US STOCKS-S&P closes little changed as chips boost Nasdaq in subdued holiday trading

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* Slow subscriber growth pulls up Disney shares

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* Rivian extends profit a day after market debut

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* Upbeat Dillard’s report picks up department stores

* Down 0.44%, S&P up 0.06%, Nasdaq up 0.52% (update with prices)

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NEW YORK, Nov 11 (Businesshala) – The S&P 500 ended at only nominal highs on Thursday, helping chipmakers push the Nasdaq into green territory in a silent Veterans Day session on a day after reports of warmer-than-expected inflation. Investor sentiment dampened and halted a streak of closing record highs.

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

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 rose 1.9%, bouncing 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.

The Dow Jones Industrial Average fell 158.71 points, or 0.44%, to 35,921.23, 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.

Six out of 11 key sectors of the S&P 500 closed higher, with material being the dominant trend. Utilities suffered the largest percentage loss.

Shares of The Walt Disney Company fell 7.1% and the Dow was under the heaviest pressure after its disappointing earnings release, in which the media company reported decreased streaming customers and theme park revenue.

Shares of electric automaker Rivian Automotive Inc jumped 22.1% in a day after closing 29.1% above its offer price at its debut as a publicly traded company.

Shares of rival Lucid Group Inc. gained 10.4%.

But Tesla Inc. slipped 0.4% following 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 own 10% of his shares in the firm he founded. should be shed.

Dillard’s Inc gained 10.0% after easily beating quarterly earnings and revenue forecasts. Fellow department stores Macy’s Inc. and Nordstrom Inc., which have yet to report quarterly results, grew between 2% and 3.6%.

Tapestry Inc. gained 8.4% after the luxury fashion accessories firm boosted its annual sales forecast and announced a $1 billion share buyback plan.

Advancing issues that declined to a 1.37-to-1 ratio on the NYSE; On the Nasdaq, a 1.40-to-1 ratio favored advances.

The S&P 500 posted 15 new 52-week highs and 6 new lows; The Nasdaq Composite posted 114 new highs and 125 new lows.

Volume on US exchanges stood at 9.61 billion shares, compared to an average of 10.91 billion over the past 20 trading days. (Reporting by Stephen Kalp; Additional reporting by Devik Jain and Shreyashi Sanyal in Bengaluru; Editing by Diane Craft)


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