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Dow, S&P 500 carve out contemporary intraday data, forward of earnings from Fb, others

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U.S. stock benchmarks gained a bit of record high on Monday, shaking off a listless Monday morning before expecting a profit list for the week that will further underscore the overall health of American companies following the COVID-19 pandemic, price pressures and fears shaped by a global slowdown in growth.

What’s up
  • The Dow Jones Industrial Average DJIA, + 0.18%, traded 84 points, or 0.2%, higher at 35,765, setting a new all-time intraday record at 35,767.57.

  • The S&P 500 SPX, + 0.50%, climbed 0.5% to around 4,566, near its intraday record of 4,566.43.

  • The Nasdaq Composite Index COMP, + 0.88%, traded 109 points, or 0.7%, higher at 15,198, not far from its closing high of 15,374.33 on September 7.

On Friday, the Dow rose 0.2% to close its first high since August 16, while the S&P 500 was down 0.1% and the Nasdaq Composite was down 0.8%. The fall in the S&P 500 marked the end of a seven-session winning streak.

What drives the markets

Energy, commodities and consumer goods stocks helped boost the market early Monday in what is expected to be a busy week of quarterly results from American companies.

This week’s earnings calendar includes 150+ S&P 500 companies, or nearly a third of the broad market index, including Facebook FB, -0.03%,
who reported after the closing bell on Monday.

So far, gains have been strong and have helped keep the market’s bullish uptrend intact, even as inflation concerns persist.

“The [third=quarter] The earnings season got off to a good start, driving the S&P 500’s earnings per share (EPS) to record levels. Investors are paying particular attention this quarter as concerns over supply shortages and inflation threaten corporate profits, ”said Seema Shah, chief strategist at Principal Global Investors, in a statement on Monday.

“Despite recent volatility, strong corporate profitability has helped the S&P 500 gain more than 20% (including dividends) this year. Earnings fully rebounded from pandemic lows in the second quarter and rose along with the overall economy, ”wrote Shah.

Markets will also be keeping an eye on Washington DC, as Central Democratic Senator Joe Manchin appeared to be backing taxes on billionaires and certain businesses, according to the Associated Press, with the total price of a social services and climate protection package estimated at $ 1.75 trillion .

Meanwhile on public health news Moderna Inc. MRNA said children between the ages of 6 and 11 show a strong response to COVID-19 based on data from a phase 2/3 clinical trial that assessed children’s vaccine response.

Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases and chief medical officer to President Joe Biden, said he believes children ages 5 to 11 will be eligible for vaccines in early to mid-November. A United States Food and Drug Administration’s review panel found the benefits of the shots outweigh the risks last week, and an advisory committee will meet on Tuesday to consider the matter. If they vote in favor and the CDC gives final approval by next week, kids could get their shots shortly after, Fauci told ABC News on Sunday.

Which companies are in focus?
  • Shares in Tesla Inc. TSLA, + 9.34%, shot towards another record on Monday after Hertz Global Holdings Inc.
    HTZ announced it will order 100,000 Tesla electric vehicles to offer the largest EV rental fleet in North America. The shares rose 6.8%.

  • Facebook Inc. FB shares, -0.03%, fell 0.3% on Friday ahead of results later on Monday.

  • PayPal stocks PYPL and Pinterest PINS shares came into focus after the payment company announced that it would not have an offer for the social network to share art. PayPal stocks are up 3.7%, Pinterest stocks are down 12%.

  • Kimberly-Clark Corp. KMB shares fell 3.3% after the consumer goods company announced third-quarter earnings that fell short of expectations and lowered its earnings forecast.

  • City group C said Monday that it will incur “significant” fees for the settlement of its Citibank Korea Inc. entity and that it is likely to release further details within the next four business days. Citigroup shares lost 0.7%.

  • Otis Worldwide Corp. OTIS on Monday reported higher-than-expected earnings and revenue for the third quarter, with revenue growth outpacing spending, and raised its outlook for the full year. Otis shares lost 2.6%.

  • Shares in Restaurant Brands International Inc. QSR was in focus after the parent company of restaurant chains Burger King, Popeyes and Tim Hortons beat earnings expectations but was a bit shy on sales as COVID-19 added to supply chain and workforce challenges. Restaurant Brands’ stock fell 4%.

  • Allbirds InC. BIRD,
    ,
    The sustainable lifestyle brand, known for its shoes and sneakers, set the terms for its IPO on Monday and plans to offer 19.2 million shares at a price of $ 12-14 each.

  • Shares in Note Holdings Inc. MARK soared in massive volume on Monday, setting them on track to open heavily after a recent run-up. Remark stocks rose nearly 85%.

How are other assets?
  • The yield on the 10-year government bond TMUBMUSD10Y was slightly lower at around 1.63%. Returns and debt prices are moving in opposite directions.

  • The ICE US Dollar Index DXY, a measure of the currency versus a basket of six major rivals, rose about 0.2%.

  • Oil futures traded higher, with the US benchmark CL00 rising 1% to $ 84.55 a barrel. The GC00 gold futures rose 0.7% to $ 1,809.60 per ounce.

  • The Stoxx Europe 600 SXXP was trading 0.1% higher while the London-based FTSE 100 UKX was up 0.3%.

  • The Shanghai Composite SHCOMP closed 0.8% higher, while the Hang Seng Index HSI in Hong Kong rose 0.02% and the Japanese Nikkei 225 NIK lost 0.7%.

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