Stocks Waver After Tech Rout as Earnings Roll In: Markets Wrap
(Bloomberg) — Stocks fluctuated after a selloff driven by some of the world’s largest chipmakers, with traders wading through a raft of corporate results.
The S&P 500 was little changed after dropping almost 1% in the previous session. Nvidia Corp. added 1%, pacing gains in megacaps. Morgan Stanley climbed 4% as traders and bankers joined the rest of their Wall Street rivals in posting better-than-expected revenue, fueling a 32% profit jump for the third quarter. United Airlines Holdings Inc. rose 5% as earnings beat estimates.
“The stock market succumbed to some profit-taking off new highs, however, uptrends remain intact, so short-term pullbacks should be expected,” said Craig Johnson at Piper Sandler. “We view pullbacks within the current uptrend as buying opportunities.”
The S&P 500 hovered near 5,815. The yield on 10-year Treasuries declined two basis points to 4.01%.
Oil fluctuated near $74 a barrel after slumping on Tuesday, as traders continued to monitor the risk of escalation in the Middle East and the outlook for next year.
Corporate Highlights:
- J.B. Hunt Transport Services Inc.’s third-quarter profit topped the average analyst estimate. Revenue fell less than analysts expected.
- Qualcomm Inc. is likely to wait until after the US presidential election in November before deciding whether to pursue an offer to buy Intel Corp., people familiar with the matter said.
- U.S. Bancorp raked in net interest income that topped analyst estimates as fixed-rate assets in its portfolio benefited from higher borrowing costs.
- Abbott Laboratories narrowed its full-year profit outlook, raising the midpoint slightly, as strong demand for its diabetes devices continued driving growth.
- Airbus SE plans to eliminate as many as 2,500 positions at its defense and space division as the European aircraft manufacturer seeks to streamline a business that’s consistently racked up charges and suffered from stiff competition.
- Warburg Pincus is weighing a possible buyout of German IT services company Nagarro SE, people familiar with the matter said, potentially adding to the strong momentum of dealmaking in the country.
Key events this week:
- ECB rate decision, Thursday
- US retail sales, jobless claims, industrial production, Thursday
- Fed’s Austan Goolsbee speaks, Thursday
- China GDP, Friday
- US housing starts, Friday
- Fed’s Christopher Waller, Neel Kashkari speak, Friday
Some of the main moves in markets:
Stocks
- The S&P 500 was little changed as of 9:31 a.m. New York time
- The Nasdaq 100 was little changed
- The Dow Jones Industrial Average was little changed
- The Stoxx Europe 600 fell 0.2%
- The MSCI World Index fell 0.1%
Currencies
- The Bloomberg Dollar Spot Index rose 0.1%
- The euro was unchanged at $1.0893
- The British pound fell 0.4% to $1.3026
- The Japanese yen was little changed at 149.33 per dollar
Cryptocurrencies
- Bitcoin rose 1.9% to $67,773.3
- Ether rose 2.1% to $2,624.99
Bonds
- The yield on 10-year Treasuries declined two basis points to 4.01%
- Germany’s 10-year yield declined four basis points to 2.18%
- Britain’s 10-year yield declined 10 basis points to 4.06%
Commodities
- West Texas Intermediate crude rose 0.1% to $70.68 a barrel
- Spot gold rose 0.7% to $2,681.46 an ounce
This story was produced with the assistance of Bloomberg Automation.
©2024 Bloomberg L.P.
