US shares start higher on Tuesday as traders mull over latest retail data

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10am: Proactive North America headlines:

Kidoz sees 3Q revenue grow to $2.8M as mobile advertising industry pivots towards contextual targeting

CLS Holdings (LSE:CLI) USA says Nevada subsidiaries generated $1.9M in revenue during October

Recruiter.com sees 3Q sequential revenue growth of 43% as recruiters are prized in a ‘job hopper’ economy

FSD Pharma (CSE:HUGE, NASDAQ:HUGE) announces appointment of Dr Eleanor N. Fish to its Research and Clinical Advisory Board

Predictiv AI ends its SMRT Labs joint venture with Commersive Solutions

PyroGenesis Canada focusing on its emission reducing offerings as it posts higher revenue in 3Q

BetterLife Pharma says pharmacology data on second-generation LSD derivative confirms its projected non-hallucinogenic property

Rio2 inks definitive Gold Stream agreement in relation to its Fenix Gold Project with a wholly-owned subsidiary of Wheaton Precious Metals

Kontrol Technologies posts record $21.5M revenue in 3Q as its Global HVAC & Automation acquisition starts to pay off

Esports Entertainment Group says 1Q revenue nearly doubled year-over-year

ME2C Environmental (OTCQB:MEEC) sees its 3Q revenue surge 78% to $5M on higher sorbent product sales

Revive Therapeutics announces published results on Bucillamine as potential inhibitor of SARS-CoV-2 infection Delta variant

OTC Markets Group launches upgraded Qaravan platform, providing a seamless approach to peer monitoring and competitor benchmarking

PyroGenesis Canada focusing on its emission reducing offerings as it posts higher revenue in 3Q

BetterLife Pharma says pharmacology data on second-generation LSD derivative confirms its projected non-hallucinogenic property

Rio2 inks definitive Gold Stream agreement in relation to its Fenix Gold Project with a wholly-owned subsidiary of Wheaton Precious Metals

Kontrol Technologies posts record $21.5M revenue in 3Q as its Global HVAC & Automation acquisition starts to pay off

Esports Entertainment Group says 1Q revenue nearly doubled year-over-year

ME2C Environmental sees its 3Q revenue surge 78% to $5M on higher sorbent product sales

Revive Therapeutics announces published results on Bucillamine as potential inhibitor of SARS-CoV-2 infection Delta variant

Royal Wins relaunches pure-skill gaming platform Kash Karnival on Google Play in US to broaden its audience base

Talon Metals welcomes US government action on battery supply chain

Logiq sees 3Q revenue rise to $7.8M and gross profit soar 108%, driven by AppLogiq and DataLogiq business

Organic Garage (TSX-V:OG) says Future of Cheese Inc continues to report increasing demand for its initial product, the plant-based ‘Future of Butter’

Revive Therapeutics announces published results on Bucillamine as potential inhibitor of SARS-CoV-2 infection Delta variant

Ketamine One (NEO:MEDI.AQN) says wholly-owned subsidiary, IRP Health recently opened two veteran-focused and multidisciplinary clinics in Comox Valley and Ottawa

Biocept sees profitability in third quarter thanks to increased RT-PCR COVID-19 testing

i-80 Gold announces positive results from ongoing drill program at its Granite Creek property in Nevada

9.50am: US stocks start higher

US shares started higher on Tuesday as traders digested the latest retail sales data and earnings from big hitters.

The Dow Jones Industrial Average surged over 124 points at 36,211 in early deals in New York.

The S&P 500 added around ten points at 4,693.

The tech-heavy Nasdaq gained around 34 points at 15,888.

Official figures showed retail sales for October came in 1.7% higher than the figure of 0.7% seen in September this year, which was better than economists had expected – at  a1.5% jump.

Walmart shares dropped  0.79% after it posted third-quarter profit and revenue, which were well above estimates. The group also raised its forecast for 2021, saying adjusted earnings per share will be around $6.40 versus its prior expectations of between $6.20 and $6.35.

Meanwhile, Home Depot shares added 3.64% as its third-quarter earnings beat Wall Street estimates.

6.45am: US shares set for cautious start

US stocks look set for a cautious start on Tuesday as investors eye some key data and earnings amid ongoing fears over the impact of higher inflation on the economy.

Futures for the Dow Jones Industrial Average ticked down 0.1%, while those for the S&P 500 index also lost 0.1% and contracts for the technology-focused Nasdaq-100 were flat.

 Investors are preparing for the Federal Reserve to raise interest rates by next summer to check the growth of consumer price inflation, which is running at a three-decade high.

Data due at 8.30am ET, are expected to show US retail sales rose in October, boosted in part by a rebound in auto sales, then figures on October industrial production will be released at 9.15am, having seen a decline in September amid supply-chain disruption.

On the corporate front, retail giants Walmart and Home depot are scheduled to file earnings for the third quarter before the opening bell.

In the bond market, yields on benchmark 10-year Treasury notes slipped again on Tuesday, but gold prices rose 0.1%, rallying to five-month highs in a sign of growing unease about the inflation outlook.

Meanwhile, cryptocurrencies retreated with Bitcoin losing 5% in value as US president Joe Biden signed the $550 billion infrastructure deal which includes some major tax implications for most retail crypto investors as it would require them to report their holdings.

Walid Koudmani  XTB Market analyst commented: “While these factors may frighten some investors and newcomers to the market, some experienced traders will have seen similar sized corrections in the past and could potentially be eyeing opportunities as mainstream adoption of cryptocurrencies and NFT’s continues to move further.

“On the other hand, the extreme volatility that the market is prone to could lead to a potential domino effect if more negative news were to emerge and take prices to new lows.”