- Brian Turner
- 16 Nov, 2022
- New York City
Industrial output declined 0.1% in October from the downwardly revised 0.1% increase in September, the Federal Reserve reported Wednesday.
Capacity utilization rate increased by 0.2 percentage points to 79.9%. a rate that is 0.3 percentage point above its 50-year long-run average.
In October, the index for mining eased 0.4%, and the index for utilities decreased 1.5%.
Total industrial production in October was 3.3% higher than a year ago.
- Barry Adams
- 16 Nov, 2022
- New York City
Stocks on Wall Street headed lower after Target issued gloomy holiday sales outlook and investors digested latest retail sales and industrial output data.
Retail sector stocks were on the decline after Target Corp reported a sharp fall in its latest quarterly earnings but showed a marked improvement in its bloated inventories.
But what ailed the market was the gloomy outlook for the holiday period as the retailer said consumers are sticking to the basics and avoiding full-price items and discretionary purchases.
The S&P 500 index fell 0.5% to 3,971.78 and the Nasdaq Composite index dropped 1.4% to 11,199.00.
Crude oil fell $2.30 to $84.55 a barrel and natural gas futures declined 23 cents to $5.81 a thermal unit.
The yield on 2-yearTreasury notes increased to 4.37%, 10-year Treasury notes declined to 3.87% and 30-year bonds dropped to 3.92%.
Resilient Consumers Support Retail Sales
Retail sales rose in October driven by higher auto and gasoline sales but the weakness in electronics and appliance sales persisted, the U.S. Census Bureau reported Wednesday.
Retail sales, unadjusted for inflation, rose 1.3% in October from September and 8.3% from a year ago, on a rebound in auto and gasoline sales.
Auto dealers sales increased 1.3% from September and 5.2% from a year ago after supply chain problems eased and gasoline stations sales rose 4.1% and 17.8% respectively.
Department stores and electronics and appliance were the only two categories where sales declined from the month and a year ago.
Electronics and appliances sales in October declined 0.3% from September and plunged 12.1% from a year ago.
Department store sales declined 2.1% from September and dropped 1.6% from a year ago.
Food services and drinking places sales increased 1.6% from September and 14.1% from a year ago.
Industrial Output Declined
Industrial output declined 0.1% in October from the downwardly revised 0.1% increase in September.
Capacity utilization rate increased by 0.2 percentage points to 79.9%, the Federal Reserve reported Wednesday.
Total industrial production in October was 3.3% higher than a year ago.
U.S. Movers
Advance Auto Parts plunged 16.3% to $153.77 after the retailer reported mixed quarterly results and reiterated weak annual outlook.
Carnival Corp dropped 12.9% to $9.71 after the cruise operators said it plans to offer $1 billion of convertible debt as part of its debt refinancing plan.
Lowe's Companies soared 5.5% to $220.18 and the home improvement retailer lifted its full-year earnings outlook and said U.S. comparable sales rose 3%.
Target stock plunged 13.4% to $154.79 after the retailer said third quarter earnings fell, lowered its fourth quarter outlook and estimated weak holiday sales.
- 16 Nov, 2022
- 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
- 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.
- 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
- 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%.
- 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.