the Federal Reserve, with automakers, previously impacted by supply chain problems, saw a strong increase and headwinds stemming from Hurricane Ida faded. In the major industry groups, manufacturing activity rose 1.2%, while mining surged 4.1% and output at the nation’s utilities was up 1.2%.

Still on data, business inventories increased 0.7% month-on-month to $2.10trn in September, according to the Census Bureau, down just a touch from August’s revised print of 0.8%, while the combined value of distributive trade sales and manufacturers’ shipments for September was estimated at $1.66trn, up 0.9%. The total business inventories/sales ratio based on seasonally adjusted data at the end of September was 1.26.

Lastly, the National Association of Housebuilders’ housing market index came in at 83 in November, ahead of both consensus estimates and last month’s print of 80, with a solid market for home building continuing in November despite ongoing supply-side challenges as a lack of resale inventory combined with strong consumer demand to boost single-family homebuilding.

After closing at 1.584% on Monday, the yield on the benchmark 10-year Treasury note ticked up to 1.615% at the open on Tuesday.

Dow Jones – Risers

Home Depot Inc. (HD) $385.36 3.85%
Nike Inc. (NKE) $172.04 1.89%
Unitedhealth Group Inc. (UNH) $457.18 1.42%
Intel Corp. (INTC) $50.99 1.32%
Walt Disney Co. (DIS) $160.13 1.07%
Travelers Company Inc. (TRV) $159.74 1.06%
Chevron Corp. (CVX) $117.62 0.68%
Cisco Systems Inc. (CSCO) $57.65 0.65%
International Business Machines Corporation (CDI) (IBM) $119.57 0.59%
Visa Inc. (V) $213.55 0.59%

Dow Jones – Fallers

Walmart Inc. (WMT) $144.23 -1.82%
Boeing Co. (BA) $230.02 -1.32%
Goldman Sachs Group Inc. (GS) $401.64 -0.78%
American Express Co. (AXP) $182.36 -0.42%
JP Morgan Chase & Co. (JPM) $165.89 -0.40%
Walgreens Boots Alliance, Inc. (WBA) $49.09 -0.26%
Caterpillar Inc. (CAT) $207.26 -0.21%
Dow Chemical Co. (DOW) $59.84 -0.13%
Apple Inc. (AAPL) $149.84 -0.11%
Dowdupont Inc. (DWDP) $30.52 0.00%

S&P 500 – Risers

Home Depot Inc. (HD) $385.36 3.85%
Lowe’s Companies Inc. (LOW) $240.91 2.55%
FMC Technologies Inc. (FTI) $7.05 2.54%
Danaher Corp. (DHR) $306.58 2.30%
Transdigm Group Inc. (TDG) $668.36 2.24%
Tractor Supply Company (TSCO) $227.24 1.95%
Masco Corp. (MAS) $68.54 1.93%
Thermo Fisher Scientific Inc. (TMO) $644.54 1.93%
Oracle Corp. (ORCL) $95.82 1.91%
Nike Inc. (NKE) $172.04 1.89%

S&P 500 – Fallers

Norwegian Cruise Line Holdings Ltd (NCLH) $23.64 -7.33%
American Airlines Group (AAL) $19.62 -3.44%
Carnival Corp. (CCL) $21.54 -3.41%
Alliance Data Systems Corp. (ADS) $77.83 -2.62%
Jefferies Financial Group Inc. (JEF) $41.83 -2.46%
Southwest Airlines Co. (LUV) $47.94 -2.43%
General Electric Co. (GE) $104.11 -2.40%
Kroger Co. (KR) $41.68 -2.30%
Mosaic Company (MOS) $37.09 -2.11%
Biogen Inc (BIIB) $266.31 -2.03%

Nasdaq 100 – Risers

Vodafone Group Plc ADS (VOD) $16.24 5.56%
Tesla Inc (TSLA) $1,034.41 2.07%
Hologic Inc. (HOLX) $74.63 1.88%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $408.86 1.77%
Activision Blizzard Inc. (ATVI) $71.58 1.63%
JD.com, Inc. (JD) $85.98 1.61%
Baidu Inc. (BIDU) $171.27 1.54%
NetEase Inc. Ads (NTES) $112.89 1.54%
Automatic Data Processing Inc. (ADP) $236.53 1.49%
Paypal Holdings Inc (PYPL) $215.52 1.40%

Nasdaq 100 – Fallers

Mercadolibre Inc. (MELI) $1,543.30 -5.51%
American Airlines Group (AAL) $19.62 -3.44%
Biogen Inc (BIIB) $266.31 -2.03%
Asml Holdings N.V. (ASML) $848.41 -0.97%
Marriott International – Class A (MAR) $154.23 -0.93%
Meta Platforms Inc. (FB) $344.58 -0.86%
Qurate Retail Inc. (QRTEA) $8.80 -0.85%
Check Point Software Technologies Ltd. (CHKP) $116.09 -0.76%
Sirius XM Holdings Inc (SIRI) $6.59 -0.68%
Expedia Group Inc. (EXPE) $176.76 -0.48%

Related articles

US open: New trading year starts with early losses

US open: New trading year starts with early losses

(Sharecast News) - Wall Street stocks were in the red early on Tuesday as the market comes off an unexpectedly strong year for major indices. As of 1525 GMT, the Dow Jones Industrial Average was down 0.05% at 37,672.04, while the S&P 500 fell 0.64% to 4,739.54 and the...

US open: Stocks flat going into final session of 2023

US open: Stocks flat going into final session of 2023

(Sharecast News) - Wall Street stocks were little changed at the beginning of the final session of 2023 as traders prepared to wrap up a banner month, quarter, and year for stocks. As of 1520 GMT, the Dow Jones Industrial Average and S&P 500 were both up 0.01% at...

US open: Dow Jones continues to march higher

US open: Dow Jones continues to march higher

(Sharecast News) - Wall Street stocks were mixed at the opening bell on Wednesday as the S&P 500 neared an all-time high. As of 1520 GMT, the Dow Jones Industrial Average was up 0.14% at 37,596.15, while the S&P 500 was down 0.06% at 4,772.00 and the Nasdaq Composite...

Trending stories

Join our mailing list

Subscribe to our mailing list to receive regular updates!

x