AIRLINK 74.69 Decreased By ▼ -0.47 (-0.63%)
BOP 5.40 Decreased By ▼ -0.05 (-0.92%)
CNERGY 4.33 Decreased By ▼ -0.06 (-1.37%)
DFML 28.90 Increased By ▲ 1.26 (4.56%)
DGKC 77.14 Increased By ▲ 5.14 (7.14%)
FCCL 21.30 Increased By ▲ 1.01 (4.98%)
FFBL 31.35 Increased By ▲ 0.30 (0.97%)
FFL 10.01 Increased By ▲ 0.04 (0.4%)
GGL 10.67 Increased By ▲ 0.40 (3.89%)
HBL 115.04 Increased By ▲ 0.04 (0.03%)
HUBC 131.25 Decreased By ▼ -0.20 (-0.15%)
HUMNL 6.77 Decreased By ▼ -0.10 (-1.46%)
KEL 4.10 Decreased By ▼ -0.10 (-2.38%)
KOSM 4.75 Decreased By ▼ -0.02 (-0.42%)
MLCF 39.20 Increased By ▲ 2.12 (5.72%)
OGDC 135.00 Decreased By ▼ -0.45 (-0.33%)
PAEL 23.20 Decreased By ▼ -0.20 (-0.85%)
PIAA 27.39 Increased By ▲ 0.08 (0.29%)
PIBTL 6.62 Increased By ▲ 0.02 (0.3%)
PPL 113.60 Increased By ▲ 0.44 (0.39%)
PRL 28.67 Decreased By ▼ -0.08 (-0.28%)
PTC 15.35 Decreased By ▼ -0.15 (-0.97%)
SEARL 57.51 Increased By ▲ 0.18 (0.31%)
SNGP 67.13 Increased By ▲ 0.14 (0.21%)
SSGC 11.20 Increased By ▲ 0.03 (0.27%)
TELE 9.27 Increased By ▲ 0.13 (1.42%)
TPLP 12.15 Increased By ▲ 0.10 (0.83%)
TRG 70.61 Increased By ▲ 0.22 (0.31%)
UNITY 23.84 Increased By ▲ 0.19 (0.8%)
WTL 1.33 Decreased By ▼ -0.01 (-0.75%)
BR100 7,479 Increased By 23.7 (0.32%)
BR30 24,380 Increased By 129.7 (0.53%)
KSE100 71,729 Increased By 295.5 (0.41%)
KSE30 23,644 Increased By 77.2 (0.33%)
Markets

S&P 500, Dow scale new peaks; Nasdaq hit by Facebook

  • Snap tumbles on Apple tweak, drags social media giants lower
  • Indexes: Dow up 0.33%, S&P up 0.05%, Nasdaq down 0.39%
Published October 22, 2021

The Dow and the S&P 500 hit record highs on Friday following positive earnings from American Express, while the Nasdaq was pressured after social media giants including Facebook tumbled on Apple privacy tweak worries.

The benchmark index hit an intraday record for the second straight session and was set for weekly gains of 1.8%, extending a bullish run for the third consecutive week.

"The S&P is making new highs while we're in the middle of the supply chain issue so the market is telling you 'I know about this and I'm not worried'," Eric Diton, managing director of investment advisory firm The Wealth Alliance, said.

"We're still in a very low interest rate environment, coupled with a global economic recovery that is going to have fits and starts and a still accommodative Federal Reserve ... that is not the input for a major bear market."

Nine of the 11 major S&P 500 sector indexes were higher in the first hour of trading, while the communication services sector fell over 2% as it was hit by a slump in social media giants.

American Express Co rose 5.1%, the biggest boost to the Dow Jones Industrial Average, as it beat profit estimates for the fourth straight quarter.

Wall St falls as ADP jobs beat sparks taper fears

Intel Corp tumbled 10.8% as it missed third-quarter sales expectations, while its chief executive officer pointed to shortages of chips holding back sales of its flagship processors.

Supply chain worries, inflationary pressures and labor shortages have been at the forefront of the third-quarter earnings season. Analysts expect S&P 500 earnings to rise 34.8% year-on-year, with just over 100 companies having reported so far, according to data from Refinitiv.

Some analysts, however, said such worries will only have a temporary impact on earnings from mega-cap technology and communication companies this reporting season.

Facebook Inc fell 5.0% and Twitter Inc lost 3.2% after Snap Inc said privacy changes by Apple Inc on iOS devices hurt the company's ability to target and measure its digital advertising.

Snap plummeted 22.9% on the news and cast doubts over quarterly reports next week from Facebook and Twitter, social media firms that rely heavily on advertising revenue.

Apple edged up 0.2%. Other growth stocks including Tesla Inc and Netflix Inc also rose.

At 10:02 a.m. ET the Dow Jones Industrial Average was up 118.92 points, or 0.33%, at 35,722.00, the S&P 500 was up 2.48 points, or 0.05%, at 4,552.26, and the Nasdaq Composite was down 58.83 points, or 0.39%, at 15,156.87.

Mattel Inc gained 0.8% after it raised its 2021 sales forecast on Thursday, saying it would overcome industry-wide shipping disruptions.

Data showed US business activity accelerated in October, as COVID-19 infections subsided, though labor and raw material shortages held back manufacturing.

Advancing issues outnumbered decliners for a 1.81-to-1 ratio on the NYSE, while declining issues outnumbered advancers for a 1.43-to-1 ratio on the Nasdaq.

The S&P index recorded 74 new 52-week highs and no new low, while the Nasdaq recorded 90 new highs and 63 new lows.

Comments

Comments are closed.