Business & Investment

S & P, Nasdaq enjoys boost from big tech companies, Dow finishes hair low by Reuters

© Reuters. File Photo: Traders will work on the New York Stock Exchange’s main trading floor on January 7, 2016, shortly after the opening bell of a trading session in the Manhattan area of ​​New York City. REUTERS / Brendan McDermid

Devik Jain, Shreyashi Sanyal, Sinéad Carew

(Reuters)-S & P and Nasdaq closed at highs on Monday, and investors watched product news from Apple Inc and appeared optimistic about the third-quarter earnings season.

After a weak start following disappointing economic data from China, S & P and Nasdaq gained momentum with an increase in FAANG shares late at night- Facebook Inc (NASDAQ :), Apple, Amazon.com Inc (NASDAQ :), Netflix Inc (NASDAQ :), Alphabet (NASDAQ :) Inc Google-and Microsoft Corp (NASDAQ :).

Apple’s stock price (NASDAQ :) closed at 1% higher after a splash with the announcement of a new Mac laptop computer with a more powerful processor chip.

Facebook shares closed more than 3% under recent pressure, with some positive reports including plans to create 10,000 jobs in Europe to help build the so-called Metaverse (online world) was.

So far, only a few companies have reported quarterly results, and investors have been hoping for some good news in the coming days and weeks.

“We’ll get more earnings reports from different industries this week,” said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles. We are entering the profit season for large-cap technology. “

It decreased by 36.15 points (0.1%) to 35,258.61, increased by 15.09 points (0.34%) to 4,486.46, and increased by 124.47 points (0.84%) to 15,021.81.

According to Refinitiv data, higher-than-expected results from major U.S. creditors last week showed a positive trend in the third-quarter earnings season, with analysts expecting S & P 500 earnings to increase 32% from a year ago. I am.

A solid start could have helped investors fend off anxiety early the day after China recorded the slowest pace of economic growth in the third quarter of the year. [MKTS/GLOB]

Other major contributors to S & P’s profits were Tesla (NASDAQ :) Inc, which preceded this week’s earnings report, Amazon, which added 1%, and Nvidia (NASDAQ :) Corp, which closed 1.6%.

Technology was up 0.9%, the highest index point for S & P, but consumer discretion was the highest, up 1.2% and telecommunications services up 0.7%.

Johnson & Johnson (NYSE :), Netflix, Verizon Communications Inc (NYSE :) and oilfield services company Baker Hughes Co will also report quarterly results this week.

However, while megatech winners were strong enough to boost S & P and NASDAQ, optimism was not widespread and the four industrial sectors ended up in the red.

Of S & P’s 11 major sectors, 7 closed at higher levels. The biggest declines were utilities down 0.97% and healthcare down 0.7%.

Walt stock Disney (NYSE :) Co then closed 3% Barclays (LON :) The stock of the media giant has been downgraded from “overweight” to “equal weight”.

The diminishing issues outweigh the ongoing issues on the New York Stock Exchange in a 1.09: 1 ratio. In Nasdaq, a 1.24 to 1 ratio favored the fallen.

The S & P 500 recorded 39 new 52-week highs and no new lows. The Nasdaq Composite recorded a new high of 65 and a new low of 113.

Volume on the US exchange was 9.1 billion shares, compared to an average of 10.3 billion shares over the last 20 trading days.



S & P, Nasdaq enjoys boost from big tech companies, Dow finishes hair low by Reuters

https://www.investing.com/news/stock-market-news/futures-edge-lower-ahead-of-earnings-inflation-worries-persist-2646506 S & P, Nasdaq enjoys boost from big tech companies, Dow finishes hair low by Reuters

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