Wall St mostly up on Nasdaq and growth stocks, takes Fed minutes in stride

Stock Markets4 minutes ago (Oct 13, 2021 03:06PM ET)

(C) 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

(Reuters) – U.S. stocks were mostly higher on Wednesday in afternoon trading, led by gains in the Nasdaq and shares of big growth names including Amazon.com and Microsoft.

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

The minutes showed 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.

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

JPMorgan Chase & Co (NYSE:JPM) fell 2.7% and was among the biggest drags on the Dow and S&P 500 even though its third-quarter earnings beat expectations, helped by global dealmaking boom and release of more loan loss reserves.

“The market is in a show-me phase” with earnings, said Jim Awad, senior managing director at Clearstead Advisors LLC in New York.

“My hope is that stronger-looking guidance” will help to support prices, he said.

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 54.74 points, or 0.16%, to 34,323.6, the S&P 500 gained 4.56 points, or 0.10%, to 4,355.21 and the Nasdaq Composite added 69.98 points, or 0.48%, to 14,535.90.

BlackRock Inc (NYSE:BLK) rose 3.7% 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.

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) will publish earnings on Friday.

Analysts expect corporate America to report strong profit growth in the third quarter at a time when worries about supply chain problems and higher prices are affecting businesses emerging from the pandemic.

Among other stocks, Apple Inc (NASDAQ:AAPL) fell 0.8% 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 1.50-to-1 ratio; on Nasdaq, a 1.17-to-1 ratio favored advancers.

The S&P 500 posted 6 new 52-week highs and 8 new lows; the Nasdaq Composite recorded 46 new highs and 50 new lows.

Wall St mostly up on Nasdaq and growth stocks, takes Fed minutes in stride

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.

Related Stories

Enjoying my content?

Join the exclusive subscription today and get premium articles for free

Discover

Missionary group confirms kidnapping of 16 Americans, one Canadian

World17 minutes ago (Oct 17, 2021 04:50PM ET) 2/2 (C) Reuters. FILE PHOTO: A sign marks...

Gangs expand territory as Haiti government struggles to stay...

World17 minutes ago (Oct 17, 2021 03:50PM ET) (C) Reuters. FILE PHOTO: A general view...

A Sinister Six Movie Should Copy Spider-Man: No Way...

Sony's upcoming Sinister Six movie should take some inspiration from Spider-Man: No Way Home...

Masked Singer: Artist Who Was Cupcake Dishes on Unmasking

The celebrity formerly known as Cupcake on The Masked Singer opened up about competing...

Venezuelan opposition urges government to resume suspended talks

World8 minutes ago (Oct 17, 2021 03:00PM ET) 2/2 (C) Reuters. Gerardo Blyde Perez of Venezuela's...

U.S. Coast Guard boards ship in connection with California...

Commodities23 minutes ago (Oct 17, 2021 02:45PM ET) (C) Reuters. FILE PHOTO: Workers rake up...

Popular Categories