Midday Report: US Stocks Climb With Yields After Surprise Retail Sales Gain; Bitcoin Tops $60,000

Last Updated: Friday, October 15, 2021 2:32 PM | MT Newswires

US stocks rose Friday alongside bond yields following the unexpected increase in September retail sales.

The Dow Jones Industrial Average advanced 0.8% to 35,203.72, with S&P 500 higher by 0.6% and Nasdaq up by 0.4%.

Financials, industrials and consumer discretionary shares led the way, with staples, utilities and communication services the only sectors in the red after midday.

The 10-year US Treasury yield jumped 5 basis points to 1.57%.

US retail sales rose 0.7% in September compared after an upwardly revised increase of 0.9% in August, compared with a 0.2% decline expected in a Bloomberg survey.

The University of Michigan's consumer sentiment index fell to 71.4 in a preliminary October reading from 72.8 in September. A Bloomberg survey of forecasters estimated an increase to 73.1.

In company news, Goldman Sachs (GS) third-quarter results topped expectations amid a surge in investment banking revenue as merger and acquisition volume and capital market activity picked up. Shares were up 2.2% intraday.

J.B. Hunt Transport Services (JBHT) reported strong third-quarter results, with double-digit revenue gains beating expectations even as supply-chain constraints curbed volumes in the company's biggest unit. Shares surged 9.3% intraday, the most in the S&P 500.

Moderna (MRNA) said late Thursday the vaccines and related biological products advisory committee of the US Food and Drug Administration recommended that the FDA grant an emergency use authorization for a booster dose of Moderna's COVID-19 vaccine. Meanwhile, Dow Jones reported Friday the FDA has delayed authorizing Moderna's vaccine for adolescents. Shares fell 1.7%.

Bitcoin rose to a fresh six-month high above the $60,000 mark amid speculation the US Securities and Exchange Commission will not object to the ProShares Bitcoin Strategy ETF, which is expected to start trading early next week.

West Texas Intermediate crude oil climbed 1.1% to $82.18 a barrel, near a seven-year high.

A weaker US dollar may be spurring energy prices, alongside signals from Saudi Arabia that the Organization of Petroleum Exporting Countries and allied producers led by Russia are unlikely to boost output to offset the increase in demand spurred by the recent surge in natural gas prices, said Jeffrey Halley, senior market analyst for Asia Pacific at the foreign exchange firm OANDA.

In the metals markets, gold was down 1.7% to $1,768.20 per troy ounce while silver fell 0.5% to $23.36 an ounce. Copper rose 2.2% to $4.73 per pound.

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