Dow ends at another record high as chip stocks, retail data support
Dow ends at record peak for fourth session in five
Retail sales rise 0.4% in September
TSMC gains after forecasting Q4 revenue jump
Travelers, Blackstone jump after Q3 profit beats
Elevance Health down after cutting annual profit forecast
Updates to close
By David French
Oct 17 (Reuters) -The Dow Jones Industrial Average ended higher on Thursday, its fourth record close in the last five sessions, as stronger-than-expected monthly retail sales indicated a robust U.S. consumer and chips stocks were buoyed by TSMC's upbeat forecast.
The other main Wall Street benchmarks, the S&P 500 and the Nasdaq Composite, finished largely unchanged.
Taiwan Semiconductor Manufacturing Co 2330.TW, the world's largest contract chipmaker, beat market estimates for profit and forecast a jump in fourth-quarter revenue, driven by demand for artificial intelligence chips.
The chipmaker's U.S.-listed shares TSM.N soared, while AI-trade favorite and TSMC customer Nvidia NVDA.O gained.
The optimism spread to other chip stocks, sending the broader Philadelphia SE Semiconductor index .SOX higher.
Fresh U.S. data confirmed healthy growth in the world's largest economy, while keeping bets on a 25-basis-point rate cut at the Federal Reserve's next meeting largely intact at 89.4%, according to CME's FedWatch.
U.S. retail sales increased 0.4% in September, slightly more than expected, while weekly jobless claims fell unexpectedly.
A broadly upbeat start to the third-quarter earnings season, strong economic data and the Fed kicking off its policy-easing cycle have pushed the Dow and the S&P 500 to record highs in recent sessions, with the latter closeto the psychologically important 6,000 mark.
According to preliminary data, the S&P 500 .SPX lost 0.99 points, or 0.02%, to end at 5,841.48 points, while the Nasdaq Composite .IXIC gained 6.46 points, or 0.04%, to 18,373.54. The Dow Jones Industrial Average .DJI rose 164.01 points, or 0.38%, to 43,241.71.
Josh Jamner, investment strategy analyst at ClearBridge Investments, said investors have been revising economic and earnings growth expectations as robust data eased worries about a recession.
However, there was still a question of leadership in markets, and as investors wrestled with this, and the level of rotation happening, this has left the market slowly grinding higher.
"Overall, it's allowing the market to advance, but maybe in a somewhat more restrained fashion than what otherwise might be expected," Jamner said.
Highlighting this was the fact the Dow advanced for the second straight day, but small cap indexes fell. The Russell 2000 .RUT and the S&P Small Cap 600 .SPCY were down, having both closed at their highest in nearly three years on Wednesday.
A majority of S&P 500 sectors were also in negative territory, including rate-sensitive indexes such as utilities .SPLRCU and real estate .SPLRCR.
One other quirk is that U.S. equity benchmarks have advanced in recent days even as U.S. Treasury yields have crept up. On Thursday, the yield on the benchmark 10-year note US10YT=TWEB rose 7.5 basis points to 4.091%.
In earnings-related moves, Travelers Companies TRV.N and Blackstone Group BX.N advanced after both theinsurer and themoney manager postedthird-quarter profit which beatmarket expectations.
The S&P Banks index .SPXBK rose for the fifth straight session as a slew of larger regional banks posted third-quarter numbers. M&T BankMTB.N and Synovus FinancialSNV.N rose, but Truist FinancialTFC.N dropped.
Outside financials, health insurer Elevance Health ELV.N plummeted after slashing its full-year profit forecast.
Reporting by Lisa Mattackal and Purvi Agarwal in Bengaluru and David French in New York; Editing by Pooja Desai and Richard Chang
Mga Kaugnay na Asset
Pinakabagong Balita
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.
