S&P 500 rises with growth stocks; JPMorgan a drag

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NEW YORK (Businesshala) – The S&P 500 ended higher on Wednesday led by gains in big growth names like Amazon.com and Microsoft, but JPMorgan shares fell and weighed on the index, even as the bank beat earnings expectations. defeated.

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The S&P 500 briefly added to gains following the release of minutes from the September Federal Reserve policy meeting.

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US central bankers indicated they may begin easing crisis-era support for the economy in mid-November, though they remain divided on how high inflation is a threat and how quickly they need to raise interest rates. Maybe, shown in minutes.

Earlier, a report by the Labor Department showed a solid increase in consumer prices in September, further strengthening the case for a Fed interest rate hike.

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Shares of JPMorgan Chase & Co. fell and were one of the biggest losers on the Dow and the S&P 500, even though its third-quarter earnings beat expectations, helped by a global dealmaking boom and the issuance of more debt loss reserves.

The day’s corporate results closed out third-quarter earnings for the S&P 500 companies.

“My hope is that as we work through earnings season, the forward-looking guidance will be good enough that we will close out more of the year. But right now the market is in a show-me phase. It is,” said Jim Awad, senior managing director of Clearstead Advisors LLC in New York.

Mega-cap growth names including Amazon.com Inc., Google-parent Alphabet and Microsoft Corp all rose.

According to preliminary data, the S&P 500 edged up 14.20 points, or 0.33%, to 4,364.85, while the Nasdaq Composite edged up 105.71 points, or 0.73%, to 14,571.64. The Dow Jones Industrial Average rose 4.35 points, or 0.01%, to 34,382.69.

BlackRock Inc. also gained after the world’s largest money manager beat quarterly profit estimates as an improved economy helped boost its assets under management, leading to increased fee income.

Bank of America, Citigroup, Wells Fargo and Morgan Stanley will report results on Thursday, while Goldman Sachs is due to report on Friday.

Analysts expect Corporate America to report strong profit growth in the third quarter, but there are growing concerns about how supply chain problems, labor shortages and high energy prices could affect businesses emerging from the pandemic.

Among other stocks, Apple Inc. said after a report that the iPhone marker was planning to cut production of its iPhone 13.

Additional reporting by Devik Jain and Bansari Mayur Kamdar in Bengaluru; Editing by Arun Koyur and David Gregorio

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