Stock market news live updates: Stocks rise after three straight days of losses, after retail sales beat expectations

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Stocks rose Friday morning as markets looked to recover some of the last three days’ worth of losses. Investors eyed a slate of upbeat announcements from major companies including Boeing and Pfizer and a much better than expected print on spending by the U.S. consumer.

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U.S. retail sales jumped 1.9% in September from August, blowing past estimates for a 0.8% gain, according to Bloomberg data. Spending at clothing stores surged 11% during the month, but held below levels from September last year. Sales at department stores, auto dealers and sporting goods stores also contributed to retail sales’ fifth straight monthly gain.

The upsize surprise for on consumer spending – the biggest contributor to U.S. economic activity – helped offset concerns of the pace of recovery in the manufacturing sector. U.S. industrial production unexpectedly declined for the first time in five months in September, new Federal Reserve data showed.

Meanwhile, shares of Dow-component Boeing (BA) jumped more than 4% after the company said Europe’s top aviation regulations agency EASA deemed that the 737 Max will be safe to fly again in the region before the end of the calendar year. The 737 Max had been grounded globally since March 2019 following two deadly crashes.

Pfizer (PFE), meanwhile, said in an update Friday that it expected to reach a key milestone in its COVID-19 vaccine candidate testing in the third week of November, after which it planned to apply for Emergency Authorization Use through the U.S. Food and Drug Administration. Shares increased more than 1%.

The positive company news helped disperse some of the gloom around fast-fading prospects for fiscal stimulus out of Washington Senate Majority Leader Mitch McConnell broke with the White House and said he was going to have the chamber next week take up a proposal worth about $500 billion – or less than a quarter the size of the proposal House Democrats advanced earlier this month.

President Donald Trump, for his part, suggested in a Fox Business interview he was willing to go higher than the $1.8 trillion package he last put forward. Still, however, ongoing discussions between House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin have produced little tangible progress in the way of narrowing the spread between their plans.

9:32 a.m. ET: Stocks open higher after retail sales top expectations

Here were the main moves in markets, as of 9:32 a.m. ET:

  • S&P 500 (^GSPC): +13.74 points (+0.39%) to 3,497.08

  • Dow (^DJI): +161.03 points (+0.57%) to 28,655.23

  • Nasdaq (^IXIC): +47.53 points (+0.41%) to 11,762.70

  • Crude (CL=F): -$0.53 (-1.29%) to $40.43 a barrel

  • Gold (GC=F): +$1.80 (+0.09%) to $1,910.70 per ounce

  • 10-year Treasury (^TNX): -0.2 bps to yield 0.732%

8:35 a.m. ET: Industrial production unexpectedly declines in September for the first time in 5 months

U.S. industrial production declined by 0.6% in September to end a four-month winning streak, according to Federal Reserve data on Friday. The drop left production at U.S. factories more than 7% below its pre-pandemic levels from February.

Capacity utilization – which measures the proportion of plants, mines and utilities in use during a period – fell to 70.5% in September for a print more than 5 percentage points below February’s levels before widespread business and factory shutdowns took place. Utilization was at 72.0% in August.

8:30 a.m. ET: Retail sales rise far more than expected in September

Sales at U.S. retailers accelerated far more than expected in September, driven by a rebound in sales at clothing stores.

Headline retail sales rose 1.9% in September from August after a 0.6% gain in the prior month, the Commerce Department said Friday. Consensus economists had been looking for a rise of 0.8%, according to Bloomberg consensus data.

Excluding auto and gas sales, retail sales still jumped 1.5%, or three times the 0.5% rise expected. The gain was driven by an 11.0% jump in sales at clothing and clothing accessory stores, which had lagged earlier on during the pandemic. Department store sales also jumped 9.7% in September, and sporting goods and hobby store sales rose 5.7%.

The only major category to post declines in September was electronics and appliance stores, with sales falling 1.6%.

7:24 a.m. ET Friday: Stock futures point higher after upbeat Boeing, Pfizer news

Here were the main moves in markets, as of 7:24 a.m. ET:

  • S&P 500 futures (ES=F): 3,479.25, up 3.75 points or 0.11%

  • Dow futures (YM=F): 28,430.00, up 44 points or 0.16%

  • Nasdaq futures (NQ=F): 11,894.75, up 20.75 points or 0.17%

  • Crude (CL=F): -$0.46 (-1.12%) to $40.50 a barrel

  • Gold (GC=F): +$3.70 (+0.19%) to $1,912.60 per ounce

  • 10-year Treasury (^TNX): -0.7 bps to yield 0.727%

6:09 p.m. ET Thursday: Stock futures open slightly higher

Here were the main moves in equity markets, as of 6:09 p.m. ET:

  • S&P 500 futures (ES=F): 3,478.00, up 2.5 points or 0.07%

  • Dow futures (YM=F): 28,401.00, up 15 points or 0.05%

  • Nasdaq futures (NQ=F): 11,896.25, up 22.25 points or 0.19%

© Provided by Yahoo! Finance People walk by the New York Stock Exchange (NYSE) in lower Manhattan on October 5, 2020 in New York City. – Stock markets bounced back on reports suggesting Donald Trump’s health had improved after his positive test for the coronavirus, with traders also cheered by signs that U.S. lawmakers were edging towards agreement on a new stimulus package. (Photo by Angela Weiss / AFP) (Photo by ANGELA WEISS/AFP via Getty Images)

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