Stocks gained on Tuesday on the heels of a strong October retail sales report and better-than-expected third quarter results from giants like Home Depot
Here's how the market settled on Tuesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Goldman Sachs bullish on earnings growth through 2022:
Goldman Sachs
"Profit growth has accounted for the entire S&P 500 return in 2021 and will continue to drive gains in 2022," Kostin wrote in a note to clients, quoted by CNBC. "S&P 500 EPS will grow by 8% to $226 in 2022 and by 4% to $236 in 2023. Our EPS estimates is 2% above 2022 bottom-up consensus. Companies have consistently expanded profit margins despite input cost pressures and supply chain challenges."
Import prices soar higher in October:
The cost of imports rose by a greater-than-expected margin in October over September, according to the Commerce Department's report published Tuesday, signalling that inflationary pressures are still impacting economic recovery.
Import prices rose 1.2% on a monthly basis in October, soaring well above the 0.4% rise posted in September and coming above the 1.0% increase expected by consensus economists.
Retail sales jumped higher in October, third straight month of gains:
U.S. retail sales came in higher than expected in October, rising for a third straight month, as the U.S. consumer continues to spend strongly ahead of the holiday season despite the rising cost of goods.
Retail sales rose by 1.7% month-over-month in October, according to the Commerce Department's report published Tuesday, topping consensus economists estimates for growth of 1.4% and September's upwardly revised print of 0.8%.
Driving the monthly boost, e-commerce sales saw a 4.0% increase, while gasoline station sales climbed 3.9% higher and electronics and appliance stores posted a gain of 3.8%. However, some categories associated with economic reopening saw slowed momentum, with food service and drinking places sales falling flat and clothing and clothing accessory store sales fell by 0.7%.
Here's how market benchmarks started trading soon after open:
S&P 500 Index: +0.00% or +0.17 points to 4,682.97
Dow Jones Industrial Average: +0.17% or +62.20 points to 36,149.65
Nasdaq Composite Index: -0.15% or -23.90 points to 15,829.95