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U. S. stocks continue to rise despite the below-expected economic data concerning the housing sector, one of the most important economic sectors in the United States. Stocks’ surge is mainly due to the positive earnings reports posted by several companies including Netflix as the latest announced earnings posted on Tuesday.
Economic Data
Housing Starts Index in the US declined by 1.6% on a monthly basis in September after rising by 1.2% in August, the data published jointly by the US Census Bureau and the US Department of Housing and Urban Development revealed on Tuesday. The Building Permits, which rose by 5.6% in August, plunged by 7.7% in the same period.
Other Developments
Posts on companies’ earnings remained of the most powerful impact on the price movement of assets traded in financial markets, which led to a significant improvement in risk appetite across global financial markets.
New earnings reports are expected after closing the trading session on Wednesday. Netflix, and Procter and Gamble exceeded market expectations and registered $3.19 vs $2.56 and $1.61 vs. $1.59 by per share, respectively.
Johnson & Johnson announced that sales of its coronavirus vaccine recorded about 500 million doses in the third quarter of 2021 as part of its quarterly earnings report released Tuesday. The giant pharmaceutical company added that its profits rose in the same period to $2.60 per share, compared to expectations that indicated $2.35 per share.
The most important news headlines in the U. S. session are as follows:
Q3 Earnings surge, signaling significant market improvement
Were semiconductor stocks earnings impacted by supply complications?
Treasury yields struck highest level since June
Research Paper: Biden’s stimulus plan fuels inflation
Fed official: Inflation lasting longer than expected
Wall Street surges as earnings stir risk appetite
Crude oil higher after data driven pressure
NYSE: First Bitcoin Futures ETF rises 2%
Lane: Markets haven’t fully absorbed forward guidance
