US stocks edge higher after weak start in early trade

October 06, 2021 02:50 PM PDT | By Sanjeeb Baruah

Google News:

US stocks edge higher after weak start in early trade — Image source: Copyright © 2021 Kalkine Media Pty Ltd.

Recent News

Kalkine CrowdStrike Among Biggest Companies on NASDAQ by Market Presen...

Kalkine BW LPG Role Amid High Yield Dividend ETF Sector Activity

Kalkine RingCentral Earnings Per Share Reflects Market Shift in Short...

Nasdaq Top 100 Biopharma Companies Including 2seventy Bio by Kalkine

Benchmark US indices closed higher on Wednesday, October 6, as stocks recovered following a weak start to the trading day and bullish sentiments rose after lawmakers sealed a debt-ceiling deal.

The S&P 500 was up 0.41% to 4,363.55. The Dow Jones rose 0.30% to 34,416.99. The NASDAQ Composite rose 0.47% to 14,501.91, and the small-cap Russell 2000 was down 0.60% to 2,214.96.

Investors welcomed a key debt deal between Democratic and Republican lawmakers that prevented a potential government default. But still, rising oil and gas prices that could increase inflationary pressure, weighed on investors’ minds. As a result, retail traders kept away from risky bets.

Utility, technology, and consumer segments were the top performers on the S&P 500. Energy and basic materials sectors trailed. Seven of the 11 index segments stayed in the positive territory.

Acuity Brands, Inc. (AYI) stock surged 11.34% in intraday trading after reporting quarterly results on Wednesday. Its net income was US$98.1 million on revenue of US$992.7 million in Q4 FY21.

Palantir Technologies Inc. (PLTR) stock rose 2.56% after it bagged an US$823 million contract from the US Army. Voyager Therapeutics, Inc. (VYGR) stock jumped over 54% after announcing a US$630 million licensing deal with Pfizer Inc. (PFE).

In the utility sector, NextEra Energy, Inc. (NEE) stock rose 1.62%, Duke Energy Corporation (DUK) stock rose 1.04%, and Dominion Energy, Inc. (D) stock gained 1.29%. American Electric Power Company, Inc. (AEP) and WEC Energy Group, Inc. (WEC) advanced 1.10% and 1.28%, respectively.

In the consumer staples sector, PepsiCo, Inc. (PEP) stock surged 1.90%, Mondelez International, Inc. (MDLZ) rose 1.58%, and The Hershey Company (HSY) stock rose 2.00%. Church & Dwight Company, Inc. (CHD) and The Clorox Company (CLX) ticked up 1.48% and 1.16%, respectively.

In energy stocks, Exxon Mobil Corporation (XOM) declined 1.85%, EOG Resources, Inc. (EOG) fell 1.08%, and Schlumberger N.V. (SLB) fell 1.77%. In addition, Kinder Morgan, Inc. (KMI) and Occidental Petroleum Corporation (OXY) fell 1.12% and 1.91%, respectively.

Also Read: Three hot growth stocks under US$1400 for income investors

Image description: Utility, technology, and consumer stocks were the top performers on S&P 500.

Also Read: Five technology trends defining the US market

Seven of the 11 S&P 500 stock segments stayed in the positive territory.

Also Read: Palantir (PLTR) stocks climb after US$823Mn army contract

Futures & Commodities

Gold futures were up 0.17% to US$1,763.85 per ounce. Silver increased by 0.24% to US$22.663 per ounce, while copper fell 0.43% to US$4.1745.

Brent oil futures decreased by 2.12% to US$80.81 per barrel and WTI crude was down 2.42% to US$77.02.

Bond Market

The 30-year Treasury bond yields was down 0.73% to 2.085, while the 10-year bond yields fell 0.22% to 1.528.

US Dollar Futures Index increased by 0.47% to US$94.222.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.