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Benchmark US indices closed in the red on Tuesday, Nov 9, after strong rallies in recent days, dragged down by new economic data that confirmed inflation remained worryingly high.
The S&P 500 was down 0.35% to 4,685.25. The Dow Jones fell 0.31% to 36,319.98. The NASDAQ Composite fell 0.60% to 15,886.54, and the small-cap Russell 2000 was down 0.69% to 2,425.91.
The producer price index (PPI) surged 0.6% in October following an increase of 0.5% in the prior month, the Labor Department said on Tuesday. The index soared 8.6% in one year through October. The PPI spike indicated the economy continues to face inflationary pressures.
Traders will now eagerly wait for the consumer price index (CPI) data due on Wednesday. It is expected to shed light on how supply chain disruptions might have affected the prices of goods.
Consumer staples and utility stocks were the top gainers on the S&P 500 index. Consumer discretionary and financial stocks retreated. Five of the index’s 11 segments stayed in the green.
Stocks of General Electric Company (GE) rose 2.66% in intraday trading after the conglomerate announced to split into three public companies representing aviation, healthcare, and power sectors.
Global Market retreats record highs
The BioNTech SE (BNTX) stock tumbled 5.14% despite strong quarterly results, topping analysts' expectations. Its total revenue was €6.08 billion (US$7.05 billion) in Q3, FY21.
Palantir Technologies Inc. (PLTR) stock declined 8.92% after reporting third-quarter results. Its total revenue jumped 36% YoY to US$392 million. The net loss was US$102.13 million. The company now expects its full-year 2021 revenue to grow by 40% YoY to US$1.527 billion.
In the utility sector, Exelon Corporation (EXC) stock increased by 1.52%, Xcel Energy Inc. (XEL) rose 1.05%, and Eversource Energy (ES) gained 1.11%. Edison International (EIX) and Entergy Corporation (ETR) ticked up 1.25% and 1.02%, respectively.
In consumer discretionary stocks, Amazon.com, Inc. (AMZN) jumped 2.66%, Tesla, Inc. (TSLA) plummeted by 10.18%, and General Motors Company (GM) fell 1.88%. Marriott International (MAR) and Hilton Worldwide Holdings Inc. (HLT) tumbled 3.38% and 2.47%, respectively.
In the financial sector, Berkshire Hathaway Inc. (BRK-B) declined 1.05%, JP Morgan Chase & Co. (JPM) sank 1.32%, and Bank of America Corporation (BAC) plunged 1.78%. Wells Fargo & Company (WFC) and Morgan Stanley (MS) plummeted 2.85% and 1.51%, respectively.
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Futures & Commodities
Gold futures were up 0.35% to US$1,834.35 per ounce. Silver decreased by 0.65% to US$24.383 per ounce, while copper fell 0.58% to US$4.3735.
Brent oil futures increased by 1.79% to US$84.92 per barrel and WTI crude was up 3.00% to US$84.39.
Bond Market
The 30-year Treasury bond yields was down 3.33% to 1.825, while the 10-year bond yields fell 3.63% to 1.443.
US Dollar Futures Index decreased by 0.08% to US$93.963.
