Markets Advance at Midday as Retail Sales Exceed Forecasts

U.S. equities rose at midday as August retail sales increased more than expected, boosting optimism about consumer spending. The Dow, S&P 500, and the Nasdaq all gained.

Almost all of the stocks in the Dow were in the green. Shares of Norwegian Cruise Line Holdings (NCLH) and Carnival Corporation (CCL) jumped after Redburn Atlantic upgraded the stocks, arguing the pandemic slump for cruise lines is over.

Etsy (ETSY) shares also advanced on an upgrade from Wolfe Research, which sees a rebound in consumer spending and other factors boosting the stock. Shares of Carmax (KMX) and Carvana (CVNA) climbed on expectations the used car dealers could benefit if the United Auto Workers strike against the Big Three automakers, if agreements are not reached by today's 11:59 p.m. deadline.

Visa (V) shares tumbled as the credit card and payments company said it would consider allowing banks to sell their Class B shares. Shares of HP (HPQ) fell as Warren Buffett’s Berkshire Hathaway (BRK.A) sold off 5.5 million shares of the PC and printer maker.

RTX (RTX) extended losses as shares slumped since the jet engine maker announced it would take a $3 billion charge to pay for costs related to potential problems with a key engine built by its Pratt & Whitney unit.

Oil futures exceeded $90 a barrel for the first time since last November. The yield on the 10-year Treasury note was up. The U.S. dollar advanced against the euro and pound, but lost ground to the yen. Most major cryptocurrencies traded higher.