By Oliver Gray
Investing.com - U.S. stock futures were little changed in early APAC deals on Wednesday, after major benchmark indices moved higher in the previous session as Retail Sales data came in strong, despite rising inflation fears, while better than expected earnings results also boosted sentiment.
During Tuesday’s regular session, The Dow Jones Industrial average added 54.77 points, or 0.15%, to 36,142.22. The S&P 500 gained 0.39% to 4,700.90, and the Nasdaq Composite rose 0.76% to 15,973.86. The major averages have been stuck in a rut in recent days after touching records earlier this month.
Dow Jones 30 Futures added 0.03%, S&P 500 Futures were up 0.02% while Nasdaq 100 Futures eased 0.03%.
Among stocks, Home Depot Inc (NYSE:HD) closed 5.73% as earnings results topped analysts’ estimates, while strong fourth-quarter sales suggested a strong finish to the year. Retail giants Lowe’s Companies Inc (NYSE:LOW) and Target Corporation (NYSE:TGT) also lifted 4.2% and 0.78% respectively ahead of quarterly results set to be released Wednesday before the bell. Meantime, Walmart Inc (NYSE:WMT) dipped 2.55% despite reporting better than expected third-quarter per-share earnings and revenue. Tesla Inc (NASDAQ:TSLA) finished 4.08% higher, partially recouping last week’s losses following reports that CEO Elon Musk sold nearly $US7 billion shares worth of stock. Lucid Group Inc (NASDAQ:LCID) also surged 23.71% after executives told investors that reservations for its first vehicles are up and 2022 production plans are still on track.
On the bond markets, United States 10-Year yields lifted to 1.64%.
Among data, Retail Sales for October posted the strongest gains since March as consumers increased their spending on early holiday shopping and gasoline, despite consumer prices surging 6.2% year-over-year last month to a level not seen since the 1990s.