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S&P 500 Climbs as Tech in Favor Ahead of Busy Earnings Week

Stock MarketsOct 18, 2021 04:02PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The S&P 500 closed higher Monday, led by big tech and consumer discretionary stocks ahead of busy week of quarterly results from corporates.

The S&P 500 was up 0.34%, the Dow Jones Industrial Average fell 0.10%, or 35 points, and the Nasdaq Composite added 0.84%.

Big tech supported the broader market rebound from session lows as investors shrugged off rising U.S. treasury yields, the enemy of growth stocks.

Apple (NASDAQ:AAPL), Google-parent Alphabet (NASDAQ:GOOGL), Facebook (NASDAQ:FB), Microsoft (NASDAQ:MSFT) and Amazon (NASDAQ:AMZN) were in the green.

Apple revealed a new range of Macbook Pros boasting upgraded M1 chips after transitioning away from Intel-based chips. Apple also revealed updated third-generation Airpods. 

"The proprietary M1X processor is the foundational part of this MacBook and ultimately we believe will be a game changer that will convert 30%+ of current MacBook users to upgrade over the next year catalyzing growth on this hardware segment," Wedbush said in a note.

The United States 10-Year yields started the week on the front foot, rising to nearly 1.6%.

Energy continued to add to recent gains as elevated energy demand amid tight supplies is expected to continue to keep oil prices trending higher.

"The tight market situation, as confirmed by OPEC and the IEA in their monthly reports last week, argues against any end to the rising crude oil and oil product prices in the near future," Commerzbank (DE:CBKG) said in a note. 

Marathon Oil (NYSE:MRO), APA (NASDAQ:APA), and Occidental Petroleum Corporation (NYSE:OXY) were up sharply, with the latter up nearly 4%.

Other cyclicals sectors including consumer discretionary stocks and financials were in the green even as economic data fell short of expectations.

September industrial production fell 1.3% and manufacturing output slipped 0.7%, confounding expectations for rise of 0.1%, owing to ongoing supply disruptions.

"Semiconductor shortages, labor availability, and delays in port offloads and ocean traffic continue to be a drag on manufacturing production," Jefferies (NYSE:JEF) said in a note.

The choppy action on Wall Street comes as investors look ahead to the a busy week on the corporate earnings calendar, with Netflix (NASDAQ:NFLX) and Tesla (NASDAQ:TSLA) set to report earnings the Tuesday and Wednesday respectively.

"The third quarter earnings season ramps up in the coming weeks and, despite rising costs, we expect another quarter of strong profit growth," Wells Fargo (NYSE:WFC) said.

In others news, Walt Disney (NYSE:DIS) slipped 3% following downgrade from Barclays (LON:BARC). The bank downgraded Disney to equal weight from overweight, and slashed its price target on the stock to $175 from $210.

Disney was also pressured by reports of further production setbacks as the company delayed its batch of Marvel films including Doctor Strange 2, Thor 4, Black Panther: Wakanda Forever Sequel, and Indiana Jones 5.

Top S&P 500 Gainers and Losers Today:

CDW (NASDAQ:CDW), Gap (NYSE:GPS) and Generac (NYSE:GNRC) were among the top S&P 500 gainers for the session.

Medtronic (NYSE:MDT), NetApp (NASDAQ:NTAP) and Biogen (NASDAQ:BIIB) were among the worst S&P 500 performers of the session

S&P 500 Climbs as Tech in Favor Ahead of Busy Earnings Week
 

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Comments (4)
Empire Destroyer
Empire Destroyer Oct 18, 2021 5:54PM ET
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What saved market today? BTC pump making Tesla pumped, limiting the drop on Dow and keeping S&P green
Mitchel Pioneer
Mitchel Pioneer Oct 18, 2021 5:53PM ET
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The US Ponzi Scheme, biggest investment JOKE in the world, oozes fraud at ever level.
Thomas Colton
Thomas Colton Oct 18, 2021 4:58PM ET
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Why the markets are making moves higher like this is baffling. Too many negative factors to consider near term to justify an almost 1% move (remember we were down -.60% early morning). Nothing like big money to shake out any low lying fruit like my puts were today
Sammy J boy
Sammy J boy Oct 18, 2021 4:58PM ET
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how are you
Steffen vdm
Steffen vdm Oct 18, 2021 4:21PM ET
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Let's see what the excuse will be for the markets to go up in the next couple of days. Probably some vague blah blah hope whatever story. They will come up with something
Koleha Cobbs
Koleha Cobbs Oct 18, 2021 4:21PM ET
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Hey now
 
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