Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 


SummaryMost relevantAll NewsOther languagesNews of the index componentsMarketScreener Strategies

S&P, Nasdaq enjoy boost from big tech firms, Dow ends a hair lower

10/18/2021 | 04:38pm EST
FILE PHOTO: FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell of trading session in New York

By Devik Jain, Shreyashi Sanyal and Sinéad Carew

(Reuters) - The S&P and Nasdaq closed higher on Monday with the biggest boosts from the highest-profile technology and communications companies while investors eyed product news from Apple Inc and appeared optimistic about the third-quarter earnings season.

After a weak start following disappointing economic data from China, the S&P and Nasdaq gathered steam in late morning with gains in FAANG stocks - Facebook Inc, Apple, Amazon.com Inc, Netflix Inc, Alphabet Inc's Google - as well as Microsoft Corp.

Apple shares closed 1% higher after the company made a splash by unveiling new Mac laptop computers with more powerful processor chips.

Facebook shares, under pressure recently, closed up more than 3% with some positive reports out including its plans to create 10,000 jobs in Europe to help build the so-called metaverse - an online world.

With just a small minority of companies having reported quarterly results so far, investors were hopeful for some good news in the days and weeks ahead.

"You're going to get a heavier slate of earnings reports this week from a diverse set of industries," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles, adding, "the path of least resistance remains higher going into earnings season for large-cap tech."

The Dow Jones Industrial Average fell 36.15 points, or 0.1%, to 35,258.61, the S&P 500 gained 15.09 points, or 0.34%, to 4,486.46 and the Nasdaq Composite added 124.47 points, or 0.84%, to 15,021.81.

Forecast-beating results from big U.S. lenders last week had set a positive tone for third-quarter earnings season, with analysts expecting S&P 500 earnings to show a 32% rise from a year ago, according to Refinitiv data.

The solid start likely helped investors shrug off uneasiness from earlier in the day after China recorded its slowest pace of economic growth in a year for the third quarter, hurt by power shortages and wobbles in the property sector. [MKTS/GLOB]

Other top contributors to the S&P's gains were Tesla Inc ahead of its earnings report this week, Amazon, which added 1% and chipmaker Nvidia Corp, which closed up 1.6%.

While technology, closing up 0.9%, was the S&P's top index point boost, consumer discretionary was the biggest percentage gainer, climbing 1.2% and communications services followed with a 0.7% gain.

Johnson & Johnson, Netflix, Verizon Communications Inc and oilfield services company Baker Hughes Co are also due to report quarterly results this week.

But while mega tech gainers were strong enough to boost the S&P and the Nasdaq, optimism was not widespread with four industry sectors closing in the red.

Of the S&P's 11 major sectors, seven closed higher. The biggest decliners were utilities, down 0.97%, and healthcare, down 0.7%.

Shares of Walt Disney Co closed down 3% after Barclays downgraded the media giant's stock to "equal weight" from "overweight."

Declining issues outnumbered advancing ones on the NYSE by a 1.09-to-1 ratio; on Nasdaq, a 1.24-to-1 ratio favored decliners.

The S&P 500 posted 39 new 52-week highs and no new lows; the Nasdaq Composite recorded 65 new highs and 113 new lows.

Volume on U.S. exchanges was 9.1 billion shares, compared with the 10.3 billion average for the last 20 trading days.

(Reporting by Sinead Carew in New York and by Devik Jain and Shreyashi Sanyal in Bengaluru; Editing by Arun Koyyur and Matthew Lewis)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 0.62% 2963.73 Delayed Quote.68.05%
AMAZON.COM, INC. 0.00% 3523.16 Delayed Quote.8.18%
APPLE INC. 2.28% 175.08 Delayed Quote.21.97%
DJ INDUSTRIAL 0.10% 35754.75 Delayed Quote.12.98%
FACEBOOK INC 2.40% 330.56 Delayed Quote.18.18%
MICROSOFT CORPORATION 0.01% 334.97 Delayed Quote.50.58%
NETFLIX, INC. 0.40% 628.08 Delayed Quote.15.69%
NVIDIA CORPORATION -1.85% 318.26 Delayed Quote.148.39%
TESLA, INC. 1.64% 1068.96 Delayed Quote.42.99%
All news about DJ INDUSTRIAL
04:54pCLOSE UPDATE : US Stocks Turn Higher as Investors Weigh Omicron Effects on Economy, Look T..
04:03pUS Stocks Turn Higher as Investors Weigh Omicron Effects on Economy, Look Toward Friday..
03:39pUS ECONOMICS : Initial Claims, Bond Auction Headline Thursday's Agenda
03:20pDaily Roundup of Key US Economic Data for Dec. 8
03:11pWells Fargo Expects Growth, Inflation to Cool in 2022
02:43pOctober Job Openings Rise More Than Expected, Layoffs and Discharges Hold Steady, Gover..
02:22pTop Midday Decliners
01:57pTop Midday Gainers
01:40pCrude Inventories Decline for Second Straight Week as Oil Prices Rise
01:29pEquities Turn Mixed Midday While Treasuries Drop Ahead of Eagerly Awaited November Infl..
More news
News of the index components DJ INDUSTRIAL
05:56pUZBEKISTAN PRIVATISATION : “There is no other way”
05:12pJOHNSON & JOHNSON : to Participate in the 40th Annual J.P. Morgan Healthcare Conference
04:52pCISCO : Enhancing Webex Messaging Using Webex APIs & AppleScript
04:34pApple wins last-minute reprieve from App Store changes while 'Fortnite' appeal plays ou..
04:04pAmerican Express Declares Quarterly Dividend of $0.43 a Share, Payable Feb. 10, 2022, t..
04:01pAmerican Express Declares Regular Quarterly Dividend
03:48pSOCIAL BUZZ : Wallstreetbets Stocks Docusign, Digital World, Roku Rally as Stitch Fix Sink..
More news
Duration : Period :
DJ Industrial Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends DJ INDUSTRIAL
Short TermMid-TermLong Term
Heatmap :