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HomeStock market todayStock market today November 16, 2021

Stock market today November 16, 2021

Stock market today

How did the US stock market close today? Tech stocks outperformed.

S&P 500: 4,700.95,+18.15(+0.39%)
Dow 30: 36,142.22,+54.77(+0.15%)
Nasdaq: 15,973.86,+120.01(+0.76%)
Russell 2000: 2,404.81,+3.87(+0.16%)

Stock market news

“Stocks gained on Tuesday, with traders digesting key new economic data on the state of the consumer after a couple of major retailers topped quarterly earnings results.

New monthly retail sales data from the Commerce Department showed better-than-expected consumer spending trends heading into the holiday season. The total value of U.S. retail sales rose by 1.7% in October compared to September, topping expectations for a 1.4% rise, according to Bloomberg consensus data. The print was closely watched as an indicator of overall economic strength, given consumption comprises about two-thirds of U.S. economic activity.

Earnings results from retail juggernaut Walmart (WMT) further underscored solid shopping trends among American consumers. The company’s closely watched U.S. comparable same-store sales grew 9.2% over last year in the third quarter, and by 15.6% compared to the same period in 2019, to exceed estimates for growth of 7%, according to Bloomberg consensus data. E-commerce sales also held up and grew by a better-than-expected 8%, compared to the 1.9% rise expected, even as more consumers returned to in-person shopping.

Home Depot (HD), meanwhile, also posted better-than-expected sales and earnings results as the company continued to see “elevated home improvement demand,” CEO Craig Menear said in Home Depot’s earnings statement. Comparable sales grew 6.1% compared to the 1.5% rise anticipated.

These reports came at the tail end of what has already been an exceptionally strong earnings season. As of Friday, 92% of S&P 500 companies had reported actual results, and of these, 81% of them had reported better-than-expected earnings results, according to FactSet.

The slew of better-than-expected corporate profits, coupled with still-accommodative monetary policy support, have helped power stocks to record highs throughout the year, and pushed the S&P 500 up by nearly 25% so far in 2021. These factors have also helped investors continue to push through concerns over persistently elevated inflation — though the stickiness of these rising prices remains a closely watched risk for investors.”

Stock market data: Yahoo Finance

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