S&P 500 Rises 0.6%; Deere Earnings Beat Estimates

U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining more than 100 points on Wednesday.

The Dow traded up 0.36% to 34,221.83 while the NASDAQ rose 1.06% to 11,292.79. The S&P 500 also rose, gaining, 0.61% to 4,027.81.

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Leading and Lagging Sectors

Consumer discretionary shares rose by 0.9% on Wednesday. Leading the sector was strength from Porch Group, Inc. PRCH and Latham Group, Inc. SWIM.

In trading on Wednesday, energy shares fell by 2%.

Top Headline

 

Deere & Company DE reported better-than-expected Q4 earnings and sales results.

Deere reported Q4 sales of $15.54 billion, beating the consensus of $13.39 billion. Q4 EPS of $7.44 surpassed the consensus of $7.11.

Deere said it sees FY23 net income of $8-$8.5 billion.

 

Equities Trading UP

 

• Manchester United plc MANU shares shot up 17% to $17.43 after the company announced a process to explore strategic alternatives.
• Shares of Full Truck Alliance Co. Ltd. YMM got a boost, shooting 13% to $6.95 after the company reported better-than-expected Q3 adjusted earnings per ADS and sales results.
• Porch Group, Inc. PRCH shares were also up, gaining 24% to $1.85. Porch Group Director, CEO, CHAIRMAN AND FOUNDER Matt Ehrlichman acquired a total of 256,949 shares at an average price of $1.59.

 

Equities Trading DOWN

• BIOLASE, Inc. BIOL shares tumbled 30% to $1.1350. Biolase filed for offering of units each consisting of one share of common stock, warrant to purchase one share of common stock.
• Shares of PagSeguro Digital Ltd. PAGS were down 19% to $9.72 after the company reported Q3 earnings results.
• SuperCom Ltd. SPCB was down, falling 17% to $1.8681. SuperCom reported a 1-for-10 reverse stock split.

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Commodities

In commodity news, oil traded down 4.6% to $77.21 while gold traded up 0.2% at $1,743.60.

Silver traded up 1.4% to $21.35 on Wednesday while copper rose 0.3% to $3.6245.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.60%, London’s FTSE 100 rose 0.17% while Spain’s IBEX 35 Index rose 0.07%. The German DAX gained 0.04%, French CAC 40 rose 0.32% and Italy’s FTSE MIB Index fell 0.04%.

The S&P Global Eurozone services PMI came in unchanged at 48.6 in November, while manufacturing PMI rose to 47.3 in November from 46.4 in October. The S&P Global/CIPS UK services PMI came in unchanged at 48.8 in November, while manufacturing PMI stood at 46.2 in November.

The S&P Global French composite PMI dropped to 48.8 in November, while composite PMI in Germany climbed to 46.4 in November.

 

Asia Pacific Markets

Asian markets closed higher on Wednesday, with the Japan’s Nikkei gaining 0.61% and Hong Kong’s Hang Seng Index gaining 0.57%. China’s Shanghai Composite Index rose 0.26%.

The S&P Global Australia Composite PMI dropped to 47.7 in November from 49.8 in the prior month.

 

Economics

 

• US initial jobless claims climbed by 17,000 to 240,000 in the week ending November 19th, compared to market estimates of 225,000.
• Durable goods orders rose 1% month-over-month during October.
• Building permits fell 3.3% from a month ago to an annual rate of 1.512 million in October.
• The S&P Global manufacturing PMI dropped to 47.6 in November from 50.4 in the previous month, compared to market estimates of 50, while composite PMI fell to 46.3 in November from 48.2. Services PMI declined to 46.1 in November from 47.8 in October.
• The University of Michigan consumer sentiment increased to 56.8 in November versus a preliminary reading of 54.7.
• New home sales climbed by 7.5% to an annualized rate of 632,000 in October.
• US crude oil inventories dropped by 3.691 million barrels in the week ended November 18th, versus analysts’ estimates of a 1.055-million-barrel drop, the US Energy Information Administration said.

 

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 100,279,690 cases with around 1,103,350 deaths. India confirmed a total of at least 44,671,110 cases and 530,590 deaths, while France reported over 37,442,940 COVID-19 cases with 158,420 deaths. In total, there were at least 644,087,700 cases of COVID-19 worldwide with more than 6,629,510 deaths.