Categories
Markets

Stock market news live updates: S&P 500 rises to a fresh record closing huge

Stocks finished higher on Friday, with the S&P 500 and Nasdaq closing out the session at record levels.

The S&P 500 and Nasdaq each rose aproximatelly 0.5 %, even though the Dow finished only a tick above the flatline. U.S. stocks shook off earlier declines after monitoring a drop in overseas equities, after new data showed that UK gross domestic product (GDP) slumped by a report 9.9 % in 2020 as a virus-induced recession swept the nation.

Shares of Dow component Disney (DIS) reversed earlier profits to fall greater than one % and pull back out of a record high, after the company posted a surprise quarterly benefit and cultivated Disney+ streaming subscribers much more than expected. Newly public business Bumble (BMBL), which set about trading on the Nasdaq on Thursday, rose another 7 % after jumping sixty three % in its public debut.

Over the older couple weeks, investors have absorbed a bevy of much stronger than expected earnings results, with corporate earnings rebounding much faster than expected regardless of the continuous pandemic. With over 80 % of businesses right now having reported fourth-quarter outcomes, S&P 500 earnings per share (EPS) have topped estimates by 17 % in aggregate, and bounced back above pre-COVID levels, according to an analysis by Credit Suisse analyst Jonathan Golub.

generous government behavior and “Prompt mitigated the [virus related] injury, leading to outsized economic and earnings surprises,” Golub said. “The earnings recovery has been considerably more robust than we might have thought possible when the pandemic first took hold.”

Stocks have continued to set fresh record highs against this backdrop, and as fiscal and monetary policy support stay strong. But as investors become used to firming business functionality, businesses may have to top even greater expectations in order to be rewarded. This can in turn put some pressure on the broader market in the near-term, and warrant more astute assessments of individual stocks, based on some strategists.

“It is actually no secret that S&P 500 performance continues to be pretty strong over the past several calendar years, driven mainly through valuation development. Nevertheless, with the index P/E [price-to-earnings ratio] recently eclipsing its previous dot-com high, we think that valuation multiples will start to compress in the coming months,” BMO Capital Markets strategist Brian Belski wrote in a note Thursday. “According to the job of ours, strong EPS growth would be necessary for the following leg greater. Fortunately, that is precisely what existing expectations are forecasting. But, we additionally realized that these types of’ EPS-driven’ periods tend to be more complicated from an investment strategy standpoint.”

“We believe that the’ easy cash days’ are actually more than for the time being and investors will have to tighten up the focus of theirs by evaluating the merits of individual stocks, as opposed to chasing the momentum laden practices who have recently dominated the expense landscape,” he added.

4:00 p.m. ET: Stocks end higher, S&P 500 and Nasdaq reach history closing highs
Here’s exactly where the key stock indexes finished the session:

S&P 500 (GSPC): +18.55 points (+0.47 %) to 3,934.93

Dow (DJI): +27.44 points (+0.09 %) to 31,458.14

Nasdaq (IXIC): +69.70 points (+0.5 %) to 14,095.47

2:58 p.m. ET:’ Climate change’ would be the most cited Biden policy on company earnings calls: FactSet
Fourth-quarter earnings season marks the pioneer with President Joe Biden in the White House, bringing the latest political backdrop for corporations to contemplate.

Biden’s policies around climate change and environmental protections have been the most-cited political issues brought up on corporate earnings calls up to this point, based on an analysis from FactSet’s John Butters.

“In terms of government policies discussed in conjunction with the Biden administration, climate change as well as energy policy (28), tax policy (twenty ) and COVID-19 policy (19) have been cited or perhaps talked about by probably the highest number of businesses through this point in time in 2021,” Butters wrote. “Of these twenty eight firms, 17 expressed support (or a willingness to the office with) the Biden administration on policies to reduce carbon and greenhouse gas emissions. These seventeen companies possibly discussed initiatives to minimize the own carbon of theirs as well as greenhouse gas emissions or perhaps products or services they supply to assist clients & customers reduce the carbon of theirs and greenhouse gas emissions.”

“However, four companies also expressed a number of concerns about the executive order setting up a moratorium on new engine oil as well as gas leases on federal lands (and offshore),” he added.

The list of 28 firms discussing climate change as well as energy policy encompassed organizations from a broad array of industries, including JPMorgan Chase, United Airlines Holdings and 3M, alongside traditional oil majors as Chevron.

11:36 a.m. ET: Stocks combined, S&P 500 and Nasdaq turn positive
Here is where marketplaces had been trading Friday intraday:

S&P 500 (GSPC): +7.87 points (+0.2 %) to 3,924.25

Dow (DJI): 8.77 points (-0.03 %) to 31,421.93

Nasdaq (IXIC): +28.15 points (+0.21 %) to 14,053.77

Crude (CL=F): +$0.65 (+1.12 %) to $58.89 a barrel

Gold (GC=F): +$0.20 (+0.01 %) to $1,827.00 per ounce

10-year Treasury (TNX): +2.7 bps to yield 1.185%

10:15 a.m. ET: Consumer sentiment unexpectedly plunges to a six-month lower in February: U. Michigan
U.S. consumer sentiment slid to the lowest level after August in February, according to the University of Michigan’s preliminary once a month survey, as Americans’ assessments of the road forward for the virus-stricken economy unexpectedly grew much more grim.

The headline consumer sentiment index dipped to 76.2 from 79.0 in January, sharply missing expectations for a surge to 80.9, based on Bloomberg consensus data.

The complete loss of February was “concentrated in the Expectation Index and involving households with incomes under $75,000. Households with incomes in the bottom third reported considerable setbacks in the current finances of theirs, with fewer of these households mentioning recent income gains than whenever since 2014,” Richard Curtin chief economist for the university’s Surveys of Consumers, said in a statement.

“Presumably a new round of stimulus payments will reduce fiscal hardships among those with the lowest incomes. A lot more surprising was the finding that consumers, despite the expected passage of a massive stimulus bill, viewed prospects for the national economy less favorably in early February than last month,” he added.

9:30 a.m. ET: Stocks open lower, but pace toward posting weekly gains
Here’s where markets had been trading only after the opening bell:

S&P 500 (GSPC): -8.31 points (0.21 %) to 3,908.07

Dow (DJI): 19.64 (-0.06 %) to 31,411.06

Nasdaq (IXIC): -53.51 (+0.41 %) to 13,970.45

Crude (CL=F): 1dolar1 0.23 (-0.39 %) to $58.01 a barrel

Gold (GC=F): -1dolar1 10.70 (0.59 %) to $1,816.10 per ounce

10-year Treasury (TNX): +3.2 bps to deliver 1.19%

9:05 a.m. ET: Equity funds see highest weekly inflows ever as investors pile into tech stocks: Bank of America
Stock cash simply saw the largest-ever week of theirs of inflows for the period ended February 10, with inflows totaling a record $58.1 billion, according to Bank of America. Investors pulled a total of $800 million out of gold and $10.6 billion out of profit during the week, the firm added.

Tech stocks in turn saw their own record week of inflows during $5.4 billion. U.S. large cap stocks saw the second largest week of theirs of inflows ever at $25.1 billion, and U.S. small cap inflows saw the third-largest week of theirs at $5.6 billion.

Bank of America warned that frothiness is rising in markets, nevertheless, as investors keep on piling into stocks amid low interest rates, along with hopes of a good recovery for the economy and corporate earnings. The firm’s proprietary “Bull and Bear Indicator” monitoring market sentiment rose to 7.7 from 7.5, nearing an 8.0 “sell” signal.

7:14 a.m. ET Friday: Stock futures point to a lower open
Here were the primary movements in markets, as of 7:16 a.m. ET Friday:

S&P 500 futures (ES=F): 3,904.00, down 8.00 points or perhaps 0.2%

Dow futures (YM=F): 31,305.00, down fifty four points or even 0.17%

Nasdaq futures (NQ=F): 13,711.25, printed 17.75 points or 0.13%

Crude (CL=F): 1dolar1 0.43 (0.74 %) to $57.81 a barrel

Gold (GC=F): -1dolar1 9.50 (-0.52 %) to $1,817.30 per ounce

10-year Treasury (TNX): +0.5 bps to deliver 1.163%

6:03 p.m. ET Thursday: Stock futures tick higher
Here’s where marketplaces had been trading Thursday as over night trading kicked off:

S&P 500 futures (ES=F): 3,904.50, printed 7.5 points or perhaps 0.19%

Dow futures (YM=F): 31,327.00, down 32 points or 0.1%

Nasdaq futures (NQ=F): 13,703.5, printed 25.5 points or even 0.19%

Leave a Reply

Your email address will not be published. Required fields are marked *