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US stocks close lower as yields rise

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4:05pm: US equities close lower as yields rise

US stocks closed lower as US Treasury yields climbed higher and investors awaited quarterly reports from big retailers later in the week.

The 10-year yield crossed over 1.6% and the 30-year ticked above the 2% mark.

On the day, the Dow Jones Industrial Average fell by 13 points, or 0.04%, to 36,087 and the S&P 500 was flat at 4,682.

And the tech-heavy Nasdaq declined 0.02% to 15,853.

12.05 pm: Tesla shares drive the Nasdaq lower

US stocks were mixed in noon trading as both retail sales and industrial production in China unexpectedly climbed in October from a year earlier.

At midday, the Dow rose 12 points to 36,112, while the S&P 500 eased 3 points at 4,680 and the tech-heavy Nasdaq slipped 41 points to 15,820.    

“The surge in core inflation in October marks the start of a run of big gains, thanks to surging used auto prices, rebounding airline fares, and faster increases in housing costs,” Pantheon Macroeconomics chief economist Ian Shepherdson said.  

“We think core inflation will peak at almost 7% in March, which will pose a serious challenge to the Fed’s benign medium-term view. Chair [Jerome] Powell will have to convince markets that the combination of rocketing payrolls and soaring inflation does not threaten the transitory story, to which he appears still to be committed,” Shepherdson added.  

Tesla Inc (NASDAQ:TSLA) shares fell another 4% following a Twitter spat between its CEO Elon Musk and Senator Bernie Sanders, in which Musk suggested he’d be willing to sell even more of his shares.  

Other notable movers included shares of Dollar Tree, which climbed more than 13% following a report Friday that activist investor Mantle Ridge has invested at least $1.8 billion in the discount retailer.

11.53am: Proactive North America headlines:

Kontrol Technologies says BioCloud has successfully detected COVID-19 in four individuals in real time

GameSquare Esports says its GCN subsidiary and the NFL have launched the 2nd annual Madden NFL 22 x HBCU Tournament

LexaGene says Dr Jane Sykes, executive director of Innovation and Entrepreneurship, School of Veterinary Medicine at the University of California, Davis has joined its board

Bragg Gaming Group (TSX:BRAG, NASDAQ:BRAG) appoints former Ontario Lottery and Gaming chairman Paul Godfrey as its interim CEO

BioHarvest Sciences welcomes research, which supports VINIA as capable of improving heart function

ESE Entertainment completes previously announced acquisition of European esports media and technology company, Frenzy

Kintara Therapeutics (NASDAQ:KTRA) boosts cash position in fiscal 1Q to $19.3M as it works on novel cancer therapie

Empress Royalty updates on new developments at a selection of its royalty assets

Canada Silver Cobalt Works kicks off drilling at the Graal-Nourricier-Lac Suzanne property in Quebec

Altiplano Metals extracts 11,624 tonnes of mineralized copper-gold material at Farellon during 3Q

Zynerba Pharmaceuticals (NASDAQ:ZYNE) ends 3Q with $75.6 million in the bank

Harbor Custom Development sees its 3Q sales surge to $18M on land sale, fee build revenue

HempFusion (TSX:CBD.U, OTCQX:CBDHF) Wellness reports year-over-year, triple-digit increase in 3Q revenue

RedHill Biopharma says last patient has been enrolled in Part A of the Phase 2/3 study using RHB-107 for non-hospitalized patients with symptomatic coronavirus

Delta 9 Cannabis sees 3Q net revenue of $15.2M from strong sales of cannabis products through its wholesale and retail channels

Valeo Pharma says Redesca now has public reimbursement coverage in nine Canadian provinces

NEXE Innovations unveils retail distribution for three of its XOMA Superfoods beverages at 78 London Drugs locations in Canada

Levitee Labs (CSE:LVT) announces appointment of Noha ElSayed as its executive director, Levitee Clinics and Levitee Pharmacies, Alberta Region

DGTL Holdings signs new managed service campaign contract with a leading international earphone consumer brand

FPX Nickel drills one of the highest-grading, near surface intervals in the history of the Decar nickel district at the Van target

Karora Resources intersects more high-grade gold at its Beta Hunt mine in Western Australia

Vicinity Motor says new strategic partnerships with Optimal-EV and EAVX build foundation for ‘breakthrough FY 2022’

Milestone Scientific says dental office reopenings and sales and marketing efforts boosted revenue in third quarter

Willow Biosciences closes 3Q with $35.7M in cash while making notable advancements in its operations

Trust Stamp (OTCQX:IDAI, EURONEXT:AIID) establishes subsidiary Metapresence Limited in the Isle of Man for its crypto key vault

Alternus Energy swings to net income in third quarter with revenue growth

Orgenesis (NASDAQ:ORGS) enters collaboration agreement with Tel Aviv Sourasky Medical Center to establish point-of-care cell therapy center

Heritage Cannabis signs commercial agreement with Canopy Growth for the supply of bulk concentrates, including live resin

FansUnite Entertainment says its CEO Scott Burton has been named to the board of the Canadian Gaming Association

Xigem Technologies (CSE:XIGM, OTCQB:XIGMF) set to pursue Big Data market with expanded technology platform

Tocvan Ventures outlines its exploration plans for recently acquired El Picacho gold-silver project in Mexico

Agra Ventures secures recurring revenue stream through subsidiary’s cannabis offtake agreement

American Manganese receives notice of allowance from Canadian Patent Office for its lithium-ion battery recycling technology

Melkior Resources set to define more targets at Val D’Or project as it posts sample results from 2021 drilling

Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) enters agreement to provide its Wallet pass-based venue management solution for Sammy Hagar’s sold-out shows in Las Vegas

9.36am: US benchmarks on front foot Monday

US benchmarks started higher on Monday as investors await a slew of retail sales data this week, which will act as gauge for consumer sentiment.

In early deals in New York, the Dow Jones Industrial Average added around 113 points to stand at 36,213, while the  broader-based S&P 500 gained over 11 points at 4,694.

The technology company weighted Nasdaq advanced over 47 points at 15,908.

Retail sales data from the US, China, UK and Canada is all expected this week and Fawad Razaqzada, Market Analyst at ThinkMarkets, said this will mean seeing how “surging energy prices and global supply chain issues have impacted consumer spending, and what this might mean for the markets”.

“We already know US consumer sentiment hit a 10-year low, according to a University of Michigan’s closely-watched survey that was released at the back end of last week,” he said.

“With sentiment downbeat among consumers, this might be reflected in lower levels of spending in the months. We will get to see the latest retail sales data for the month of October from the US, as well as some of the other largest economies in the world. Meanwhile we will have earnings from top US retailers such as Walmart, Target and Home Depot to provide as an alternative snapshot of the health of the US consumer,” he added.

6.30am: US shares seen starting higher

US stocks are expected to start the new trading week positively on Monday, extending Friday’s rally even though last week overall showed a modest loss, snapping a five-week winning streak.

Futures for the Dow Jones Industrial Average were up 0.3% on Monday, while those for the broader S&P 500 and tech-laden Nasdaq-100 both rose 0.2%.

On Friday the Dow gained 0.6%, the S&P 500 rose 0.4%, and the Nasdaq Composite added 0.2%.

Worries over rising inflation and when the Federal Reserve might start to hike interest rates have weighed on markets recently, though major indexes are still close to record highs.

Corporate earnings will be back in focus again, with Tyson Foods (NYSE:TSN), WeWork and Warner Music Group among companies set to report quarterly results before the opening bell on Monday. Companies that have reported earnings so far this season have broadly beaten analysts’ expectations.

In pre-market trading, Dollar Tree was higher after The Wall Street Journal reported Friday that activist investor Mantle Ridge has a stake of at least $1.8 billion in the discount retailer and plans to push it to act to boost its share price.

Higher inflation has also suppressed the returns on government bonds recently, with the yield on the benchmark 10-year Treasury note slipping to 1.546% from 1.583%. 

Story by ProactiveInvestors


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