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S&P 500, Nasdaq Clinch Records as Bulls Ride Big Tech Rally

Stock MarketsOct 28, 2021 04:05PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The S&P 500 and Nasdaq climbed to record highs Thursday, as big tech continued to rack up gains as investors looked ahead to quarterly earnings from Amazon (NASDAQ:AMZN) and Apple (NASDAQ:AAPL).

The Nasdaq  rallied 1.4%, to a close at a record of 15,448.12 The S&P 500 added 0.98% to a close at record of 4,596.36. The Dow Jones Industrial Average gained 0.67%, or 239 points.

Apple and Amazon led the gains for big tech as investors increased their bullish bets on the stocks ahead of the duo’s quarterly reports due after the market close.

Facebook (NASDAQ:FB), meanwhile, announced it would change its name to Meta. The news came out at its virtual reality conference, where it showcased a preview of its ambitions to build the metaverse as it seeks to diversify beyond social media. The company will trade under the ticker "MVRS" starting Dec. 1.

eBay (NASDAQ:EBAY) shares slipped about 6% after its fourth-quarter revenue guidance fell short of estimates, stoking worries about its sales ahead of the holidays.

Economically sensitive cyclical sectors, meanwhile, pared some losses from a day earlier despite data showing a third-quarter slowdown in the economy.

Third-quarter GDP rose 2.0% on an annualized basis in the third quarter, well below the 2.6% gain expected.

That was the weakest pace in five quarters as the impact of the Delta variant of coronavirus "slowed consumer demand, and higher prices which eroded real demand across all sectors," Jefferies (NYSE:JEF) said in a note.

Bets on economic growth nearing the end, however, are misplaced as the consumers continue to spend and monetary policy remains accommodative.

"I don't see the growth story ending anytime soon," Robert Conzo, CEO of Wealth Alliance told Investing.com in an interview on Thursday.

"There is a wall of money, interest rates are still close to zero, people are coming out of the second wave of the pandemic because of increased vaccination rates and that's driving extreme growth," Conzo added.

U.S. Treasury yields shrugged off the weaker data, helping bank stocks climb higher, boosting financials.

Cincinnati Financial (NASDAQ:CINF), Bank of New York Mellon (NYSE:BK), First Republic Bank (NYSE:FRC) were more than 1% higher.

Consumer discretionary stocks were also in the ascendency, led by gains in Smith AO (NYSE:AOS) and United Rentals (NYSE:URI) following better-than-expected quarterly results.

Tesla (NASDAQ:TSLA) and Ford also supported the sector, with latter surging following blowout quarterly results.

Ford Motor (NYSE:F) reported earnings of 51 cents that markedly topped Wall Street’s forecasts, and raised its full-year guidance, sending its shares up more than 8%.

Energy lagged the broader market move higher as oil prices added to losses from a day earlier amid concerns about demand outlook.

"A surge in new cases of COVID-19 threatens to disrupt the recovery in oil demand," ANZ Research said.  "So much so that despite emerging signs of market tightness, OPEC is likely to refrain from adding more barrels of oil to the market."

S&P 500, Nasdaq Clinch Records as Bulls Ride Big Tech Rally
 

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Comments (15)
Leon Kelly
Leon Kelly Oct 28, 2021 8:07PM ET
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Won't see green again for another week..
Rodney Dangerfield
Rodney Dangerfield Oct 28, 2021 6:20PM ET
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89% of stocks are owned by the people in the top 10% of wealth in the United States lol
Ferdinando Riboni
Ferdinando Riboni Oct 28, 2021 6:16PM ET
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wall Street is making Billions from free Government Democrat Socialist $$$and main streat is becoming literally skid row
Miles Mathewson
Miles Mathewson Oct 28, 2021 5:56PM ET
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Peace is over for the tech balloons! Appl and amzn best days are over...it's the end of the US empire
Antonio Velardo
Antonio Velardo Oct 28, 2021 5:55PM ET
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Same bad posts of looser short sellers…so boring…https://investing.com not interesting anymore.
Michael Angelo
Michael Angelo Oct 28, 2021 5:16PM ET
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All goes perfectly based on the plan... don't worry.
Ron Moorman
Ron Moorman Oct 28, 2021 5:16PM ET
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Oh, but I am worried. Votes count (or at least they used to). What we are seeing is a train wreck in the making. We have a president that does not know what day it is or what city he is in. We have people covering for him. The plan sucks as do the people who voted for this plan .
Mojo Snake
Mojo Snake Oct 28, 2021 5:06PM ET
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Wall St is so disconnected from Main St it is time they feel real pain.  Hopefully this is the start of the end for at least 6 months...
Stan Smith
Stan Smith Oct 28, 2021 5:00PM ET
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In a previous article you said the market was awaiting Apple earnings which plunged for the first time in 4 years. Now, somehow bulls ride big tech??? Come on don't be lame!
Erski Gumby
SB20 Oct 28, 2021 5:00PM ET
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Read what you wrote. lol
Aaron Pierett
Aaron Pierett Oct 28, 2021 4:43PM ET
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Someone or several brokers are selling millions of dollars in equities during post market hours; probably due to amzn and aapl earnings. Tomorrow could be the start of a blood bath
Mojo Snake
Mojo Snake Oct 28, 2021 4:34PM ET
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And there goes Apple...hope you all took your profits before close today...  I sold Amazon at 3460 and never looked back....LOL
Mitchel Pioneer
Mitchel Pioneer Oct 28, 2021 4:34PM ET
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Yep, COVID prevented lemmings throughout the country from lining up for blocks at Apple stores to spend money they don't have on a new iPhone.
Mitchel Pioneer
Mitchel Pioneer Oct 28, 2021 4:30PM ET
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Amazon misses, one-hit-wonder Apple readies to report, and the fraudulent, criminally manipulated joke called the US Ponzi Scheme displays to the entire investing world just what a criminal enterprise it is.
Mith Pitou
Mith Pitou Oct 28, 2021 4:25PM ET
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I​ really​ thanks
Mojo Snake
Mojo Snake Oct 28, 2021 4:19PM ET
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Market is a joke and will be proven as such soon enough.  Meta went right back down as it was a joke to begin with, Amazon missed and crashed and Apple will soon follow suit when they can't sell any completed products.
me ish
me ish Oct 28, 2021 4:19PM ET
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the future of the metaverse is decentralised - no-one wants Zuchiniberg to be in control of our virtual world experience - it's bad enough the amount of data he has on those that have succumbed to FB
emran asad
emran asad Oct 28, 2021 4:16PM ET
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need us dollar 💸
Mitchel Pioneer
Mitchel Pioneer Oct 28, 2021 4:12PM ET
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Criminally inflated to a closing high "in late trade," the laughingstock of the financial world puts on another full blown comedy for the entire financial world.  Assume the position America, the legalized financial defiling of the US working class goes pedal to the metal.
 
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