US Stock Market Overview - Stock Rise Led by Strong Retail Sales

S&P 500 opens deep in red for third straight day

U.S. -listed Chinese companies traded mostly higher, with eight of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.

The drugmaker's shares firmed 2.4% as it expects to provide safety data and file for authorization of the vaccine it is developing with Germany's BioNTech SE, as soon as a safety milestone is achieved in the third week of November.

"Sometimes the market gets a reality check that even if we get a vaccine early next year that's an incredibly aggressive and optimistic timeline".

The moves came after data showed US retail sales rose more than expected last month.

But with previous stimulus having run its course, the outlook is uncertain unless politicians in Washington DC can reach an agreement on a fresh round of fiscal aid.

United States retail sales climbed 1.9 per cent in September, triple expectations, with purchases of cars and parts, clothing and sporting goods increasing dramatically, according to the Commerce Department report released before markets opened.

The benchmark Dow Jones Industrial Average gained 0.4 per cent to finished an up-down week at 28,606.31, while the broad-based S&P 500 was essentially flat, rising just 0.1 per cent to end at 3,483.81.

Focus is also on corporate America where expectations for third-quarter earnings have improved to an 18.9% drop from a 25.0% tumble forecast on July 1, according to Refinitiv IBES data. While utilities had the largest percentage gain, energy suffered the biggest loss.

Wall Street bounced back on Friday after three straight days of losses, following a positive update from Pfizer on development of its COVID-19 vaccine and on data that showed stronger-than-expected retail sales growth last month.

Volume on U.S. exchanges was 8.2 billion shares, compared with the 9.6 billion average over the last 20 trading days.

Railway operator Kansas City Southern and transportation and logistics company JB Hunt Transport Services Inc fell after the companies' quarterly results were hit dropping shipping demand.

Shares of fitness company Peloton Interactive Inc lost 3.7% after announcing a recall of faulty pedals on its popular exercise bikes.

Advancing issues outnumbered decliners for a 1.29-to-1 ratio on the NYSE and a 1.26-to-1 ratio on the Nasdaq.



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