US stocks end mixed as Big Tech continues to shine – Proactive Investors USA & Canada

Posted: October 28, 2021 at 8:52 am

At the close, the Dow fell 267 points to 35,491, while the S&P 500 eased 23 points at 4,552 and the tech-heavy Nasdaq was unchanged at 15,236

US stocks finished the day mixed as a few Big Tech financial results boosted the Nasdaq.

At the close, the Dow fell 267 points, or 0.7%, to 35,491, while the S&P 500 eased 23 points at 4,552 and the tech-heavy Nasdaq was unchanged at 15,236.

Notable movers included shares of () and (), both of which climbed more than 4% on better-than-expected financial results.

US stocks were mixed midday Wednesday amid strong earnings.

However, strong results have been key to pushing the major averages to new highs. The S&P 500 has rallied more than 6% in October, on track for its best monthly performance since November 2020.

As of noon, the Dow Jones Industrial Average fell 103 points, or 0.29%, to 35,653. The S&P 500 was near flat line, up 0.46 points to 4,574.

The tech-heavy Nasdaq increased 86 points, or 0.53%, to stand at 15,321.

Joshua Mahony, senior market analyst at online trading group IG, called US stocks an outlier'' on continuing earnings strength.

US tech stocks are the one outlier to an otherwise downbeat day in Europe and the US, with gains across Microsoft, Alphabet, and Tesla helping to keep the Nasdaq in positive territory, he said. This highlights the importance of Q3 earnings season as a driver of market upside thus far, with 83% of those S&P 500 names that have reported seeing better-than-expected earnings. Interestingly, the tech sector has been a significant outperformer, with 93% of the 30 reporting tech stocks beating market estimates.

The biggest gainer on the day so far is (), up 28% to $49.13a share.

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US stocks started mixed on Wednesday with the Nasdaq climbing but the Dow Jones Industrial Average (DJIA) and S&P 500 heading lower as earnings season continues.

It comes after the DJIA and S&P closed at record highs on Tuesday.

In early deals in New York Wednesday, the Dow Jones slipped almost 53 points at 35,703.

The broader-based S&P 500 lost around six points at 4,568. The tech-laden Nasdaq added over 28 points at 15,264 amid the slew of more big tech earnings.

On Tuesday, the Dow Jones gained around 15 points to end the day at an all-time high - the third straight day of gains, while the S&P gained 0.18% for its ninth positive session in the last ten.

US stocks are expected to open slightly lower after major indices closed at new records on Tuesdaysupported by continuing strong earnings from the likes of () and UPS as the third-quarter reporting season progresses.

Futures for the Dow Jones Industrial Average futures declined 0.04% in Wednesday pre-market trading, while contracts for the broader S&P 500 index shed 0.09% and those for the tech-heavy Nasdaq 100 retreated 0.15%.

Nearly 30% of S&P 500 companies have reported earnings and more than 80% of them have beaten Wall Street expectations. And S&P 500 companies are expected to grow profits by more than 35% in the third quarter.

The Dow ended Tuesday trading 16 points higher at 35,757, while the S&P rose 8points to 4,575 points and the Nasdaq added 9 points to close at 15,236.

Ahead of some major post-close earnings reports from the tech sector, the S&P 500 eked out a further 0.2% gain yesterday to close at a new record high, commentedDaiwaCapital Markets analystEmily Nicol.

Post-close earnings reports from tech giants Microsoft, Alphabet and Twitter appear to have broadly accorded with investor expectations and so US equity futures are presently little changed and UST (US Treasury)yields only fractionally higher.However, sentiment has soured somewhat in Asian markets, with most of the key bourses in the red today, she added.

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US stocks end mixed as Big Tech continues to shine - Proactive Investors USA & Canada

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