(For a Businesshala live blog on the US, UK and European stock markets, click/ or type live/ in a news window.)
* JP Morgan drops, BlackRock gains after earnings
* Apple collapses after reports of reduced iPhone production
* Indices: Dow down 0.1%, S&P up 0.1%, Nasdaq 0.5% (new across, updated prices, market activity and comments after Fed minutes; adds new byline, dateline)
October 13 (Businesshala) – US stocks were mostly up in afternoon trading on Wednesday, led by gains in the Nasdaq and stocks of big growth names including Amazon.com and Microsoft.
The S&P 500 briefly added to gains following the release of minutes from the September Federal Reserve policy meeting.
US central bankers in the minutes indicated they could begin easing crisis-era support for the economy in mid-November, though they remained divided on how high inflation is a threat and how soon they should raise interest rates. may be required.
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.
JPMorgan Chase & Co fell 2.7% and was one of the biggest losers on the Dow and the S&P 500, though its third-quarter earnings beat expectations, helped by a global dealmaking boom and the release of more debt loss reserves.
With earnings “the market is in a show-me phase,” said Jim Awad, senior managing director at Clearstead Advisors LLC in New York.
“My hope is that strong-looking guidance” will help support prices, he said.
Mega-cap growth names including Amazon.com Inc., Google-parent Alphabet and Microsoft Corp all rose.
The Dow Jones Industrial Average fell 54.74 points, or 0.16%, to 34,323.6, the S&P 500 rose 4.56 points, or 0.10%, to 4,355.21 and the Nasdaq Composite rose 69.98 points, or 0.48%, to 14,535.90. BlackRock Inc. rose 3.7% after the world’s largest money manager beat quarterly profit estimates as a recovery in the 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 will publish earnings on Friday.
Analysts expect Corporate America to report strong profit growth in the third quarter, when concerns about supply chain problems and higher prices continue to hit businesses emerging from the pandemic.
Among other stocks, Apple Inc fell 0.8% after a report said the iPhone marker was planning to cut production of its iPhone 13.
Advancing issues with a declining ratio of 1.50 to 1 on the NYSE; On the Nasdaq, a 1.17-to-1 ratio favored advances.
The S&P 500 posted 6 new 52-week highs and 8 new lows; The Nasdaq Composite posted 46 new highs and 50 new lows. (Additional reporting by Devik Jain and Bansari Mayur Kamdar in Bengaluru; Editing by Arun Koyur and David Gregorio)