US close: Stocks end session higher following strong retail sales data
Wall Street stocks closed higher on Tuesday as market participants digested last month's all-important retail sales report.
At the close, the Dow Jones Industrial Average was up 0.15% at 36,142.22, while the S&P 50086 was 0.39% firmer at 4,700.90 and the Nasdaq Composite saw out the session 0.76% stronger at 15,973.25.
The Dow closed 54.77 points higher on Tuesday, reversing modest losses recorded in the previous session.
Tuesday's primary focus was October retail sales data, which revealed US retail sales grew at a quicker than expected pace last month, driven by an early start to holiday shopping.
The value of overall retail purchases increased 1.7% month-on-month to $638.2bn in October, following an upwardly revised 0.8% increase in September for the sharpest increase seen in seven months, according to the Commerce Department. Excluding gas and motor vehicles, sales jumped 1.4% in October. Economists were expecting sales to have jumped by 1.5% last month.
In the corporate space, Home Depot posted third-quarter earnings that came in ahead of estimates on the Street, driven by a 9.8% quarterly sales increase, while Walmart also topped estimates after winning back grocery shoppers amid heightened inflation.
Also in focus, US president Joe Biden and Chinese leader Xi Jinping wrapped up their meeting on a much more positive note than originally expected, with it now appearing that there is a willingness on both sides to mend a relationship damaged during the previous White House administration.
Elsewhere on the macro front, industrial production rebounded in October, up 1.6% month-on-month following a 1.3% drop in September, according to the Federal Reserve, with automakers, previously impacted by supply chain problems, saw a strong increase and headwinds stemming from Hurricane Ida faded. In the major industry groups, manufacturing activity rose 1.2%, while mining surged 4.1% and output at the nation's utilities was up 1.2%.
Still on data, business inventories increased 0.7% month-on-month to $2.10trn in September, according to the Census Bureau, down just a touch from August's revised print of 0.8%, while the combined value of distributive trade sales and manufacturers' shipments for September was estimated at $1.66trn, up 0.9%. The total business inventories/sales ratio based on seasonally adjusted data at the end of September was 1.26.
Lastly, the National Association of Housebuilders' housing market index came in at 83 in November, ahead of both consensus estimates and last month's print of 80, with a solid market for home building continuing in November despite ongoing supply-side challenges as a lack of resale inventory combined with strong consumer demand to boost single-family homebuilding.
After closing at 1.584% on Monday, the yield on the benchmark 10-year Treasury note ticked up to 1.641% at the close on Tuesday.
Dow Jones - Risers
Home Depot Inc. (HD) $392.44 5.76%
Nike Inc. (NKE) $171.82 1.76%
Visa Inc. (V) $215.18 1.36%
Microsoft Corp. (MSFT) $339.51 1.02%
Apple Inc. (AAPL) $151.00 0.67%
Travelers Company Inc. (TRV) $159.00 0.59%
Intel Corp. (INTC) $50.61 0.58%
Salesforce.Com Inc. (CRM) $307.20 0.56%
Merck & Co. Inc. (MRK) $84.11 0.45%
Chevron Corp. (CVX) $117.28 0.39%
Dow Jones - Fallers
Boeing Co. (BA) $225.80 -3.13%
Walmart Inc. (WMT) $143.17 -2.55%
Dow Chemical Co. (DOW) $58.95 -1.62%
Walgreens Boots Alliance, Inc. (WBA) $48.56 -1.34%
American Express Co. (AXP) $180.92 -1.21%
Caterpillar Inc. (CAT) $205.52 -1.05%
Amgen Inc. (AMGN) $205.39 -0.97%
Coca-Cola Co. (KO) $56.19 -0.75%
JP Morgan Chase & Co. (JPM) $165.36 -0.72%
Verizon Communications Inc. (VZ) $52.05 -0.67%
S&P 500 - Risers
QUALCOMM Inc. (QCOM) $181.81 7.89%
IQVIA Holdings Inc. (IQV) $268.27 6.53%
Home Depot Inc. (HD) $392.44 5.76%
FMC Technologies Inc. (FTI) $7.25 5.38%
Lowe's Companies Inc. (LOW) $244.78 4.20%
Advanced Micro Devices Inc. (AMD) $152.45 4.07%
Macy's Inc. (M) $32.29 3.99%
Equifax Inc. (EFX) $291.38 3.19%
Intuit Inc. (INTU) $645.70 3.12%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $413.82 3.01%
S&P 500 - Fallers
Norwegian Cruise Line Holdings Ltd (NCLH) $23.64 -7.33%
Activision Blizzard Inc. (ATVI) $66.05 -6.22%
DaVita Inc (DVA) $101.52 -4.65%
Biogen Inc (BIIB) $261.52 -3.79%
Jefferies Financial Group Inc. (JEF) $41.37 -3.56%
Alaska Air Group Inc. (ALK) $53.89 -3.20%
Carnival Corp. (CCL) $21.59 -3.18%
Delta Airlines Inc. (DAL) $41.05 -3.14%
Boeing Co. (BA) $225.80 -3.13%
Southwest Airlines Co. (LUV) $47.61 -3.09%
Nasdaq 100 - Risers
QUALCOMM Inc. (QCOM) $181.81 7.89%
Vodafone Group Plc ADS (VOD) $16.09 4.62%
Tesla Inc (TSLA) $1,054.83 4.09%
Intuit Inc. (INTU) $645.70 3.12%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $413.82 3.01%
Dollar Tree Inc (DLTR) $132.64 2.64%
Cadence Design Systems Inc. (CDNS) $186.92 2.51%
KLA-Tencor Corp. (KLAC) $423.19 2.45%
Idexx Laboratories Inc. (IDXX) $633.23 2.31%
eBay Inc. (EBAY) $75.89 2.26%
Nasdaq 100 - Fallers
Activision Blizzard Inc. (ATVI) $66.05 -6.22%
Mercadolibre Inc. (MELI) $1,543.05 -5.52%
Biogen Inc (BIIB) $261.52 -3.79%
Trip.com Group Limited (TCOM) $29.96 -2.95%
Qurate Retail Inc. (QRTEA) $8.63 -2.71%
American Airlines Group (AAL) $19.83 -2.41%
Seagate Technology Plc (STX) $103.68 -1.87%
Kraft Heinz Co. (KHC) $37.04 -1.54%
Walgreens Boots Alliance, Inc. (WBA) $48.56 -1.34%
Meta Platforms Inc. (FB) $342.96 -1.32%