US open: Major indices reclaim some of yesterday's heavy losses
By Iain Gilbert
Date: Monday 18 Oct 2021
(Sharecast News) - Wall Street stocks were in the green at the opening bell on Tuesday after yesterday's heavy sell-off.
As of 1520 BST, the Dow Jones Industrial Average was up 0.57% at 34,164.38, while the S&P 500 and Nasdaq Composite both came out the gate 0.34% stronger at 4,372.67 and 14,764.45, respectively.
The Dow opened 193.91 points higher on Tuesday, recovering some of the sharp losses recorded in the previous session.
Stocks traded higher early on Tuesday after Asian markets remained stable overnight, boosting sentiment Stateside following fears that a liquidity crisis at Chinese real estate giant Evergrande could potentially lead to a global contagion, with the firm teetering on the brink of default as it is due to pay $83.0m in interest on Thursday.
Also in focus, the Federal Reserve will kick off its two-day policy meeting today, with market participants looking for further information from chairman Jerome Powell regarding the central bank's intentions to taper its bond-buying programme, while traders were also still concerned about the deadline to raise the US debt ceiling and possible tax increases, with Congress returning to Washington from recess in order to likely rush the passing of funding bills as part of an effort to avoid a government shutdown.
On the macro front, US housing starts were up 3.9% in August to a seasonally adjusted annual rate of 1.61m units, according to the Census Bureau, bouncing back from a downwardly revised 6.2% drop in July and beating market expectations for a print of 1.55m, while building permits were up 6% month-on-month at 1.72m, ahead of forecasts for a reading of 1.60m.
In the corporate space, Autozone posted fourth-quarter same-store sales that came in 4.3% higher year-on-year, while Apogee swung to a loss in the second-quarter of its trading year despite posting improved sales for the period.
Uber shares were also trading higher after the ride-hailing giant raised its third-quarter outlook.
FedEx and Adobe will report after the close.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN