04-13-2021, 07:16 AM
S&P 500 Stutters After Hitting Fresh Record High
<!-- SC_OFF --><div class="md"><p>The S&P 500 retreated from a fresh record high Monday, as falling technology stocks offset a rise in financials and consumer discretionary ahead of the start of quarterly earnings season this week.</p> <p>The S&P 500 fell 0.12%, after hitting a record high of 4,130.9, the Dow Jones Industrial Average fell 0.25%, or 86 points, and the Nasdaq Composite was down 0.44%.</p> <p>Consumer discretionary and financials supported the broader market's move to record highs, with the latter coming under the spotlight as major banks report quarterly earnings this week.</p> <p>Major Wall Street banks reporting include JPMorgan (NYSE:JPM), Citigroup (NYSE:C), Bank of America (NYSE:BAC), Wells Fargo & Company (NYSE:WFC) and Goldman Sachs (NYSE:GS).</p> <p>Wall Street's outlook on quarterly earnings appears bullish, with cyclicals backed to show strong quarterly results.</p> <p>"We anticipate S&P 500 Index earnings per share will grow by more than 30% this year with cyclical sectors such as industrials, consumer discretionary, materials, and financials leading the way," Wells Fargo said.</p> <p>Energy stocks slipped on a retreat oil prices from session highs as investors weighed up the ongoing progress on vaccinations against ongoing Covid-19 restrictions that threaten energy demand. </p> <p>Technology started the week on the backfoot stifled by weakness in chip stocks and mixed trading among the Fab 5.</p> <p>Google-parent Alphabet (NASDAQ:GOOGL), Apple (NASDAQ:AAPL), and Facebook (NASDAQ:FB) were in the red, while Amazon.com (NASDAQ:AMZN) and Microsoft (NASDAQ:MSFT) was higher.</p> <p>Microsoft said it will buy speech-recognition firm Nuance Communications (NASDAQ:NUAN) for $19.7 billion in a bid to boost its foray into healthcare.</p> <p>"The Nuance deal is a strategic no brainer in our opinion for MSFT and fits like a glove into its healthcare endeavors at a time in which hospitals and doctors are embracing next generation AI capabilities from thought leaders such as Nuance," Wedbush said in a note.</p> <p>In industrials, Boeing (NYSE:BA) was down 1% just days after the company urged 16 airline customers to ground its 737 Max jets, citing electrical issues. The issues, however, are not expected to cause major disruptions.</p> <p>"Changing the equipment could take hours or days to fix, a modest disruption," Jefferies (NYSE:JEF) analyst Sheila Kahyaoglu said in a note Friday.</p> <p>In other news, Tesla (NASDAQ:TSLA) jumped more than 3% after receiving an upgrade from Canaccord, citing a bullish outlook for the company's battery storage business.</p> <p>Canaccord upgraded Tesla to buy from hold, and lifted its price on the company to $1,071 from $419 per share.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/pololololo12222"> /u/pololololo12222 </a> <br/> <span><a href="https://www.reddit.com/r/investing/comments/mplsdj/sp_500_stutters_after_hitting_fresh_record_high/">[link]</a></span> <span><a href="https://www.reddit.com/r/investing/comments/mplsdj/sp_500_stutters_after_hitting_fresh_record_high/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>The S&P 500 retreated from a fresh record high Monday, as falling technology stocks offset a rise in financials and consumer discretionary ahead of the start of quarterly earnings season this week.</p> <p>The S&P 500 fell 0.12%, after hitting a record high of 4,130.9, the Dow Jones Industrial Average fell 0.25%, or 86 points, and the Nasdaq Composite was down 0.44%.</p> <p>Consumer discretionary and financials supported the broader market's move to record highs, with the latter coming under the spotlight as major banks report quarterly earnings this week.</p> <p>Major Wall Street banks reporting include JPMorgan (NYSE:JPM), Citigroup (NYSE:C), Bank of America (NYSE:BAC), Wells Fargo & Company (NYSE:WFC) and Goldman Sachs (NYSE:GS).</p> <p>Wall Street's outlook on quarterly earnings appears bullish, with cyclicals backed to show strong quarterly results.</p> <p>"We anticipate S&P 500 Index earnings per share will grow by more than 30% this year with cyclical sectors such as industrials, consumer discretionary, materials, and financials leading the way," Wells Fargo said.</p> <p>Energy stocks slipped on a retreat oil prices from session highs as investors weighed up the ongoing progress on vaccinations against ongoing Covid-19 restrictions that threaten energy demand. </p> <p>Technology started the week on the backfoot stifled by weakness in chip stocks and mixed trading among the Fab 5.</p> <p>Google-parent Alphabet (NASDAQ:GOOGL), Apple (NASDAQ:AAPL), and Facebook (NASDAQ:FB) were in the red, while Amazon.com (NASDAQ:AMZN) and Microsoft (NASDAQ:MSFT) was higher.</p> <p>Microsoft said it will buy speech-recognition firm Nuance Communications (NASDAQ:NUAN) for $19.7 billion in a bid to boost its foray into healthcare.</p> <p>"The Nuance deal is a strategic no brainer in our opinion for MSFT and fits like a glove into its healthcare endeavors at a time in which hospitals and doctors are embracing next generation AI capabilities from thought leaders such as Nuance," Wedbush said in a note.</p> <p>In industrials, Boeing (NYSE:BA) was down 1% just days after the company urged 16 airline customers to ground its 737 Max jets, citing electrical issues. The issues, however, are not expected to cause major disruptions.</p> <p>"Changing the equipment could take hours or days to fix, a modest disruption," Jefferies (NYSE:JEF) analyst Sheila Kahyaoglu said in a note Friday.</p> <p>In other news, Tesla (NASDAQ:TSLA) jumped more than 3% after receiving an upgrade from Canaccord, citing a bullish outlook for the company's battery storage business.</p> <p>Canaccord upgraded Tesla to buy from hold, and lifted its price on the company to $1,071 from $419 per share.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/pololololo12222"> /u/pololololo12222 </a> <br/> <span><a href="https://www.reddit.com/r/investing/comments/mplsdj/sp_500_stutters_after_hitting_fresh_record_high/">[link]</a></span> <span><a href="https://www.reddit.com/r/investing/comments/mplsdj/sp_500_stutters_after_hitting_fresh_record_high/">[comments]</a></span>Kind Regards R