US stocks end mixed as tech sector shines

4.05pm: Dow down for a second-straight day as inflation worries weigh

US stocks finished the trading session mixed as some strong corporate earnings were tempered by coronavirus (COVID-19) and inflation concerns.

At the close, the Dow slipped 60 points to 35,871, while the S&P 500 gained 16 points at 4,705 and the tech-heavy Nasdaq added 72 points at 15,994.    

Notable movers included shares of Nvidia Corporation, which jumped more than 8% after the chipmaker reported better-than-expected 3Q  revenue and earnings and issued a bullish revenue forecast for the current quarter.

1.00pm: US stocks mixed as Dow retreats 

US stocks traded mixed as investors weighed a batch of solid corporate earnings results, and unemployment data that showed the labor market is continuing to recover against lingering inflation concerns.

Results have overall been strong, but some major companies such as Target have been hit by supply-chain snarls and rising costs.

The S&P 500 and the tech-dominated Nasdaq Composite Index edged higher in a choppy afternoon session. The Dow Jones Industrial Average slipped 76 points, 0.2% at 35,854.62.

“It looks like weakness in emerging markets is spreading across to their developed peers, with inflation and slowing growth concerns making themselves felt once again,” said Chris Beauchamp, Chief Market Analyst at IG, a global online trading platform.

“A late November spike in volatility seems to be on the cards, as the Vix ticks up for a second day. The earlier bounce this month didn’t too much to hit equities, but now that most of earnings season is out of the way, and with a while to go until the next Fed meeting, the stars appear to be aligning for a period of weakness within the overall strong period usually witnessed in Q4,” he added.

11.50am: Proactive North America headlines:

Forward Water Technologies (TSX-V:FWTC) outlines development, distribution plans for its Forward Osmosis technology

Kintara presents updates on two Phase 2 clinical studies at the 2021 Society for Neuro-Oncology annual meeting

Alpine 4 Holdings subsidiary Identified Technologies signs multi-year drone mapping contract with US Army Corps of Engineers for Florida Everglades restoration project

Marble Financial says subsidiary Inverite Verification launched by five industry partners, achieves record daily transaction volume

Progressive Planet launches R&D innovation division in Calgary, says focusing on sustainable cement development

Phunware announces revenue guidance of $25M for 2022; updates corporate cash management policy

Fireweed Zinc reveals new intersections from Boundary Zone at its Macmillan Pass project including new copper-rich mineralization

Snowline Gold hits more high-grade gold mineralization with drilling at Jupiter zone at Einarson gold project

Else Nutrition announces highly favorable results from independent pilot study; expands on Amazon; gets conditional approval for listing on the Toronto Stock Exchange

Altamira Gold intersects widespread gold mineralization in first drill hole at the Mutum target in Brazil

Altiplano Metals unveils plans for Phase 1 of an initial surface work program at the newly acquired Pastillas gold exploration project in northern Chile

NEO Battery Materials receives Notice of Allowance from the Korean Intellectual Property Office regarding a core patent of its silicon anode material technologyNextech AR launches 3D Metaverse upgrade to its virtual event platform ARitize Events 3D

ESE Entertainment strikes distribution agreement to air and promote content for upcoming Digital Motorsports World Cup

Biocept to present latest findings on CNSide cerebrospinal fluid assay and its use in treating breast cancer complications at Society for Neuro-Oncology annual meeting

Vox Royalty (TSX-V:VOX) says it is expecting 2022 to be a ‘record year’ for its asset portfolio in an operations update

Lucky Minerals (TSX-V:LKY, OTC:LKMNF) reports more trench sample results from Wayka gold discovery ahead of scout drilling start

Mednow inks C$1.9M deal to acquire specialty pharmacy company Infusicare

Organic Garage (TSX-V:OG) inks deal with Rival House to expand its Hand-Picked Partner program

Todos Medical strikes exclusive license and distribution agreement for Tollovid products with T-Cell Protect Hellas SA

Enveric Biosciences (NASDAQ:ENVB) announces positive preclinical data for its CBD-based product EV102 treating radiodermatitis

PharmaDrug announces positive results for preclinical study, initiates IND-enabling research for cepharanthine for several cancer treatments

Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF)‘s maiden resource estimate on Makosa deposit shows good gold grades and expansion potential

Plurilock Security says Aurora Systems subsidiary inks reseller agreement with BeyondTrust; adds Boast platform’s fintech expertise

Trillion Energy commences report update on its Black Sea-based SASB gas reserves and resources

EverGen Infrastructure says it expects no ‘material impact’ to its business amid British Columbia flooding

MedX Health announces inaugural clinical trial of leading-edge teledermatology screening platform in Turkey

Zinc8 Energy Solutions (CSE:ZAIR) bolsters board with appointment of Thomas Hodgson

Agra Ventures says its subsidiary Farmako has made its first commercial import of cannabis extracts from Poland to Germany

BMEX Gold says it will test shear zone at King Tut as it starts second phase drill program

Klondike Gold closes second tranche of non-brokered private placement raising total aggregate proceeds of $3,516,726.55

9.45am: US benchmarks start mixed

US indices started mixed at the open as investors digested a strong Philadelphia Federal Reserve manufacturing index reading for November, which showed a big jump in regional activity.

In early deals, The Dow Jones Industrial Average dropped around 41 points at 35,890. The S&P 500 was up seven to stand at 4,695. The Nasdaq exchange added around 31 points in New York to 15,952.

The Philly index rose to 39.0 in November, which was well above the consensus of a figure of 24.0, while initial jobless claims dipped a shade to 268,000 from 269,000 – above the consensus for 260,000.

“The Philly index is much stronger than implied by China’s Caixin manufacturing PMI, which usually leads it by a couple months,” said Ian Shepherdson at Pantheon Macroeconomics in a note.

“Presumably, the combination of strong demand, fuelled by much more aggressive stimulus than in China, is supporting the Philly Fed and other U.S. industrial surveys. Also, China’s pursuit of zero Covid is disrupting activity,” he added.

6.30am: US shares expected to edge higher

US stocks are expected to edge higher at the open on Thursday ahead of more corporate earnings, notably from the retail sector, and weekly jobless claims data that will be closely watched as investors fret over likely Federal Reserve rate hikes in the medium term.

Futures for the Dow Jones Industrials Average were around 0.2% higher, while those for the broader S&P 500 index added 0.3%, and contracts for the tech-laden Nasdaq-100 futures climbed 0.5%.

The latest weekly US jobless claims data is due at 8.30am ET, with economists expecting a decline as the labor market remains tight. 

Stocks have wavered this week as earnings have rolled in and amid concerns over rising inflation, although the major indexes are still hovering close to their record highs.

On the corporate front Thursday, retailers Macy’s and Kohl’stogether with Chinese e-commerce giants Alibaba and JD.com are scheduled to release earnings ahead of the opening bell in New York.

Technology firm Nvidia rose in out-of-hours trading after posting record quarterly revenue after markets closed. But Cisco Systems (NASDAQ:CSCO) fell after the networking company gave forward earnings guidance that was below Wall Street’s estimates and said it was affected by the semiconductor shortage.

On commodity markets, oil prices fell for a second day after reports that US President Biden and Chinese premier Xi Jinping have discussed jointly releasing strategic reserves to increase supply and lower prices. Brent crude fell below $80  barrel for the first time since October 1. 

Joshua Mahony, senior market analyst at IG, a global leader in online trading commented: “Crude oil has suffered sharp losses over the past 24 hours, with Biden’s calls for a release of strategic reserves overshadowing the decline in US stockpiles announced yesterday. While Biden has had little success in attempting to force OPEC members into raising production to drive down energy prices, his latest ploy to push for a multilateral release of strategic reserves appears to have found support in China.

“A simultaneous release of stocks from both the US and China certainly brings some short-term relief given today’s declines, but there remains plenty of questions over whether the lack of new investment will ultimately lead to a long-standing supply deficit that pushes up energy prices for years to come.”

Story by ProactiveInvestors

Source: https://www.proactiveinvestors.com/companies/news/966670/us-stocks-end-mixed-as-tech-sector-shines-966670.html