US benchmark equity indexes experienced an upward trajectory as traders delved into the latest economic data and corporate earnings reports leading up to the release of Netflix's results. The Dow Jones Industrial Average recorded a 0.4% increase, reaching 43,240.9, while the Nasdaq Composite saw a slight rise of 0.1%, landing at 18,390.9.
The S&P 500 showed minimal fluctuations, trimming earlier gains in a day marked by varying sector performances. Technology emerged as the leading sector in gains, while utilities faced the sharpest declines. In September, US retail sales exceeded expectations, driven by heightened consumer spending in restaurants and apparel stores, indicating that consumers have remained resilient during the back-to-school season.
Conversely, US industrial production faced a downturn larger than anticipated last month, primarily influenced by a Boeing strike and the impact of two hurricanes, according to reports from the Federal Reserve. Data revealed that weekly applications for unemployment insurance in the US decreased in the past week.
However, continuing claims have soared to their highest level since late July, reflecting nuanced dynamics in the labor market as reported by the government. In terms of bond yields, the US 10-year yield climbed by 7.5 basis points, settling at 4.09%, while the two-year rate also increased by 4.1 basis points to 3.98%.
As financial markets brace for the revelation of Netflix's earnings after the closing bell, other notable companies like Intuitive Surgical and WD-40 are also scheduled to present their results. Lastly, the price for West Texas Intermediate crude oil witnessed a modest gain of 0.5%, pricing at $70.74 per barrel.
The upcoming earnings reports and ongoing economic evaluations will be pivotal in guiding investor sentiment in the days to come..