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Dow, S&P 500 set for record open after Disney's strong earnings

Economy Aug 13, 2021 08:46AM ET
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© Reuters. FILE PHOTO: A trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 5, 2021. REUTERS/Andrew Kelly

By Devik Jain

(Reuters) -The Dow and the S&P 500 were set to open at record highs on Friday after Walt Disney (NYSE:DIS)'s forecast-beating results, while signs of cooling inflation and a strong recovery in corporate earnings kept the indexes on track for a second straight week of gains.

Disney jumped 4.6% in premarket trading after it topped Wall Street expectations for quarterly earnings as its streaming services picked up more customers than expected and pandemic-hit U.S. theme parks returned to profitability.

Airbnb Inc slipped 2.7% after it flagged a hit to its current-quarter bookings by the Delta variant of the coronavirus and a slowing pace of U.S. vaccination.

A stellar earnings season, improving economic data and the Senate's passage of a large infrastructure bill have all reinforced investors' belief in the economic recovery, pushing U.S. stocks to all-time highs in the past few sessions.

Concerns over higher inflation and a sooner-than-anticipated policy tapering by the Federal Reserve also ebbed after data earlier this week showed the pace of increase in U.S. consumer prices slowed in July even as producer prices posted their biggest annual increase in more than a decade.

"What we know about inflation at this point is that it remains relatively high, but it doesn't appear to be getting a lot worse at the moment," said Randy Frederick, managing director of trading and derivatives at Charles Schwab (NYSE:SCHW).

"High inflation is not always a bad thing if it's accompanied by strong economic growth and right now it is just indicative that the economy is doing very well."

Investors are looking ahead to the minutes of the Fed's latest policy meeting, due next week, and the annual meeting of central bankers in Jackson Hole, Wyoming, later in August for fresh cues on policy.

At 8:22 a.m. ET, Dow e-minis were up 56 points, or 0.16%, S&P 500 e-minis were up 2.5 points, or 0.06%, and Nasdaq 100 e-minis were down 11.25 points, or 0.07%.

So far this week, the Dow and the S&P 500 have risen 0.8% and 0.5% respectively, boosted by gains in economically sensitive stocks.

DoorDash Inc slid 4.5% after the food-delivery firm's loss widened more than expected in the second quarter as it spent heavily to expand internationally and into a crowded market for grocery during the pandemic.

Pfizer Inc (NYSE:PFE) and Moderna (NASDAQ:MRNA) Inc gained 0.4% and 2.1% respectively, after the U.S. Food and Drug Administration authorized a booster dose of their COVID-19 vaccines for people with compromised immune systems.

U.S.-listed shares of Pfizer's partner BioNTech were up 2.9%.

Activision Blizzard Inc (NASDAQ:ATVI) rose 1.5% after Citigroup (NYSE:C) upgrade the video game publisher's stock to "buy" from "neutral".

Dow, S&P 500 set for record open after Disney's strong earnings
 

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Comments (14)
Fakhri Alisoy
Fakhri Alisoy Aug 13, 2021 10:17AM ET
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be aware market is going down
Chandrakant Shah
Chandrakant Shah Aug 13, 2021 7:49AM ET
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Indian market far ahead of all global markets, without earnings. Star performer ahead of all
Aug 12, 2021 4:41PM ET
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algo always long
Mitchel Pioneer
Mitchel Pioneer Aug 12, 2021 2:24PM ET
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Another miracle "recovery" for the biggest investment JOKE in the world.  Remarkable how stocks become a bargain at noon.  Assume the proper position America.
Dave Wastreet
Dave Wastreet Aug 12, 2021 2:09PM ET
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Insane
Keith Reilly
Keith Reilly Aug 12, 2021 2:06PM ET
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Guide to reading these comments: Negative comments=Not invested/Missed rally again/ Zany ideas of how markets function Positive comments=Invested /Understands how markets function
Vv Pp
Vv Pp Aug 12, 2021 2:06PM ET
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💯💯💯
Paul Richard
Paul Richard Aug 12, 2021 2:06PM ET
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BOOM
tim banks
tim banks Aug 12, 2021 2:06PM ET
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I HATE the market just keeps giving me money. I don't want to be too rich
YouTube Account
YouTube Account Aug 12, 2021 1:36PM ET
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Jenganomics
Tobechukwu Olumba
Tobechukwu Olumba Aug 12, 2021 12:27PM ET
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Prices of coffee soar. That's how it made Starbucks' stock go down and coffee lovers feel very worried about this steady rise of inflation. The markets, otherwise, need to be on the bullish side, not on the bearish side.
Franco Dominguez
Franco Dominguez Aug 12, 2021 12:27PM ET
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its a dividend effect dont be liar
Mitchel Pioneer
Mitchel Pioneer Aug 12, 2021 11:24AM ET
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The flagrantly predictable floor goes under the losses at 10AM, as the loss mitigation continues.  Remarkable how "rallies" aren't muted in the same fashion.  Can't give the US working class an opportunity to average down their already catastrophically inflated average holdings.  The laughable NASDAQ, most overvalued market index in history, remains magically green, as the quest for 15K continues.  Assume the proper position, as there's no end in sight to the legalized, financial defiling of America.
SquadW Name
SquadW Aug 12, 2021 11:22AM ET
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stocks should go up if theres inflation, why they go down?
Buy and Hold
Buy and Hold Aug 12, 2021 11:22AM ET
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Study and invest
 
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