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S&P 500, Nasdaq rise with growth stocks; JPMorgan a drag

Stock MarketsOct 13, 2021 05:31PM ET
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© Reuters. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 12, 2021. REUTERS/Brendan McDermid

By Caroline Valetkevitch

NEW YORK (Reuters) - The S&P 500 and Nasdaq ended higher on Wednesday, led by gains in shares of big growth names like Amazon.com and Microsoft, but JPMorgan shares fell along with other bank shares and weighed on the market.

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

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, the minutes showed.

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

Shares of JPMorgan Chase & Co (NYSE:JPM) fell 2.6% even though JPMorgan's third-quarter earnings beat expectations, helped by global dealmaking boom and release of more loan loss reserves. The stock declined along with the other bank shares and was among the biggest drags on the S&P 500 and Dow, which ended flat.

The S&P 500 bank index was down 1.3%, with longer-dated Treasury yields down on the day.

The day's corporate results kicked off third-quarter earnings for S&P 500 companies.

"My hope is that as we work our way through earnings season, that the forward-looking guidance will be good enough that we'll close the year higher. But right now the market is in a show-me phase," said Jim Awad, senior managing director at Clearstead Advisors LLC in New York.

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 0.53 points to 34,377.81, the S&P 500 gained 13.15 points, or 0.30%, to 4,363.8 and the Nasdaq Composite added 105.71 points, or 0.73%, to 14,571.64.

BlackRock Inc (NYSE:BLK) gained 3.8% 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.

Also in earnings, Delta Air Lines (NYSE:DAL) fell 5.8% after the company reported its first quarterly profit without federal aid since the coronavirus pandemic, but warned of a pre-tax loss for the fourth quarter due to a sharp rise in fuel prices.

Analysts expect corporate America to report strong profit growth in the third quarter but investor worries have been mounting over how supply chain problems, labor shortages and higher energy prices might affect businesses emerging from the pandemic.

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) is due to report on Friday.

Among other movers, Apple Inc (NASDAQ:AAPL) dipped 0.4% 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 1.73-to-1 ratio; on Nasdaq, a 1.39-to-1 ratio favored advancers.

The S&P 500 posted 8 new 52-week highs and 9 new lows; the Nasdaq Composite recorded 47 new highs and 56 new lows.

Volume on U.S. exchanges was 9.31 billion shares, compared with the 10.8 billion average for the full session over the last 20 trading days.

S&P 500, Nasdaq rise with growth stocks; JPMorgan a drag
 

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Comments (6)
James Pattison
James Pattison Oct 13, 2021 1:37PM ET
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“The market dances on a kinfes edge.”Dr Burry
Anton Todorov
Anton Todorov Oct 13, 2021 10:08AM ET
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how come an actual CPI MOM (Sep) of 0,4% against 0,3% expected CPI MOM (Sep) is "better" than expected? I thought the higher CPI is the worse it is, and not the other way around... Someone care to clarify?
Millennial Metals
Millennial Metals Oct 13, 2021 9:38AM ET
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Stocks aren’t going up. The dollar is going down
Jurgen Daub
Jurgen Daub Oct 13, 2021 9:38AM ET
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and???
Kaveh Sun
Kaveh Sun Oct 13, 2021 9:28AM ET
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Inflatin is here to stay until Biden stops giving money free to the dead beats.
gam man
gam man Oct 13, 2021 9:28AM ET
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FREE MONEY..at least get it right
Jurgen Daub
Jurgen Daub Oct 13, 2021 9:28AM ET
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you need to look at the whole picture and not stop after the first step of the money chain.all this money because its mostly used to cover basic needs at the end keeps the economy going c8mpnies selling and the stock rising to your benefit. without this injection you would have lost 10 to 30 pct instead the 100 pct profit you earned since march 2020
Antonio Velardo
Antonio Velardo Oct 13, 2021 9:28AM ET
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Jurgen Daub totally agreed. Unfortunately you talk to market short sellers who at the end only care to get profits from their bets hence waiting for a market crash.
Levente Bara
Levente Bara Oct 13, 2021 9:27AM ET
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Lies of Fed will “ ****“America and all it’s citizens ….this may be end of the glory of this country !!
Jurgen Daub
Jurgen Daub Oct 13, 2021 9:27AM ET
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the end already started in 2016, we are now trying to rebalance all the waste and corruption paid for until end of 2020
Jurgen Daub
Jurgen Daub Oct 13, 2021 9:27AM ET
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here is the real source of inflation, companies and banks are rising prices with no need to do so: "Revenue expectations are also promising, with sales growth expected to rise 14.9% from the same period a year earlier. If confirmed, it will mark the second highest YoY revenue growth reported by the index since FactSet began tracking this metric in 2008. The current record is 25.3%, which occurred in Q2 2021."
Franco Dominguez
Franco Dominguez Oct 13, 2021 9:23AM ET
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transitory my ...
Steffen vdm
Steffen vdm Oct 13, 2021 9:23AM ET
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Only for a few years
 
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