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Wall Street closed higher on Wednesday after a sharp rally in the previous day. The follow up buying came after the release of favorable economic data. Strong earnings results also boosted investors’ confidence on risky assets like equities. All three major stock indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) advanced 0.5% or 163.51 points to close at 34,991.21. Notably, 23 components of the 30-stock index ended in positive territory, while seven ended in negative zone.
The tech-heavy Nasdaq Composite finished at 14,103.84, rising 0.1% due to strong performance of large-cap technology stocks. The major gainer of the tech-laden index was JD.com Inc. (JD - Free Report) . The stock price of the internet-retailer climbed 7%. JD.com currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The S&P 500 gained 0.2% to finish at 4,502.88. The broad-market index closed above the crucial technical barrier of 4,500 for the firs time since Sep 1. Nine out of 11 broad sectors of the benchmark ended in positive territory while two in negative zone. The Financials Select Sector SPDR (XLF), the Communication Services Select Sector SPDR (XLC), and the Consumer Staples Select Sector SPDR (XLP) gained 0.6%, 0.5% and 0.8%, respectively.
The fear-gauge CBOE Volatility Index (VIX) was up 0.1% to 14.18. A total of 11.67 billion shares were traded on Wednesday, higher than the last 20-session average of 11.15 billion. Advancers outnumbered decliners on the NYSE by a 1.36-to-1 ratio. On Nasdaq, a 1.32-to-1 ratio favored advancing issues.
Favorable Economic Data
The Department of Labor reported that the producer price index (PPI) for October fell 0.5%, marking its largest monthly decline since April 2020. The consensus estimate was for an increase of 0.1%. The metric for September was revised downward to 0.4% from 0.5% reported earlier. Year over year, PPI increased 1.3% in October.
The core PPI (excluding the volatile food, energy and travel items) rose 0.1% in October. The metric for September was revised upward to 0.2% from 0.1% reported earlier. Year over year, core PPI moved up 2.9% in October.
The Department of Commerce reported that retail sales in October fell 0.1%, narrower-than-the consensus estimate of a decline of 0.2%. The metric for September was revised upward to a gain of 0.9% from 0.7% reported earlier. Year over year, retail sales increased 2.5% in October.
The core retail sales (excluding auto) however increased 0.1% in October, higher than the consensus estimate of a breakeven. The metric for September was revised upward to 0.8% from 0.6% reported earlier.
For the week ended Nov 3, U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.6 million barrels from the previous week. The metric for the week ended oct 27, was for an increase of 0.8 million barrels.
Strong Q3 Earnings Results
Target Corp. (TGT - Free Report) reported third-quarter fiscal 2023 adjusted earnings of $2.10 per share, which surpassed the Zacks Consensus Estimate of $1.48. The big-box retailer generated total revenues of $25,398 million, which outpaced the Zacks Consensus Estimate of $25,242 million. Consequently, the stock price of Target soared 17.8%, reflecting its biggest one-day percentage gain since August 2019.
Catalent Inc. (CTLT - Free Report) reported first-quarter fiscal 2024 adjusted loss per share of $0.10, narrower-than-the Zacks Consensus Estimate of a loss per share of $0.13. Total revenues of $982 million surpassed the Zacks Consensus Estimate of $933.2 million. Consequently, the stock price of Catalent jumped 11.3%.
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Stock Market News for Nov 16, 2023
Wall Street closed higher on Wednesday after a sharp rally in the previous day. The follow up buying came after the release of favorable economic data. Strong earnings results also boosted investors’ confidence on risky assets like equities. All three major stock indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) advanced 0.5% or 163.51 points to close at 34,991.21. Notably, 23 components of the 30-stock index ended in positive territory, while seven ended in negative zone.
The tech-heavy Nasdaq Composite finished at 14,103.84, rising 0.1% due to strong performance of large-cap technology stocks. The major gainer of the tech-laden index was JD.com Inc. (JD - Free Report) . The stock price of the internet-retailer climbed 7%. JD.com currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The S&P 500 gained 0.2% to finish at 4,502.88. The broad-market index closed above the crucial technical barrier of 4,500 for the firs time since Sep 1. Nine out of 11 broad sectors of the benchmark ended in positive territory while two in negative zone. The Financials Select Sector SPDR (XLF), the Communication Services Select Sector SPDR (XLC), and the Consumer Staples Select Sector SPDR (XLP) gained 0.6%, 0.5% and 0.8%, respectively.
The fear-gauge CBOE Volatility Index (VIX) was up 0.1% to 14.18. A total of 11.67 billion shares were traded on Wednesday, higher than the last 20-session average of 11.15 billion. Advancers outnumbered decliners on the NYSE by a 1.36-to-1 ratio. On Nasdaq, a 1.32-to-1 ratio favored advancing issues.
Favorable Economic Data
The Department of Labor reported that the producer price index (PPI) for October fell 0.5%, marking its largest monthly decline since April 2020. The consensus estimate was for an increase of 0.1%. The metric for September was revised downward to 0.4% from 0.5% reported earlier. Year over year, PPI increased 1.3% in October.
The core PPI (excluding the volatile food, energy and travel items) rose 0.1% in October. The metric for September was revised upward to 0.2% from 0.1% reported earlier. Year over year, core PPI moved up 2.9% in October.
The Department of Commerce reported that retail sales in October fell 0.1%, narrower-than-the consensus estimate of a decline of 0.2%. The metric for September was revised upward to a gain of 0.9% from 0.7% reported earlier. Year over year, retail sales increased 2.5% in October.
The core retail sales (excluding auto) however increased 0.1% in October, higher than the consensus estimate of a breakeven. The metric for September was revised upward to 0.8% from 0.6% reported earlier.
For the week ended Nov 3, U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.6 million barrels from the previous week. The metric for the week ended oct 27, was for an increase of 0.8 million barrels.
Strong Q3 Earnings Results
Target Corp. (TGT - Free Report) reported third-quarter fiscal 2023 adjusted earnings of $2.10 per share, which surpassed the Zacks Consensus Estimate of $1.48. The big-box retailer generated total revenues of $25,398 million, which outpaced the Zacks Consensus Estimate of $25,242 million. Consequently, the stock price of Target soared 17.8%, reflecting its biggest one-day percentage gain since August 2019.
Catalent Inc. (CTLT - Free Report) reported first-quarter fiscal 2024 adjusted loss per share of $0.10, narrower-than-the Zacks Consensus Estimate of a loss per share of $0.13. Total revenues of $982 million surpassed the Zacks Consensus Estimate of $933.2 million. Consequently, the stock price of Catalent jumped 11.3%.