Stock Market Today: Stocks Rise Ahead of Mid-Ranges
Stocks gained ground on Monday as investors anticipated a busy week of earnings and economic data, as well as Tuesday’s highly anticipated midterm elections.
While the midterms result will certainly generate some investor interest, Thursday’s consumer price index results are likely to be more important to markets. “It’s still inflation and while this report may not be as hot as the last few, it should still show that rents and the basic services sector part of the economy are still hot,” said Edward Moya, senior market strategist at currency data provider OANDA. “Inflation may not come down as quickly as some Fed members expect and that could support the idea that rates will stay higher for longer.”
As for the current market, the S&P 500 Index increased by 1.0% to 3,806 and the Nasdaq Compound rose 0.9% to 10,564. However, it was the Dow Jones Industrial Average (+1.3% to 32,827) which led the way up as a top drugstore chain Walgreens Boot Alliance (WBA (opens in a new tab)) gained 4.1% after announcing it would invest $3.5 billion in primary care provider VillageMD’s acquisition of urgent care center owner Summit Health. WBA is VillageMD’s largest shareholder with approximately 53% ownership.
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In other individual stock news, the mining company Palantir Technologies (PLT (opens in a new tab)) slipped 11.5% after the company’s third-quarter profit fell short of the consensus estimate. On the other hand, the Facebook parent Metaplatforms (META (opens in a new tab)) jumped 6.5% after the company announced it planned to start laying off thousands of employees later this week.
Behind Berkshire’s third-quarter earnings
Also in the winner’s circle today was Warren Buffett Berkshire Hathaway (BRK.B (opens in a new tab)). Shares of BRK.B rose 1.0% after the holding company released its third-quarter earnings report over the weekend. As the bear market weighed on Berkshire’s results in the three-month period, its diverse revenue stream – which includes companies ranging from battery maker Duracell to medical liability insurance provider MedPro Group – was taken aback. useful to support other sections of its financial statements. .
Highlights of BRK.B’s third quarter results included a 20% year-over-year increase in operating profit and higher-than-expected earnings per share. Read on to see what other notable developments occurred for Berkshire in the third quarter, and why BRK.B remains one of the top defensive stocks in what has been a turbulent year for the broader equity market.