U.S. STOCK INDICES MIXED AS TECH REBOUND SPUTTERS
Major US stock indexes closed mixed Wednesday (Thursday, May 6, 2021, in Manila) after an early technology company rebound faded, tempering the market’s recovery from a sell-off a day earlier, Alex Veiga reported for the Associated Press (AP).
The S&P 500 eked out a 0.1% gain after having been up 0.7% in the early going. The Dow Jones Industrial Average managed a 0.3% gain, while the tech-heavy Nasdaq slid 0.4%. Financial and energy stocks helped keep the S&P 500 out of the red. JPMorgan Chase rose 1.3% and Exxon Mobil added 3%.
Losses for retailers and other companies that rely primarily on consumer spending kept those gains in check, as did a pullback in utilities. Technology stocks, which led the market’s blockbuster rebound in 2020, fell for the seventh straight day.
The sector, one of 11 in the S&P 500, is up 4.6% this year, the third-smallest gain in the index after consumer staples and utilities. Energy companies are faring the best with a 38.1% gain so far this year.
The market’s mixed results came as investors remain focused on earnings reports, which have been better than expected.
More than half of the companies in the S&P 500 have reported their results so far this earnings season, which show profit growth of 54%, according to FactSet.
“It’s been a pretty torrid pace in terms of earnings right now, but not everyone is being rewarded,” said J.J. Kinahan, chief strategist with TD Ameritrade. “To have your stock at least do OK during earnings season: No. 1 beat on revenue and No. 2 talks about a bright rest of the year trend.”
The S&P 500 added 2.93 points to 4,167.59. The benchmark index hit an all-time high last Thursday. The Dow rose 97.31 points to 34,230.34, while the Nasdaq dropped 51.08 points to 13,582.42. The Russell 2000 index of small-company stocks lost 6.92 points, or 0.3%, to 2,241.37.