Stocks plunge by noon Tuesday
Tuesday, November 16, 2021 12:35 PM

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In New York, stocks tumbled Tuesday morning, with the Dow sliding more than 200 points at some points, and all three major indexes down nearly 2%, as investors cast a worried eye at economic developments in Europe and China.

The Dow Jones Industrials jettisoned 190.92 points, or 1.7%, by midday to 11,011, with Alcoa and Travelers Companies leading the blue-chip index's decline.

The S&P 500 gave back 19.07 to 1,178.68. The tech-rich Nasdaq Composite Index surrendered 42.88 points to 2,470.94.

Traders on Wall Street have been holding back on buying recently as they await more clarity on the economic outlook for the United States, Europe and China.

As a result, investors have been taking their cues from daily economic indicators, and have been keeping a close eye on debt auctions in fiscally challenged counties such as Ireland.

Exxon Mobil fell more than 2% Tuesday and was among the biggest losers in the Dow. Southwest Energy Co., Anadarko Petroleum, Massey Energy Company, Peabody Energy, NRG Energy Inc. and Jacobs Energy Group all shed about 3%, while Consol Energy dropped more than 5%. They were among the biggest laggards on the S&P 500.

Meanwhile, retail stocks moved higher after major players posted healthy profits and strong forecasts for the fourth quarter, which includes the all-important holiday shopping period, with Wal-Mart, Home Depot and Urban Outfitters leading the advance.

Wal-Mart, the world's largest retailer, reported earnings per share of 95 cents U.S. Excluding charges, Wal-Mart met forecasts. But the retailer missed on sales, reporting net sales of $101.2 billion U.S. versus forecasts of $102.3 billion U.S. Wal-Mart also hiked its outlook for the year. Shares rose about 1%.

Home Depot reported third-quarter earnings of 51 cents U.S. per share, topping forecasts by three cents. But the home improvement company lowered its full-year sales outlook. Shares of Home Depot jumped nearly 2%.

General Motors announced an increase in the target price and size of its initial public offering. The target share price for common stock moved to $32 to $33 U.S. from its previous estimate of between $26 and $29 U.S. per share. As a result, the total size of GM's IPO is now expected to be close to $16 billion U.S.

Clothing retailer Abercrombie & Fitch announced third-quarter earnings per share of 56 cents, topping analyst expectations by five cents U.S. per share. Shares were down 1.6%.

Economically speaking, a government report on the latest Producer Price Index was delivered before the bell. The report is considered an important reading on the price of goods at the wholesale level. A report on industrial production is also expected Tuesday.

Producer prices rose 0.4% in October, matching the growth rate for the previous two months, but falling short of analyst expectations. The measure had been forecast to have risen 0.8% for October, according to a consensus of economists surveyed by Briefing.com.

Excluding energy prices, the so-called core PPI decreased by 0.6%. It had been expected to be flat at 0.1%.

Economists expect industrial production rose 0.3% in October, after a 0.2% decline in output the month before, according to the consensus estimate from Briefing.com.

The price on the benchmark 10-year U.S. Treasury sagged again, pushing the yield up to 2.94% from 2.91% late Monday. Treasury prices and yields move in opposite directions.

Oil was off $2.41 a barrel in price to $82.45 U.S. The price of an ounce of gold fell $36.03 to $1,333.68 U.S.

(Source: )
(Source: Quotemedia)
 

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