S&P shuts steady as chip companies boost Nasdaq

FILE IMAGE. People walk down Wall Street outside the New York Stock Exchange (NYSE), New York, USA, March 19, 2021. REUTERS / Brendan McDermid

by Stephen Culp

NEW YORK, Nov 11 (Reuters) – The S&P 500 ended virtually unchanged on Thursday, but rises in chipmaker shares helped the Nasdaq rise in a very quiet session on the Veterans Day commemoration. .

* The day before, a report of accelerating inflation reduced investor confidence, which halted a streak of record highs at the close.

* Walt Disney Co stock, which fell after a disappointing earnings report, dragged the Dow into the red.

* The bond market was closed for the Veterans Day celebration, and in the absence of economic data and with the third-quarter earnings season drawing to a close, there were few catalysts to move the markets.

* “Days like today are really hard to judge, because you essentially have half the market closed,” said Peter Tuz, president of Chase Investment Counsel.

* “Specific company and industry events are moving markets today.”

* Investors favored growth over value, and economy-sensitive small caps and chips outperformed the market.

* The Philadelphia Semiconductor Index rebounded from its worst session in more than six weeks, driven by earnings from Nvidia Corp after brokerage Susquehanna raised the chipmaker’s price target.

* Unofficially, the Dow Jones Industrial Average fell 158.7 points, or 0.44%, to 35,921.24, while the S&P 500 gained 2.56 points, or 0.06%, to 4,649.27. The Nasdaq added 81.58 points, or 0.52%, to 15,704.28 units.

(Report by Devik Jain and Shreyashi Sanyal in Bengaluru Edited in Spanish by Javier López de Lérida)


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