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Wall St posts slim gain ahead of big earnings week

Published Apr 21, 2023 06:25AM ET Updated Apr 21, 2023 06:46PM ET
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© Reuters. FILE PHOTO: A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., March 17, 2023. REUTERS/Andrew Kelly
 
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By Lewis Krauskopf, Sruthi Shankar and Ankika Biswas

(Reuters) - Major U.S. stock indexes ended with fractional gains on Friday following mixed earnings results as investors assessed how conflicting economic data might influence interest rates and looked ahead to a massive week of corporate reports.

A survey showed U.S. business activity accelerated to an 11-month high in April, further clouding the outlook for the Federal Reserve's monetary policy after data earlier in the week indicated a weakening economy.

Procter & Gamble (NYSE:PG) Co's shares rose 3.5% as customers kept buying despite repeated price hikes, helping the maker of products raging from Tide detergent and Gillette razors to Head & Shoulders shampoo and Crest toothpaste boost its sales forecast and third-quarter margins.

The benchmark S&P 500 has been generally stable over early stages of a first-quarter earnings season that investors expect to show tepid results. Next week will see a flood of reports, including from megacap tech and growth companies whose shares have helped the S&P 500 rally to start the year.

“The market has been basically in a bit of a holding pattern ahead of big tech earnings next week,” said Keith Lerner, co-chief investment officer at Truist Advisory Services. "There is a tug of war between good and bad economic data, good and bad earnings data.”

The Dow Jones Industrial Average rose 22.34 points, or 0.07%, to 33,808.96, the S&P 500 gained 3.73 points, or 0.09%, to 4,133.52 and the Nasdaq Composite added 12.90 points, or 0.11%, to 12,072.46.

For the week, the S&P 500 slipped 0.1%, the Dow dipped 0.2% and the Nasdaq lost 0.4%.

Results next week are due from some of the highest-valued U.S. companies including Microsoft (NASDAQ:MSFT), Google parent Alphabet (NASDAQ:GOOGL) and Amazon (NASDAQ:AMZN). Amazon shares rose 3% on Friday after a research firm predicted the online retailer's business in North America would beat Wall Street's estimates.

The materials group fell 0.9%, most among S&P 500 sectors, weighed down by declines in Freeport-McMoRan (NYSE:FCX) Inc and Albemarle (NYSE:ALB) Corp. Albemarle slumped 10% after Chile unveiled plans to nationalize the lithium industry. Shares of Freeport dropped 4.1% after the copper miner's first-quarter profit more than halved.

In other earnings news, HCA Healthcare (NYSE:HCA) Inc shares jumped about 4% after the hospital operator lifted forecasts for 2023. Its report boosted shares of other hospital operators.

So far, analysts have largely retained last week's expectations of a near-5% year-on-year fall in quarterly profits at S&P 500 companies, according to Refinitiv data.

"The unpredictability of earnings and revenue and guidance going forward has increased a lot," said Peter Tuz, president of Chase Investment Counsel. "You have signs that the economy is softening all over the place."

Declining issues outnumbered advancing ones on the NYSE by a 1.24-to-1 ratio; on Nasdaq, a 1.10-to-1 ratio favored decliners.

The S&P 500 posted 20 new 52-week highs and 4 new lows; the Nasdaq Composite recorded 53 new highs and 186 new lows.

About 9.9 billion shares changed hands in U.S. exchanges, compared with the 10.4 billion daily average over the last 20 sessions.

Wall St posts slim gain ahead of big earnings week
 

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Comments (16)
Maximus Maximus
Maximus Maximus Apr 21, 2023 7:16PM ET
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to some in here, the only time the market is not 'fake' and 'rigged' is when it's falling.. how far? is the moment of reality when the value of each and every company has finally reached zero? are all the assets, revenue, and profits of every company 'fake' too? how about the dividend payments to my account, are they an illusion?
Stan Smith
Stan Smith Apr 21, 2023 2:59PM ET
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Wow...no losses. I guess liquidity created out of thin air keeps the charade alive!
Derick Lim
Derick Lim Apr 21, 2023 2:21PM ET
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The tug of war between manipulative fear selling and greed buying news are created by analysts subject to MM overbuy or oversell situation.......
KUMAR SUB
SHA_USA Apr 21, 2023 2:17PM ET
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VIX is below 17 means bull ahead??
Ac Tektrader
Ac Tektrader Apr 21, 2023 2:17PM ET
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over the last couple of years when the Vix break below 20 it has signaled we are approaching a major top in the s&p......
Jouni Trading
Jouni Apr 21, 2023 1:53PM ET
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And again it's fake green eow, no surprise at all. As long as they can keep on the illusion all seems to be fine ☺️🤣
Show previous replies (2)
First Last
First Last Apr 21, 2023 1:53PM ET
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“Price is King” doesn't mean "Price is Up".
Maximus Maximus
Maximus Maximus Apr 21, 2023 1:53PM ET
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so the money I made in the market today, now in my account, are fake and only an illusion?
Jouni Trading
Jouni Apr 21, 2023 1:53PM ET
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Sort of, big boy.
Maximus Maximus
Maximus Maximus Apr 21, 2023 1:53PM ET
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how exactly are they an illusion? is the new phone I just bought for some of that money, and writing this comment on now, not real too?
Dave Jones
Dave Jones Apr 21, 2023 1:53PM ET
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Probably.
soho electronics
soho electronics Apr 21, 2023 1:35PM ET
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all green baby
Stephen Fa
Stephen Fa Apr 21, 2023 1:24PM ET
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Biden 'jobs machine' creates 30% less tax revenues in 2022.
First Last
First Last Apr 21, 2023 1:24PM ET
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Less tax?   Republicans should love Biden, then.
Ac Tektrader
Ac Tektrader Apr 21, 2023 1:24PM ET
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of course there's less tax revenues ....the corporate tax dodgers were created by the Republicans and their tax policies under trump....the Republicans legalized tax cheating......
Brad Albright
Brad Albright Apr 21, 2023 1:24PM ET
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Less than what?
Prashant Kumar
Prashant Kumar Apr 21, 2023 12:58PM ET
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US must learn from Europe. be brave and buy it. see Europe market are almost near to all time high
Mitchel Pioneer
Mitchel Pioneer Apr 21, 2023 12:22PM ET
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Breaker clearly set at 33.7K.  Laughingstock of the investing world.
William Bailey
William Bailey Apr 21, 2023 11:59AM ET
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No rate hike uncertainty at all … so stupid . Hiking rates fir sure
First Last
First Last Apr 21, 2023 11:59AM ET
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82% sure
 
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