Dow and S&P end at fresh record highs, lifted by Netflix earnings and tech stocks
Three main benchmarks achieve sixth straight weekly gain
Weekly indexes up: Dow 0.96%, S&P 500 0.85%, Nasdaq 0.79%
Netflix jumps on growth forecast
American Express, SLB down following results
Friday indexes up: Dow 0.09%, S&P 500 0.4%, Nasdaq 0.63%
Adds closing prices, weekly details
By David French
Oct 18 (Reuters) - The Dow Jones Industrial Average and S&P 500 chalked up record closing highs on Friday, with the Nasdaq also in positive territory, as markets wereboosted by an earnings-driven jump in Netflix shares and broader gains across technology stocks.
All three major Wall Street benchmarks also comfortablysecured a sixth straight weekly gain, their longest weekly winning streaks since late 2023.
For the week, the S&P 500 gained 0.9%, the Nasdaq Composite advanced 0.8%, and the Dow Jones Industrial Average climbed 1%.
Shares of Netflix NFLX.O jumped 11.1% to a record closing high afterthe streaming giant topped Wall Street estimates for subscriber additions and said it expected continued growth through the end of the year.
Many of the so-called Magnificent Seven tech stocks, which have driven much of Wall Street's rally this year, rose.
Apple AAPL.O gained 1.2% after data showed a sharp increase in new iPhone sales in China, while chip heavyweight Nvidia NVDA.O advanced 0.8%after BofA Global Research hiked its price target on the stock.
Netflix's increase lifted the communication services sector .SPLRCL 0.9%, making it the largest gainer among the 11 S&P 500 sectors, while information technology .SPLRCT rose 0.5%.
"It's kind of the 'what's not to like' market," said David Waddell, chief executive of Waddell & Associates, citing positive economic data, disinflation and upbeat earnings and forecasts from corporate America.
On Friday, the S&P 500 .SPX rose 23.20 points, or 0.40%, to 5,864.67 points, while the Nasdaq Composite .IXIC advanced 115.94 points, or 0.63%, to 18,489.55. The Dow Jones Industrial Average .DJI gained 36.86 points, or 0.09%, at 43,275.91.
For the Dow, it was the fifth session in the last six that it had posted a record closing high. However, its gains on Friday were restrainedby American Express AXP.N, which lost 3.1% afterthe credit card company's quarterly revenue missed estimates.
Financial companies have had a broadly positive earnings season so far. The S&P Banks index .SPXBK slipped 0.1% though, ending its string of wins at five.
The upbeat earnings of financial companies, and broadly positive economic data, have helped sustain the three main indexes' grind upwards in recent days.
However, stretched valuations - the S&P 500 is trading at nearly 22 times forward earnings - along with high expectations for corporate results and potential volatility around the Nov. 5 U.S. presidential election, could leave stocks vulnerable to a pullback.
David Waddell of Waddell & Associates noted though that strong corporate earnings could override any political considerations or concerns about overdone valuations.
"We have gotten all we're going to get from multiple expansion, so I think the path forward is completely reliant on earnings," he said. "We're priced for pretty-darn-good earnings, so it could create a disturbance if we don't get them, but absent of recession, I think the bull is intact."
Small-cap stocks have attracted investor buying in recent days, with both the Russell 2000 .RUT and S&P Small Cap 600 .SPCY outperforming major indexes for the week. Both small-cap indexes were down slightly onFriday, though.
Energy .SPNY was the only S&P sector which dropped. It fell 0.4%, as it was bogged down by lower oil prices and a 4.7% decline in SLB SLB.N after it posted earnings below expectations. This dragged down fellow oilfield services providers Baker Hughes BKR.O and Halliburton HAL.N by 1.3% and 2.1%, respectively.
The energy index was the week's worst-performing sector, dropping 2.6%, as U.S. crude pricesslumped 7% due to concerns over Chinese demand and the ongoing conflict in the Middle East.
CVS Health CVS.N dropped 5.2% afterit replaced CEO Karen Lynch with company veteran David Joyner and withdrew its 2024 profit forecast.
The news also weighed on other health insurers, including Cigna CI.N and Elevance Health ELV.N. The latter, which fell 3.1%, closed at its lowest level in nearly 15 months.
Volume on U.S. exchanges was 10.62 billion shares, compared with the 11.56 billion average for the full session over the last 20 trading days.
Netflix returned more to shareholders in 20 years https://reut.rs/3YsYfzS
Reporting by Lisa Mattackal and Purvi Agarwal in Bengaluru and David French in New York; Editing by Pooja Desai and Richard Chang
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ताजातरीन समाचार
अस्वीकरण: XM Group के सत्व केवल निष्पादन वाली सेवा और हमारी ऑनलाइन व्यापार सुविधा में पहुँच प्रदान करते हैं, ताकि व्यक्ति वेबसाइट पर या उसके जरिए उपलब्ध सामग्री को देख सके और/या उसका उपयोग कर सके। इसका प्रयोजन इसे बदलना या विस्तार देना नहीं है, न ही वह इसे बदलता या विस्तार देता है। इस तरह की पहुँच हमेशा ही निम्नलिखित के अधीन रहेगी: (1) नियम और शर्तें; (2) जोखिम चेतावनियाँ; और (3) पूर्ण अस्वीकरण। इसलिए ऐसी जानकारी सामान्य सूचना से अधिक कुछ भी नहीं है। विशेष रूप से, कृपया इससे अवगत रहें कि हमारी ऑनलाइन व्यापार सुविधा की सामग्रियाँ न तो किसी चीज का अनुरोध करती हैं, न ही वित्तीय बाजारों में प्रवेश करने की पेशकश ही करती हैं। किसी भी वित्तीय बाजार में व्यापार करने के साथ आपकी पूँजी को उल्लेखनीय जोखिम है।
हमारी ऑनलाइन व्यापार सुविधा में प्रकाशित सभी सामग्रियाँ शैक्षणिक/सूचनात्मक प्रयोजनों मात्र के लिए हैं, और इनमें वित्तीय, निवेश टैक्स या व्यापार सलाह और सुझाव नहीं हैं - न ही ऐसा समझना चाहिए कि इनमें ये सब हैं; न ही इनमें हमारी व्यापार कीमतों का अभिलेख है; न ही इनमें किसी वित्तीय उपकरण में लेन-देन करने का निमंत्रण या अनुरोध है; न ही ये आपको अवांछित वित्तयी प्रोमोशन पेश करती हैं।
इस वेबसाइट में मौजूद कोई भी तृतीय पक्षीय सामग्री, तथा XM द्वारा तैयार की गई सामग्रियाँ, जैसे: अभिप्राय, समाचार, अनुसंधान, विश्लेषण, कीमतें और अन्य सूचनाएँ या तृतीय पक्षों की साइटों के लिंक, "जैसा-है-वैसा" के आधार पर बाजार के बारे में सामान्य टिप्पणी के रूप में उपलब्ध कराई गई हैं, और वे निवेश हेतु सलाह नहीं हैं। जिस हद तक कीसी सामग्री को निवेश अनुसंधान मान लिया जाता है, उस हद तक आपको ध्यान में रखना होगा और इसे स्वीकार करना होगा कि वह सामग्री इस उद्देश्य से और निवेश अनुसंधान की स्वतंत्रता को बढ़ावा देने के लिए कानूनी आवश्यकताओं के मुताबिक, तैयार नहीं की गई है, और इसलिए उसे प्रासंगिक कानूनों और विनियमों के तहत विपणन संप्रेषण माना जाएगा। कृपया सुनिश्चित करें कि आपने गैर-आश्रित निवेश के बारे में हमारी सूचना को पढ़ और समझ लिया है। पीछे दी गई जानकारी के बारे में अनुसंधान और जोखिम चेतावनी यहाँ उपलब्ध है।
