Released at Tue, 31 Oct 2017 21:44:27 +0000
Advancing issues outnumbered declining ones on the NYSE by a 1.68-to-1 ratio; on Nasdaq, a 1.78-to-1 ratio favorite advancers.
Qualcomm (QCOM.O) shares plunged 6.7 percent and were the biggest drag on the S&P and the Nasdaq on information that Apple has designed iPhones and iPads that would fall its chips, according to two people familiar with the issue.
“I don’t believe there is anything out there that could derail the market from a point of view that it doesn’t already expect.”
REUTERS/Brendan McDermid/File Photo
Approximately 6.8 billion shares changed hands in U.S. exchanges, above the 6.1 billion daily average during the last 20 sessions.
(Reuters) – A jump in shares of consumer companies Mondelez and Kellogg following their quarterly reports on Tuesday, along with further gains for tech stocks, helped Wall Street end October on a positive note.
Mondelez (MDLZ.O) jumped 5.4 percent following the Oreo cookie maker reported better-than-expected profit and earnings, while Kellogg (K.N) surged 6.2 percent following its initial sales increase in more than two years.
DJI rose 28.5 points, or 0.12 percent, to 23,377.24, the S&P 500 . SPX gained 2.43 points, or 0.09 percent, to 2,575.26 and the Nasdaq Composite . IXIC added 28.71 points, or 0.43 percent, to 6,727.67.
“We continue to see better-than-expected financial numbers and corporate earnings,” said Peter Jankovskis, co-chief investment officer at OakBrook Investments in Lisle, Illinois. “I think fundamentally investors are really focused on those amounts more than the political noise, if you will, in the background.”
Under Armour (UAA.N) slumped 23.7 percent following the sportswear company slashed 2017 predictions.
Reporting by Sruthi Shankar in Bangalore and Chuck Mikolajczak in New York; Editing by Nick Zieminski and Dan Grebler
Rockwell Automation (ROK.N) shares jumped 7.4 percent. The automation equipment maker said it had rejected an unsolicited acquisition bid from rival Emerson Electric (EMR.N) for more than $27 billion. Emerson shares fell 3.6 percent.
Their monthly gains were tallied by the three indexes .
However, not all reports have made a stock reaction. Pfizer (PFE.N) shares slipped 0.3 percent after the drugmaker’s results.
Investors are also awaiting an announcement on the next Federal Reserve seat, which could come this week. President Donald Trump is very likely to pick on Fed Governor Jerome Powell, who is seen as more dovish on rates of interest and thus stock market friendly, sources have told Reuters.
Third-quarter earnings in general have come in expectations. With more than half the S&P 500 components reported, earnings are estimated to have increased 7 percent in the quarter, up from an anticipation of 5.9 percent growth at the start of October, according to Thomson Reuters I/B/E/S.
The tech sector . SPLRCT climbed 0.4 percent, building on gains following a batch of strong quarterly reports a week.
Although the central bank is widely expected to leave interest rates unchanged in its statement on Wednesday the Fed began its two-day meeting in Washington on Tuesday.
Apple (AAPL.O) rose 1.4 percent to a record high after positive reviews of its much-anticipated iPhone X. The biggest boost was provided by the inventory to all the three indexes.
Market-watchers are also tracking developments of the plan being developed Republicans and by Trump.
“The macro data is getting better, the industry is ready for Jerome Powell, the sector is also ready for Friday’s payrolls. I also think the industry is prepared for what the (Fed) says tomorrow,” stated Ken Polcari, director of the NYSE floor division at O’Neil Securities in New York.
These stocks boosted the S&P consumer staples sector . SPLRCS, which rose 0.8 percent to direct all significant groups.
“You look at the earnings out of those big players and they continue to impress,” said Steve Chiavarone, portfolio manager with Federated Investors in New York. “It strikes me that that leads you to a far more bullish outlook for the fourth quarter.”