US stocks mixed as cyclicals take the lead, crude weakness persists
Morgan Stanley beats estimates, stock touch record high
Grim ASML outlook hits chip stocks
Crude extends its slide
Updates to 10:52 EDT
By Stephen Culp
NEW YORK, Oct 16 (Reuters) -U.S. stocks were mixed on Wednesday and gold gained strength as bank earnings continued to beat expectations while fears of softening global demand weakenedmegacap growth stocks and quelledinvestor risk appetite.
The S&P 500's gains appeared to be held in check by underperforming megacap growth stocks, which pulled the Nasdaq into negative territory.
The blue-chip Dow, powered by financial shares, was modestly higher.
"Cyclicals and economically sensitive stocks have been outperforming," said Ross Mayfield, investment strategy analyst at Baird in Louisville, Kentucky. "I think the market believes a soft landing is being achieved and that the odds of reacceleration in growth are higher than the odds of recession.
Large banking firms have reported a string of upbeat earnings. Most recently, Morgan Stanley MS.N reported consensus-beating quarterly profit, sending its shares to a record high.
On Tuesday, chip equipment maker ASML ASML.AS forecast weaker than expected 2025 sales, prompting demand concerns.
"Bank results have been good, but the update from ASML <ASML.AS> and I think have led to a bit of a sell-off in AI (artificial intelligence)-adjacent space," Mayfield added.
The Dow Jones Industrial Average .DJI rose 197.71 points, or 0.46%, to 42,938.13. The S&P 500 .SPX climbed5.23 points, or 0.09%, to 5,820.35 and the Nasdaq Composite .IXIC fell 16.59 points, or 0.09%, to 18,299.00.
European stocks were modestly lower in the wake of disappointing results from ASMLand luxury goods maker LVMH<LVMH.PA> weighed on sentiment as investors remained cautious ahead of the European Central Bank's (ECB) policy decision on Thursday.
MSCI's gauge of stocks across the globe .MIWD00000PUS fell 0.98 points, or 0.12%, to 850.27.
The STOXX 600 .STOXX index fell 0.09%, while Europe's broad FTSEurofirst 300 index .FTEU3 fell 2.43 points, or 0.12%
Emerging market stocks .MSCIEF fell 5.88 points, or 0.51%, to 1,143.85.
Benchmark U.S. Treasury yields eased as financial markets cemented their bets for a smaller interest rate cut from the Federal Reserve at the conclusion of next month's policy meeting.
The yield on benchmark U.S. 10-year notes US10YT=RR fell 3 basis points to 4.008%, from 4.038% late on Tuesday.
The 30-year bond US30YT=RR yield fell 3.5 basis points to 4.2926% from 4.328% late on Tuesday.
The 2-year note US2YT=RR yield, which typically moves in step with interest rate expectations, fell 2.3 basis points to 3.933%, from 3.956% late on Tuesday.
The dollar posted a modest gain against a basket of world currencies as softer-than-expected British inflation data gave the Bank of England wiggle room to cut rates, sending the sterling lower, while the euro hit a 10-week low ahead of the ECB meeting.
The dollar index =USD, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.14% to 103.40, with the euro EUR= down 0.09% at $1.088.
Against the Japanese yen JPY=, the dollar strengthened 0.27% to 149.59.
Oil prices dipped as expectations for ample supply offset simmering Middle East tensions, while OPEC and the International Energy Agency tempered their global demand forecasts for 2024 and 2025.
U.S. crude CLc1 fell 0.18% to $70.45 a barrel and Brent LCOc1 fell to $74.20 per barrel, down 0.05% on the day.
Gold prices extended recent gains, boosted by languid stocks and weaker bond yields.
Spot gold XAU= rose 0.4% to $2,671.75 an ounce.
World FX rates YTD http://tmsnrt.rs/2egbfVh
Asian stock markets https://tmsnrt.rs/2zpUAr4
European luxury and tech stocks struggle for momentum https://reut.rs/3zYybTU
Global assets YTD https://reut.rs/403fLfn
Reporting by Stephen Culp; Additional reporting by Amanda Cooper in London; Editing by Richard Chang
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