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Stock market today November 1, 2021

Stock market today

The US stock market today closed higher, which was the first trading session of November 2021. The small-cap stocks outperformed, and S&P 500 underperformed. The closing numbers for the US stock market today follow:

S&P 500: 4,613.67,+8.29(+0.18%)
Dow 30: 35,913.84,+94.28(+0.26%)
Nasdaq: 15,595.92,+97.53(+0.63%)
Russell 2000: 2,358.12,+60.93(+2.65%)

Stock market news

“Stocks touched records on Monday, with equities looking to build on gains after the S&P 500’s best month since November 2020.

The S&P 500, Dow and Nasdaq each set record intraday and closing levels. Investors headed into November trading with momentum from a record-setting October, when the S&P 500 logged its best monthly gain in nearly a year, powered higher by a combination of estimates-topping corporate profit results. And according to data from LPL Financial, November has marked the best month of the year for stocks over the past 10 years and since 1950.

Fresh catalysts for the markets are due out later this week. Investors in the coming days will be eyeing a slew of new quarterly earnings results for companies from Clorox (CLX) to CVS Health Corp. (CVS), Lyft (LYFT) and Square (SQ), on the back of what has been an already historically strong earnings season.

As of Friday, just over half of all S&P 500 companies had reported actual third-quarter earnings results, and 82% of these topped consensus estimates on profit results, according to data from FactSet. The expected earnings growth rate for the index is more than 36%, which, if maintained, would mark the third-highest profit growth rate for the index since 2010.

Though some of the heavily weighted index components from last week had disappointed against consensus estimates — with both Amazon and Apple shares dropping after posting weaker-than-expected results and guidance — other stronger results helped offset these misses, with names including Alphabet and Microsoft rallying to record levels on the heels of their respective reports.

This week will also include key economic data reports including the October jobs report on Friday, which is expected to show a pick-up in job creation compared to the disappointing pace of hiring shown in each of August and September.

Meanwhile, the Federal Open Market Committee will convene for its next monetary policy-setting meeting. on Tuesday and Wednesday, then release its policy statement and hold a press conference with Federal Reserve Chair Jerome Powell. This meeting is expected to set the stage for an announcement of tapering of the Fed’s crisis-era asset purchase program, which is currently taking place at rate of $120 billion per month in purchases of agency mortgage-backed securities and Treasuries. Amid the improving data tracking the economic recovery, the Fed previously signaled that a tapering announcement would come before year-end, and that the tapering process would continue until the middle of next year.”

Stock market data: Yahoo Finance



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