Tech stocks boost Nasdaq, S&P 500; Netflix soars
For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.
Netflix projects continued growth through year-end
CVS falls after replacing CEO
American Express, SLB down after results
Indexes: Dow down 0.25%, S&P 500 up 0.21%, Nasdaq up 0.58%
Updated at 09:48 a.m. ET/1348 GMT
By Lisa Pauline Mattackal and Purvi Agarwal
Oct 18 (Reuters) - The S&P 500 and the tech-heavy Nasdaq edged higher on Friday, driven by gains in technology stocks, while Netflix climbed after beating subscriber growth estimates.
Shares of Netflix NFLX.O jumped 9.8% to a record high after the streaming giant topped Wall Street estimates for subscriber additions and said it expected continued growth through the end of the year.
Gains in Netflix lifted Communication Services .SPLRCL to the top of the 11 S&P 500 sectors with a 1.3% increase.
Energy .SPNY and Consumer Staples .SPLRCS were among the top losers, bogged down by declines in SLB SLB.N and Procter & Gamble PG.N, which fell 2.4% and 0.8%, respectively, following their results.
Most of the so-called MagnificentSeven stocks, which have driven much of Wall Street's rally this year, were higher, with Apple AAPL.O up 1.2% after data showed a jump in new iPhone sales in China, boosting the broader Technology sector .SPLRCT, which rose 0.7%.
Chip heavyweight Nvidia NVDA.O added 1%, extending gains from Thursday, after BofA Global Research hiked its price target on the stock.
The Dow Jones Industrial Average .DJI fell 108.85 points, or 0.25%, to 43,132.38, the S&P 500 .SPX gained 12.41 points, or 0.21%, to 5,853.88, and the Nasdaq Composite .IXIC gained 109.60 points, or 0.58%, to 18,480.79.
The Dow was weighed down by American Express AXP.N, which lost 4.4% after its quarterly revenue missed estimates.
The small-cap Russell 2000 .RUT was set to outperform major indexes in the week. It was last up 0.2%.
Mostly upbeatearnings from financial companies and broadly positive economic data have put the three main indexes on track to log their sixth week of gains.The Dow closed at a record high on Thursday, while the S&P 500 is nearing the psychologically important 6,000 mark.
"Financials have responded very well to earnings. They were the first real big (sector) to report and they performed rather well," said Adam Sarhan, chief executive at 50 Park Investments.
"Until we see stocks really get walloped or fall hard on earnings, the market's earned the bullish benefit of the doubt."
However, stretched valuations and high expectations for corporate results could leave stocks vulnerable to a pullback amid indications that investors are exploring less expensive sectors.
CVS Health CVS.N slumped 7.4% after itreplaced CEO Karen Lynch with company veteran David Joyner and withdrew its 2024 profit forecast, becoming the biggest decliner on the benchmark index.
Fed officials Christopher Waller, Neel Kashkari and Raphael Bostic are slated to speak during the day.
Expectations for the U.S. Federal Reserve to ease interest rates by 25 basis points at its Novembermeeting stood intact, at about 90%, according to CME's FedWatch.
In economic data, single-family housing starts increased 2.7% to a seasonally adjusted annual rate of 1.027 million units in September.
Meanwhile, U.S. listings of Chinese companies leapt after China's centralbank launched funding schemes aimed at boosting the equity market. Alibaba BABA.N gained 2.4%, JD.com JD.O rose 3.6% and PDD Holdings PDD.O jumped 1.7%.
Advancing issues outnumbered decliners by a 1.76-to-1 ratio on the NYSE, and by a 1.82-to-1 ratio on the Nasdaq.
The S&P 500 posted 26 new 52-week highs and one new low, while the Nasdaq Composite recorded 69 new highs and 15 new lows.
Netflix returned more to shareholders in 20 years https://reut.rs/3YsYfzS
Reporting by Lisa Mattackal and Purvi Agarwal in Bengaluru; Editing by Pooja Desai
Aset Terkait
Berita Terbaru
Pengungkapan: Entitas XM Group menyediakan layanan khusus eksekusi dan akses ke Fasilitas Trading Online kami, yang memungkinkan Anda untuk melihat dan/atau menggunakan konten yang tersedia pada atau melalui situs, yang tidak untuk mengubah atau memperluas, serta tidak mengubah atau memperluas hal tersebut. Akses dan penggunaan ini selalu sesuai dengan: (i) Syarat dan Ketentuan; (ii) Peringatan Risiko; dan (iii) Pengungkapan Penuh. Oleh karena itu, konten disediakan hanya sebagai informasi umum. Anda juga harus ketahui bahwa konten Fasilitas Trading Online kami bukan sebagai ajakan atau tawaran untuk untuk melakukan transaksi apa pun di pasar finansial. Trading di pasar finansial mana pun melibatkan tingkat risiko yang signifikan pada modal Anda.
Semua materi yang diterbitkan di Fasilitas Trading Online kami hanya untuk tujuan edukasi/informasi dan tidak boleh mengandung nasihat dan rekomendasi finansial, pajak investasi atau trading, catatan harga trading kami, penawaran, permintaan, transaksi dalam instrumen finansial apa pun atau promo finansial untuk Anda yang tidak diminta.
Konten pihak ketiga apa pun, serta konten yang disiapkan oleh XM, seperti opini, berita, riset, analisis, harga, informasi lain atau link ke situs pihak ketiga yang tersedia "sebagaimana adanya", sebagai komentar pasar umum dan bukan menjadi nasihat investasi. Sejauh konten apa pun ditafsirkan sebagai penelitian investasi, Anda harus memperhatikan dan menerima bahwa konten tersebut tidak dimaksudkan dan belum disiapkan sesuai dengan persyaratan hukum yang dirancang untuk mempromosikan kemandirian riset investasi dan dengan demikian akan dianggap sebagai komunikasi pemasaran di bawah hukum dan peraturan yang relevan. Mohon dipastikan bahwa Anda telah membaca dan memahami Notifikasi pada Riset Investasi Non-Independen dan Peringatan Risiko kami mengenai informasi di atas, yang dapat diakses disini.
