US Market scales new record on earnings boost

The US stocks continued upward journey on Tuesday, 02 November 2021, with the major averages-the S&P 500, Dow, and Nasdaq reaching new record closing highs, thanks to another batch of upbeat earnings news. However, market gains capped, as investors were reluctant to make more significant moves ahead of the Fed announcement.

At the close of trade, the Dow Jones Industrial Average index advanced 138.79 points, or 0.39%, to 36,052.63. The S&P500 index added 16.98 points, or 0.37%, to 4,630.65. The tech-heavy Nasdaq Composite Index rose 53.69 points, or 0.34%, to 15,649.60.

Total volume turnover on U.S. exchanges stood at 9.41 billion shares, down from yesterday's 9.51 billion shares. Declining stocks outnumbered advancing ones on the NYSE exchange by 1527 to 1814 and 158 closed unchanged. In the NASDAQ, 2316 issues advanced, 2246 issues declined, and 228 issues unchanged.

Total 9 of 11 S&P500 sectors ended higher, with materials (up 1.1%) was top gaining sector, followed by real estate (up 0.94%), information technology (up 0.82%), and healthcare (up 0.63%), while energy (down 1%) was bottom performing issue, followed by consumer discretionary (down 0.62%).

Shares of Under Armour closed sharply higher after athletic apparel maker reported better than expected third quarter earnings and raising its full-year outlook. Net income for the three-month period ended September 2021 rose to $113.4 million, compared with $38.9 million, a year earlier. Revenue rose 8% to $1.55 billion from $1.43 billion a year earlier.

Shares of Pfizer surged after the drugmaker reported better than expected third quarter results and raised its full-year guidance. Soaring international sales of the preventive shots helped pushed total COVID-19 vaccine Comirnaty revenue close to $13 billion in the quarter. The drugmaker now expects to book about $36 billion in sales from the vaccine in 2021, up from a second-quarter forecast for $33.5 billion. Overall, Pfizer earned $8.15 billion in the third quarter. The company's total revenue more than doubled to $24.09 billion.

Shares of DuPont advanced after chemical maker reported better than expected third quarter results and announcing an agreement to acquire materials technology company Rogers Corp for $5.2 billion in cash.

Among Indian ADR, Vedanta added 1.83% to $16.17, Wipro added 0.89% to $9.05, WNS Holdings added 0.59% to $90.24, and INFOSYS added 0.85% to $22.66, Tata Motors fell 5.25% to $31.77, ICICI Bank shed 0.47% to $21.18, HDFC Bank shed 1.08% to $72.06, and Dr Reddys Labs sank 0.28% to $63.38.

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