S&P, Nasdaq edge higher as earnings offset trade fears

NEW YORK (Reuters) – The benchmark S&P 500 index and the Nasdaq edged upward to snap a two-day shedding streak on Friday as optimistic company outcomes offset lingering skepticism over the United States and China reaching a trade deal earlier than the March 1 deadline.

A display shows a chart monitoring the Dow Jones Industrial Average in the course of the buying and selling day on the ground of the New York Stock Exchange (NYSE) in New York, U.S., February eight, 2019. REUTERS/Brendan McDermid

Shares of Coty Inc, Mattel Inc and Motorola Solutions Inc jumped after the businesses reported better-than-expected quarterly outcomes.

In addition, shares of Electronic Arts Inc, which plunged on Wednesday after the corporate’s quarterly outcomes, surged after the videogame writer stated that its sport Apex Legends had attracted 10 million gamers in three days.

Electronic Arts and Motorola Solutions had been among the many high boosts to the S&P 500.

Earlier, U.S. shares dragged as trade issues continued to weigh on investor sentiment. President Donald Trump stated on Thursday he didn’t plan to fulfill Chinese President Xi Jinping earlier than the deadline set for reaching an settlement.

U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will journey to Beijing for principal-level conferences on Feb. 14-15, an announcement from the White House stated.

As the session wore on, Wall Street’s main indexes regained misplaced floor.

“What’s expected, based on the way the market has performed, is that there is a risk that we’ll see another round of tariff-hiking, but that risk will be overridden by some type of agreement,” stated John Stoltzfus, chief funding strategist at Oppenheimer Asset Management in New York. “These are not indices that are showing extreme investor concern at this point.”

The Dow Jones Industrial Average fell 63.2 factors, or zero.25 p.c, to 25,106.33, the S&P 500 gained 1.83 factors, or zero.07 p.c, to 2,707.88 and the Nasdaq Composite added 9.85 factors, or zero.14 p.c, to 7,298.20.

For the week, the Dow added zero.17 p.c, the S&P 500 rose zero.05 p.c, and the Nasdaq gained zero.47 p.c.

The S&P 500 has risen greater than 15 p.c from 20-month lows in December, spurred by a dovish Federal Reserve and largely optimistic fourth-quarter earnings, as properly as hopes for an eventual U.S.-China trade deal.

Of the S&P 500 firms which have reported quarterly outcomes, 71.5 p.c have overwhelmed revenue estimates, based on IBES knowledge from Refinitiv.

However, analysts now count on current-quarter revenue to dip zero.1 p.c from the yr earlier than, not develop the 5.three p.c estimated in the beginning of the yr.

Declining points outnumbered advancing ones on the NYSE by a 1.15-to-1 ratio; on Nasdaq, a 1.04-to-1 ratio favored decliners.

The S&P 500 posted 20 new 52-week highs and two new lows; the Nasdaq Composite recorded 35 new highs and 37 new lows.

Volume on U.S. exchanges was 6.83 billion shares, in comparison with the 7.46 billion common over the past 20 buying and selling days.

Reporting by April Joyner; Additional reporting by Medha Singh and Amy Caren Daniel in Bengaluru; Editing by Steve Orlofsky and Sonya Hepinstall

Our Standards:The Thomson Reuters Trust Principles.

Source link reuters.com

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