US stocks close flat ahead of big retail earnings

3 min read | November 16, 2021 08:54 AM AEDT | By Versha Jain

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US stocks close flat ahead of big retail earnings — Image source: Copyright © 2021 Kalkine Media Pty Ltd.

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Benchmark US indices closed flat on Monday, Nov 15, ahead of big retail earnings this week and a positive global economic outlook increasing the bullish influence on the market.

The S&P 500 closed flat at 4,682.80. The Dow Jones fell 0.04% to 36,087.45. The NASDAQ Composite fell 0.04% to 15,853.85, and the small-cap Russell 2000 was down 0.61% to 2,397.10.

Investors were upbeat despite high inflation. Also, the 30-year and the 10-year Treasury bond yields surged more than 2.6%, creating unease for some growth stock investors.

Overall, the market remained optimistic ahead of the big retail earnings. Walmart (WMT), Target (TGT), Home Depot (HD), and Macy’s (M) are expected to report their quarterly results this week.

Besides, positive economic data from China raised hopes of a global economic revival. China’s industrial output and retail sales rose more than analysts’ expectations in October.

Global Stocks were up marginally on Monday

Energy, utilities, and consumer staple stocks were the top gainers on the S&P 500. Basic materials, healthcare, and technology stocks retreated. Eight of the index’s 11 segments stayed in the green.

Shares of Boeing Company (BA) surged around 5% in intraday trading, reacting to new orders from DHL and Emirates for converted freighters.

Tyson Foods, Inc. (NYSE:TSN) stock jumped around 3.77% after declaring its fourth-quarter and fiscal 2021 results. Its GAAP EPS rose 48% in the fiscal year.

Creative Realities, Inc. (CREX) stock jumped about 100% after announcing a definitive merger deal with Reflect Systems, Inc. The combined entity will continue trading with the ticker CREX.

Tesla, Inc. (TSLA) stock slipped again around 1% in intraday trading, extending last week’s slide, after a Twitter spat with US senator Bernie Sanders over the weekend.

In the energy sector, Exxon Mobile Corporation (XOM) stock increased 1.14%, Chevron Corporation (CVX) gained 2.24%, and ConocoPhillips (COP) rose 1.20%. Phillips 66 (PSX), and Devon Energy Corporation (DVN) grew 2.32% and 1.93%, respectively.

In the utility sector, Entergy Corporation (ETR) stock grew 2.75%, NRG Energy (NRG) rose 2.56%, and DBA Sempra (SRE) surged 2.05%. Consolidated Edison (ED), and Xcel Energy (XEL) rose 1.80% and 1.56%, respectively.

In the basic material sector, Linde PLP (LIN) stock declined 0.90%, Ecolabs Inc. (ECL) fell 0.13%, and Air Product and Chemicals Inc. (APD) plunged 2.17%. Freeport-McMoRan Inc. (FCX) declined 0.40%, and Dupont De Nemours Inc. (DD) stock was down 2.70%.

Also Read: From Alibaba, Lucid to NetEase: Top stocks to watch out this week

Also Read: Q3 Outlook: Walmart (WMT), Target (TGT) to report modest sales growth

Eight of the S&P 500 index’s 11 segments stayed in the green.

Source: Pixabay

Also Read: 7 rising tech stocks under US$49 – should you consider them?

Futures & Commodities

Gold futures were down 0.13% to US$1,866.05 per ounce. Silver decreased by 0.77% to US$25.152 per ounce, while copper fell 1.06% to US$4.4025.Brent oil futures decreased by 0.17% to US$82.03 per barrel and WTI crude futures were up 0.11% to US$79.78.

Bond Market

The 30-year Treasury bond yields was up 2.69% to 2.013, while the 10-year bond yields up 2.69% to 1.627.

The US Dollar Futures Index increased by 0.45% to US$95.552.

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