US stocks took a breather on Tuesday at the close after an eight-day winning streak

US stocks took a breather on Tuesday at the close after an eight-day winning streak.

At the close, the S&P 500 -- which just yesterday closed above 4,700 points for the first time -- lost 0.35% to end the day at 4,685 points. Meanwhile, the Dow also dropped by 0.31% to finish at 36,320 points, and the Nasdaq sank 0.60% to 15,887 points as investors sent Tesla stock down 12% on rumours of an Elon Musk stock sale.

US stocks were lower in noon trading as investors await Wednesdays October consumer price index data, which is expected to show a 0.6% jump from the previous month.

At midday, the Dow fell 247 points to 36,185, while the S&P 500 eased 26 points at 4,675 and the tech-heavy Nasdaq slipped 96 points to 15,886.

Octobers producer price indexalso increased 0.6% month over month, in line with the consensus estimate but was still up 8.6% from October 2020.

Bottom line, while todays data was as expected, the numbers are certainly eye opening in terms of the pace of gains, Bleakley Advisory Group chief investment officerPeter Boockvar said.

Shares ofTesla Inc continued to move lower, falling more than 7% after company founder Elon Musk hinted in a Twitter post that he might be willing to sell 10% of his shares in the electric vehicle maker.

CO2 Grow says its sustainable CO2 Delivery Solutions can help reduce greenhouse emissions, enhance agricultural production by 30%

Gevo says its chief executive officer and other management will attend the Alternative Fuels & Chemicals Coalition 2021 conference in Washington, DC

Altiplano Metals commences underground exploration at Maria Luisa gold-copper mine in Chile

Lucky Minerals (TSX-V:LKY, OTC:LKMNF) reports more encouraging trenching results from Wayka gold discovery in Ecuador

Mountain Boy Minerals says field program confirms large mineralizing system at its American Creek project in British Columbia

Bloom Health Partners announces Dallas expansion; says well-timed after US Federal Government issues vaccine and testing deadlines

Ayurcann Holdings says it will launch its line of GLOW products through the Ontario Cannabis Store

RedHill Biopharma enters strategic agreement for the sale of its ADS's to South Korea's Kukbo Co via an up to $10 million private placement

Sigma Lithium kicks off production plant construction activities at its Grota do Cirilo lithium project in Brazil

Kintara Therapeutics (NASDAQ:KTRA) appoints Robert Hoffman as its new CEO

Melkior Resources says Kirkland Lake Gold set to start another drill program on the Carscallen gold property in Ontario

Green Battery Minerals is poised for more drilling at Berkwood graphite project; set to raise up to C$525,000

Plurilock partners with Absolute Software (TSX:ABT) and announces DEFEND Persisted continuous authentication product

District Metals initiates airborne surveys over its newest Swedish properties, Gruvberget and Svrdsj

Biocept says study shows its Switch-Blocker technology enhances performance of PCR-based liquid biopsy assays in detecting rare cancer mutations

ESE Entertainment says League of Legends tournament organized by acquisition target Frenzy enters final phase

Quaterra Resources selects NewFields Companies to lead environmental permitting efforts for the MacArthur oxide copper project

Biovaxys says CoviDTH shows safety and tolerability in pathology and immunology evaluations to support clinical development

TraceSafe delivers record 3Q financials as it turns its first quarterly profit

Standard Uranium (TSX-V:STND) intersects high-priority drill targets in summer drilling at its Davidson River project in Saskatchewan

Biovaxys says CoviDTH shows safety and tolerability in pathology and immunology evaluations to support clinical development

Nextech AR Solutions launches newest metaverse offering, the ARitize Metaverse Studio

Naturally Splendid announces NATERA Plant-Based Foods will be offered through Sealand Quality Foods

Organic Garage (TSX-V:OG) says its Future of Cheese business engages marketing firm to support North American growth strategy

Canada Silver Cobalt prepares battery metals business for monetization

i-80 Gold posts positive preliminary economic assessment for Granite Creek project, Nevada

LexaGene Holdings announces expansion of biopharma contamination panel by adding biothreat test to its MiQLab system

FansUnite announces the VamosGG Cup after the record-setting success of its exclusive PGL Major partnership

Heritage Cannabis announces a two-year definitive agreement with leading Alberta Brand, Violet Tourist

Cabral Gold increases size of gold-in-oxide blanket at MG deposit on Cui Cui property

Braxia Scientific CEO McIntyre to join KetaMD as an adviser

First Mining announces approval of Springpole Environmental Assessment Terms of Reference from Ontarios Ministry of the Environment, Conservation and Parks

Alternus Energy set to acquire 15 megawatts-peak of additional capacity with 20M green bond issue

Bitcoin offsetting this year would require 284mln trees to planted

American Eagle Gold (TSX-V:AE) says it is to begin drilling program at its flagship Golden Gate property

US shares started mixed on Tuesday as traders mulled over inflation data, while General Electric (NYSE:GE) shares lit up at the open.

In early deals in New York, the Dow Jones Industrial Average shed nearly 42 points at 36,390. The S&P 500 added around five points to stand at 4,707. The Nasdaq exchange added around 35 points at 16,017.

Keenly awaited is the US consumer price index (CPI) reading on Wednesday - a measure of the prices of a basket of goods and services - but today saw the release of producer price index data, which showed an increase of 0.6% in October compared to September, and 8.6% from a year earlier, in-line with forecasts.

The year-over-year rise was reportedly the largest for nearly 11 years.

In corporate news, shares in General Electric (NYSE:GE) gained over 6% to US$114.94 after the conglomerate reported plans to split up into three separate, publicly traded companies focused on the aviation, healthcare and energy sectors.

US stocks are expected to open mixed as investors turn their attention to the latest inflation data, due for release over the next two days.

Futures for the Dow Jones Industrial Average declined 0.03% in Tuesday pre-market trading, while the broader S&P 500 index added 0.07% and those for the tech-heavy Nasdaq 100 gained 0.27%.

Stocks closed higher on Monday after the House of Representatives late Friday passed a more than $1 trillion infrastructure bill that would provide new funding for projects such as transportation, utilities and broadband.

At the close, the Dow rose 104 points to 36,432, while the S&P 500 gained 4 points at 4,702 and the Nasdaq added 11 points at 15,982.

Ahead of the release of the US Consumer Price Index for October on Wednesday, the Producer Price Index for the same month will be in focus today.

There wasnt an awful lot of newsflow for investors yesterday as they looked forward to tomorrows US CPI release, but the astonishing equity advance showed no signs of relenting just yet, withthe S&P 500 up for an 8th consecutive session to another record high, commented Deutsche Bank strategist Jim Reid.

For reference, thats the longest winning streak since April 2019, and if we get a 9th day in the green today, that would mark the longest run of consecutive gains since November 2004, back when George W. Bush had just beaten John Kerry to win a second term. It's also 17 out of 19 days up, which hasnt happened since December 1971.

All these records for various equity indices might seem jarring when you consider that there are still strong inflationary pressures in the pipeline, and with them the prospect of a renewed hawkish shift by central banks, Reid added.

See original here:

US stocks retreat after impressive run as inflation worries weigh - Proactive Investors USA