S&P closes little changed as chips boost Nasdaq in muted holiday trading

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NEW YORK (Businesshala) – The S&P 500 ended essentially flat on Thursday, helping chipmakers push the Nasdaq into positive territory in a subdued Veterans Day session on a day after warmer-than-expected inflation reports dampened investor sentiment. delivered and stopped a streak of records. high off.

FILE PHOTO: A trader works inside a booth on the floor of the New York Stock Exchange (NYSE) in New York City, US November 8, 2021. Businesshala/Brendan McDermid

The Walt Disney Company pulled the Dow into the red in the wake of disappointing earnings reports.

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The bond market was closed in celebration of Veterans Day, and with the lack of economic data and the conclusion of the third quarter earnings season, there were few catalysts for the markets to move in either direction.

“It’s really hard to judge today because you have essentially half the market closed,” said Peter Tuz, president of the Chase Investment Council in Charlottesville, Virginia. “Specific company and industry events are driving today’s markets.”

“There will be a lot more business tomorrow than today, so we’ll have to wait and see what happens,” Tuz said.

Investors favored growth over value, and financially sensitive smallcaps and chips outperformed the broader market.

The Philadelphia SE Semiconductor Index bounced back from its worst session in more than six weeks, propelled by gains at Nvidia Corp. brokerage Susquehanna raised the chipmaker’s price target.

Market participants were digesting recent inflation data, which suggested that the current wave of price hikes may have more staying power than many, due to supply challenges across the Old World – including the US Federal Reserve. Yes – expected.

The focus is on consumer spending as the holiday shopping season approaches, with a string of retailers due for expected consumer sentiment data tomorrow and quarterly earnings reports over the next few weeks.

Unofficially, the Dow Jones Industrial Average fell 158.7 points, or 0.44%, to 35,921.24, the S&P 500 rose 2.56 points, or 0.06%, to 4,649.27, and the Nasdaq Composite rose 81.58 points, or 0.52%, to 15,704.28.

Of the 11 key sectors of the S&P 500, utilities declined the most, while materials posted gains.

Shares of The Walt Disney Company were under the most pressure on the Dow after a disappointing earnings release, in which the media company reported decreased streaming customers and theme park revenue.

Shares of electric automaker Rivian Automotive Inc jumped a day after closing 29.1% above its offer price at its debut as a publicly traded company.

Shares of rival Lucid Group Inc. also rose.

But Tesla Inc. slipped after news that CEO Elon Musk sold nearly $5 billion worth of stock in the company over the past few days, following his infamous Twitter poll on whether he should shed 10% of his shares in the firm he founded. needed.

Dillard’s Inc took the lead after easily beating quarterly earnings and revenue forecasts. Fellow department stores Macy’s Inc., Nordstrom Inc. and Kohl’s Corp., which have yet to report quarterly results, also advanced.

Tapestry Inc. gained momentum after the luxury fashion accessories firm boosted its annual sales forecast and announced a $1 billion share buyback plan.

Reporting by Stephen Culp; Additional reporting by Devik Jain and Shreyashi Sanyal in Bengaluru; Editing by Diane Craft

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