Tech stocks boost Nasdaq, S&P 500; Netflix soars
For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.
Netflix projects continued growth through year-end
CVS falls after replacing CEO
American Express, SLB down after results
Indexes: Dow down 0.25%, S&P 500 up 0.21%, Nasdaq up 0.58%
Updated at 09:48 a.m. ET/1348 GMT
By Lisa Pauline Mattackal and Purvi Agarwal
Oct 18 (Reuters) - The S&P 500 and the tech-heavy Nasdaq edged higher on Friday, driven by gains in technology stocks, while Netflix climbed after beating subscriber growth estimates.
Shares of Netflix NFLX.O jumped 9.8% to a record high after the streaming giant topped Wall Street estimates for subscriber additions and said it expected continued growth through the end of the year.
Gains in Netflix lifted Communication Services .SPLRCL to the top of the 11 S&P 500 sectors with a 1.3% increase.
Energy .SPNY and Consumer Staples .SPLRCS were among the top losers, bogged down by declines in SLB SLB.N and Procter & Gamble PG.N, which fell 2.4% and 0.8%, respectively, following their results.
Most of the so-called MagnificentSeven stocks, which have driven much of Wall Street's rally this year, were higher, with Apple AAPL.O up 1.2% after data showed a jump in new iPhone sales in China, boosting the broader Technology sector .SPLRCT, which rose 0.7%.
Chip heavyweight Nvidia NVDA.O added 1%, extending gains from Thursday, after BofA Global Research hiked its price target on the stock.
The Dow Jones Industrial Average .DJI fell 108.85 points, or 0.25%, to 43,132.38, the S&P 500 .SPX gained 12.41 points, or 0.21%, to 5,853.88, and the Nasdaq Composite .IXIC gained 109.60 points, or 0.58%, to 18,480.79.
The Dow was weighed down by American Express AXP.N, which lost 4.4% after its quarterly revenue missed estimates.
The small-cap Russell 2000 .RUT was set to outperform major indexes in the week. It was last up 0.2%.
Mostly upbeatearnings from financial companies and broadly positive economic data have put the three main indexes on track to log their sixth week of gains.The Dow closed at a record high on Thursday, while the S&P 500 is nearing the psychologically important 6,000 mark.
"Financials have responded very well to earnings. They were the first real big (sector) to report and they performed rather well," said Adam Sarhan, chief executive at 50 Park Investments.
"Until we see stocks really get walloped or fall hard on earnings, the market's earned the bullish benefit of the doubt."
However, stretched valuations and high expectations for corporate results could leave stocks vulnerable to a pullback amid indications that investors are exploring less expensive sectors.
CVS Health CVS.N slumped 7.4% after itreplaced CEO Karen Lynch with company veteran David Joyner and withdrew its 2024 profit forecast, becoming the biggest decliner on the benchmark index.
Fed officials Christopher Waller, Neel Kashkari and Raphael Bostic are slated to speak during the day.
Expectations for the U.S. Federal Reserve to ease interest rates by 25 basis points at its Novembermeeting stood intact, at about 90%, according to CME's FedWatch.
In economic data, single-family housing starts increased 2.7% to a seasonally adjusted annual rate of 1.027 million units in September.
Meanwhile, U.S. listings of Chinese companies leapt after China's centralbank launched funding schemes aimed at boosting the equity market. Alibaba BABA.N gained 2.4%, JD.com JD.O rose 3.6% and PDD Holdings PDD.O jumped 1.7%.
Advancing issues outnumbered decliners by a 1.76-to-1 ratio on the NYSE, and by a 1.82-to-1 ratio on the Nasdaq.
The S&P 500 posted 26 new 52-week highs and one new low, while the Nasdaq Composite recorded 69 new highs and 15 new lows.
Netflix returned more to shareholders in 20 years https://reut.rs/3YsYfzS
Reporting by Lisa Mattackal and Purvi Agarwal in Bengaluru; Editing by Pooja Desai
Ativos relacionados
Últimas notícias
Isenção de Responsabilidade: As entidades do XM Group proporcionam serviço de apenas-execução e acesso à nossa plataforma online de negociação, permitindo a visualização e/ou uso do conteúdo disponível no website ou através deste, o que não se destina a alterar ou a expandir o supracitado. Tal acesso e uso estão sempre sujeitos a: (i) Termos e Condições; (ii) Avisos de Risco; e (iii) Termos de Responsabilidade. Este, é desta forma, fornecido como informação generalizada. Particularmente, por favor esteja ciente que os conteúdos da nossa plataforma online de negociação não constituem solicitação ou oferta para iniciar qualquer transação nos mercados financeiros. Negociar em qualquer mercado financeiro envolve um nível de risco significativo de perda do capital.
Todo o material publicado na nossa plataforma de negociação online tem apenas objetivos educacionais/informativos e não contém — e não deve ser considerado conter — conselhos e recomendações financeiras, de negociação ou fiscalidade de investimentos, registo de preços de negociação, oferta e solicitação de transação em qualquer instrumento financeiro ou promoção financeira não solicitada direcionadas a si.
Qual conteúdo obtido por uma terceira parte, assim como o conteúdo preparado pela XM, tais como, opiniões, pesquisa, análises, preços, outra informação ou links para websites de terceiras partes contidos neste website são prestados "no estado em que se encontram", como um comentário de mercado generalizado e não constitui conselho de investimento. Na medida em que qualquer conteúdo é construído como pesquisa de investimento, deve considerar e aceitar que este não tem como objetivo e nem foi preparado de acordo com os requisitos legais concebidos para promover a independência da pesquisa de investimento, desta forma, deve ser considerado material de marketing sob as leis e regulações relevantes. Por favor, certifique-se que leu e compreendeu a nossa Notificação sobre Pesquisa de Investimento não-independente e o Aviso de Risco, relativos à informação supracitada, os quais podem ser acedidos aqui.
