Breaking News
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

S&P 500, Nasdaq rise with growth stocks; JPMorgan a drag

EconomyOct 13, 2021 18:38
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, New York, U.S., July 19, 2021. REUTERS/Andrew Kelly

By Caroline Valetkevitch

NEW YORK (Reuters) - The S&P 500 and Nasdaq ended higher on Wednesday, led by gains in shares of big growth names like Amazon.com and Microsoft, but JPMorgan shares fell along with other bank shares and weighed on the market.

The S&P 500 briefly added to gains following the release of minutes from the September Federal Reserve policy meeting.

U.S. central bankers signaled they could start reducing crisis-era support for the economy in mid-November, though they remained divided over how much of a threat high inflation poses and how soon they may need to raise interest rates, the minutes showed.

Earlier, a Labor Department report showed consumer prices increased solidly in September, further strengthening the case for a Fed interest-rate hike.

Shares of JPMorgan Chase & Co (NYSE:JPM) fell 2.6% even though JPMorgan's third-quarter earnings beat expectations, helped by global dealmaking boom and release of more loan loss reserves. The stock declined along with the other bank shares and was among the biggest drags on the S&P 500 and Dow, which ended flat.

The S&P 500 bank index was down 1.3%, with longer-dated Treasury yields down on the day.

The day's corporate results kicked off third-quarter earnings for S&P 500 companies.

"My hope is that as we work our way through earnings season, that the forward-looking guidance will be good enough that we'll close the year higher. But right now the market is in a show-me phase," said Jim Awad, senior managing director at Clearstead Advisors LLC in New York.

Mega-caps growth names including Amazon.com Inc (NASDAQ:AMZN), Google-parent Alphabet (NASDAQ:GOOGL) and Microsoft Corp (NASDAQ:MSFT) all rose.

The Dow Jones Industrial Average fell 0.53 points to 34,377.81, the S&P 500 gained 13.15 points, or 0.30%, to 4,363.8 and the Nasdaq Composite added 105.71 points, or 0.73%, to 14,571.64.

BlackRock Inc (NYSE:BLK) gained 3.8% after the world's largest money manager beat quarterly profit estimates as an improving economy helped boost its assets under management, driving up fee income.

Also in earnings, Delta Air Lines (NYSE:DAL) fell 5.8% after the company reported its first quarterly profit without federal aid since the coronavirus pandemic, but warned of a pre-tax loss for the fourth quarter due to a sharp rise in fuel prices.

Analysts expect corporate America to report strong profit growth in the third quarter but investor worries have been mounting over how supply chain problems, labor shortages and higher energy prices might affect businesses emerging from the pandemic.

Bank of America (NYSE:BAC), Citigroup (NYSE:C), Wells Fargo (NYSE:WFC) and Morgan Stanley (NYSE:MS) will report results on Thursday, while Goldman Sachs (NYSE:GS) is due to report on Friday.

Among other movers, Apple Inc (NASDAQ:AAPL) dipped 0.4% after a report said the iPhone marker was planning to cut production of its iPhone 13.

Advancing issues outnumbered declining ones on the NYSE by a 1.73-to-1 ratio; on Nasdaq, a 1.39-to-1 ratio favored advancers.

The S&P 500 posted 8 new 52-week highs and 9 new lows; the Nasdaq Composite recorded 47 new highs and 56 new lows.

Volume on U.S. exchanges was 9.31 billion shares, compared with the 10.8 billion average for the full session over the last 20 trading days.

S&P 500, Nasdaq rise with growth stocks; JPMorgan a drag
 

Related Articles

Top 5 Things to Watch in Markets in the Week Ahead
Top 5 Things to Watch in Markets in the Week Ahead By Investing.com - Oct 24, 2021

By Noreen Burke Investing.com -- The week ahead brings earnings reports from several tech giants including Amazon and Apple. There are also some key economic reports in the coming...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email