Wall Street advances, powered by big tech

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NEW YORK (Businesshala) – Wall Street gained in market-leading growth stocks on Friday, helping indices resume their climb as investors shrugged off disappointing economic data.

FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, US November 8, 2021. Businesshala/Brendan McDermid

While the three major US stock indexes were solidly higher, they remained on course to close below last Friday’s close, which would end a series of five consecutive weekly advances.

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The chips were outperforming the broader market, and investors favored growth over value, with megacap tech stocks, led by Microsoft Corp. and Apple Inc., doing the heavy lifting.

“The equity market remains on the heels of better-than-expected earnings, and this provides a basis for bias on risk,” said Terry Sandven, chief equity strategist at US Bank Wealth Management in Minneapolis, Minnesota.

“The market may expand a bit and that could be due to a standstill, but that is part of the volatility and the upward movement of the market,” Sandven said.

“The next catalyst will be holiday spending and we’ll have a better read on that as we get closer to the Thanksgiving holiday and the rest of the year.”

Preliminary consumer sentiment data from the University of Michigan for November surprised the consensus, falling to a 10-year low, and a report from the Department of Labor showed job openings barely budge from record highs, even That workers are leaving in record numbers.

The sour consumer mood could be worrying for retailers as the crucial holiday shopping season draws near, and the upcoming retail earnings report is likely to be under intense scrutiny.

Walmart Inc., Target Corp., Home Depot Inc. and Macy’s Inc. are among the high-profile retailers expected to report next week.

Retail results will begin the final days of what was largely an upbeat third-quarter earnings season. As of Friday, 459 companies out of the S&P 500 have reported. According to Refinitiv, 80% of them earned from Consensus.

The Dow Jones Industrial Average rose 160.78 points, or 0.45%, to 36,082.01; The S&P 500 rose 30.62 points, or 0.66%, to 4,679.89; And the Nasdaq Composite added 140.70 points, or 0.9%, at 15,844.98.

Among 11 key sectors of the S&P 500, communications services posted gains, while energy suffered the largest percentage loss.

Shares of Johnson & Johnson rose 1.3% on the news that the healthcare giant would split into two companies, splitting its consumer health care segments from its pharmaceuticals/medical devices business.

Tesla Inc. fell 3.6% on the news that Chief Executive Elon Musk has sold an additional $700 million in stock in the next chapter of a saga that began with Musk’s infamous Twitter poll asking whether he should Shares in a company established by

Rival electric automaker Rivian Automotive Inc. rose 3.3% on track for its third straight day as a publicly traded company.

US-listed shares of Alibaba Group Holding fell 1.1% after the e-commerce giant reported its slowest single-day sale, months after Beijing’s escalating crackdown on Chinese tech firms.

Advancing issues declining the 1.33-to-1 ratio on the NYSE; On the Nasdaq, a 1.06-to-1 ratio favored advances.

The S&P 500 posted 32 new 52-week highs and a new low; The Nasdaq Composite posted 114 new highs and 81 new lows.

Reporting by Stephen Culp; Additional reporting by Devik Jain and Shreyashi Sanyal in Bengaluru; Richard Chang. editing by

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