U.S. stocks remained largely unchanged on Thursday, with the Dow Jones Industrial Average falling slightly, as investors evaluated the earnings reporting parade and monitored a potential setback in Whitehouse’s efforts to raise corporate tax rates. , S & P500 recorded a record closing price.
What are the major indexes doing?
Dow Jones Industrial Average
It fell by 59.57 points (0.2%) to 35,549.77.
S & P 500
It surpassed the record finish of 4,536.95 from September 2nd, rising 5.75 points (0.1%) to 4,541.94.
Nasdaq Composite Index
It increased by 70.03 points (0.5%) to 15,191.71.
Shares rose on Wednesday, the Dow Jones Industrial Average closed 0.05% away from the record closing price on August 16, and the S & P 500 closed just 0.02% away from the record settlement. The Nasdaq Composite rose slightly, 1.6% off the September 7 closing price.
What is driving the market?
Investors boosted tensions in September with a good start to the earnings season in the third quarter, despite concerns about inflation, COVID-19 and the Chinese economy still remain.
Of the approximately 70 S & P 500 companies that have reported results so far, 86% have exceeded analysts’ expectations, according to Refinitiv.
“This is an impressive shift from the story just a few weeks ago, when the index fell by more than -5% from its peak as concerns over the debt cap crisis from Evergrande set the agenda. Removing these concerns from the immediate horizon and another strong earnings report have wiped out these concerns, “said Deutsche Bank strategist, led by Jim Reed.
The Wall Street Journal on Wednesday by Arizona Democratic Senator Kyrsten Cinema Oppose corporate tax increases, rich or capital gains..
“The idea that it is not important [tax] Rate hikes could be positive for stock markets concerned about the impact of the current 21% to 25% rate hike on companies, “said Greg Barriere, chief US policy strategist at AGF Investments, in a memo. I am. “But this may not be a win, because other provisions (many controversial) may have to be considered to close the income gap.”
NS The Washington Post reported Late Wednesday, Biden’s adviser has come up with new plans, including taxes on billionaire assets, minimum taxes on companies, and taxes on companies issuing stock repurchases, which could raise hundreds of billions of dollars. I have.
In other news, the Chinese real estate developer Evergrande is indebted.
Returned to headline on Thursday After a real estate developer closes negotiations to sell most of its real estate services sector..
Provided a cautious outlook later Beyond Q3 earnings forecast.. IBM stocks led the Dow’s decline, down 7.5%. Tesla fell 0.4%.
Some of the recent Federal Reserve Boards, including the Federal Reserve Board of Governors Christopher Waller and the Federal Reserve Board of Randal Quarles, and Federal Reserve Board of Governors Loretta Mester, have said that if high inflation continues. It may lay the foundation for next year’s rate hike.
The US economy is still growing at a solid pace. Pay attention to the Federal Reserve Beige Book On Wednesday, labor shortages and supply chain bottlenecks are curbing growth and causing inflation to rise.
Economically, US data First application for unemployment allowance decreased From 296,000 to 290,000 for the week ending October 16th. Economists were looking for a figure of 300,000. NS Philadelphia Fed Bank’s October Manufacturing Index Compared to the expected rise to 30.7, it fell from 24.5 last month to 23.8.
US pre-owned home sales 7% increase The National Association of Realtors said Thursday that it would reach a seasonally adjusted annual rate of 6.29 million on a monthly basis in September.
The US leading economic index grew 0.2% weakly in September. Shows that growth is a little slow, The meeting committee said on Thursday.
Which company is paying attention to?
The airline was also focused on Thursday.Share American Airlines Group Co., Ltd.
Up 0.8% after airline reports Third quarter loss narrower than expected The load factor was insufficient, but the revenue almost tripled.
- Southwest Airlines Co., Ltd.
report Third quarter loss narrower than expected Passenger revenue almost tripled, but overall demand remained “quite strong” despite traffic declines in August and September due to the surge in COVID-19. Stocks haven’t changed much%.
- AT & T Inc.
Stock price fell 0.2% after telecommunications giant Profit more than expected We saw continued strong subscriber additions in the wireless business towards the third quarter.
- Pfizer Japan Inc
And its German partner BioNTech SE
On Thursday, he said a late study of a 30 milligram booster dose of their COVID-19 vaccine showed 95.6% efficacy compared to those who received placebo. Pfizer shares fell 0.13%, while BioNTech ADR rose 1.3%.
- Freeport-McMoRan Inc.
Equities fell 0.2% after mining companies reported third-quarter net income. Soaring more than 4 timesRealized copper prices soared, but gold prices fell, so earnings were lower than expected.
Share Digital World Acquistion Corp.
92% surge, its A-class share
More than 70% higher after special-purpose companies announced merger plans Trump Media & Technology Group, Aiming to launch a social media platform backed by former President Donald Trump.
What are the other markets doing?
10-Year Government Bond Yield
3.4 Basis points increased to 1.671%. Yields and debt prices move in opposite directions.
ICE USD Index
Currency readings for the baskets of the six major rivals rose 0.1%.
Oil futures recede from highs for the first time in years in US benchmarks
Gold futures on the New York Mercantile Exchange fell 1.3% to $ 82.30 a barrel
It fell 0.2% to $ 1.781.50 an ounce.
Stocks Europe 600
London’s FTSE 100 was flat, but
Hang Seng Index rose 0.2%
Hong Kong and Japan Nikkei 225 down 0.5%
It fell by 1.9%.
The S & P 500 aims for a record finish in Capitol Hill’s tax dispute, with investors assessing earnings.
http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-76EA-5D60CA41A296%7D&siteid=rss&rss=1 The S & P 500 aims for a record finish in Capitol Hill’s tax dispute, with investors assessing earnings.