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By David French
NEW YORK (Reuters) – Both the Nasdaq and the Nasdaq hit a record-breaking close on Thursday on Wall Street as investors focused on good retail and tech gains as they outperformed the Federal Reserve official’s inflation comments.
In contrast, the Dow continued to lag behind, recording its third decline this week, gaining weight on the benchmark Cisco Systems Inc (NASDAQ :).
Inflation remains first and foremost for investors, with stock markets initially falling after New York Federal Reserve Bank President John Williams said inflation is set to widen and expectations for future price hikes are rising.
S&P and Nasdaq bounced back this morning, but Nvidia (NASDAQ 🙂 helped. The chip maker rose 8.2% after surpassing quarterly calculations and forecasting strong revenue in the fourth quarter.
In terms of performance, the Philadelphia semiconductor index advanced 1.8% to close its second record in three sessions.
The S&P consumer discretionary sector saw earnings rise by 1.5% as Macy’s and Kohl’s positive retail gains merged with the cheerful reports of Walmart (NYSE 🙂 Inc. and Walmart (NYSE 🙂 Inc. Goal Corp (NYSE 🙂 right this week.
Macy’s Inc (NYSE 🙂 rose 21.1%, the highest one-day gain in decades, after rising its annual earnings orientation and indicating potential spin-off plans for the e-commerce division.
Peer Kohl’s Corp (NYSE 🙂 advanced 10.6% after rising the forecast.
The S&P 500 retail index gained 2.8% this week to break the record for the third session, as investors saw the gains as a sign of strong consumer demand that has continued as a result of rising inflation and traders were poised for a strong holiday season.
“Consumers are stronger than expected; it’s good news for the whole country. A stronger consumer is a reflection of a strong economic rebound,” said Mike Zigmont, New York’s head of research and trading at Harvest Volatility Management.
However, concerns about rising price pressures, coupled with uncertainty over the Fed’s tightening plans, have kept Wall Street silent this week.
“We’re definitely hitting over-buying territory and it will be healthy for us to take the next step to consolidate,” said Eric Metz, chief investment officer at SpiderRock Advisors in Chicago.
“Outside of the politics of faith or the big disappointments of profit, I think they’re pretty stable below us, but the markets can be volatile, so being cautious is the name of the game right now.”
They fell 60.1 points, or 0.17%, to 35,870.95, while the S&P 500 gained 15.87 points, or 0.34%, to 4,704.54, and the addition gained 72.14 points, or 0.45%, to 15,993. 71ra.
Dow suffered heavy losses from its peer-to-peer Cisco network gearmaker, which fell 5.5% due to supply chain shortages and delays in forecasting current quarter revenue.
Visa Inc. (NYSE 🙂 fell for the second day in a row, with its 0.8% drop to its lowest close since Feb. 3, after it was announced that Amazon.com Inc. (NASDAQ 🙂 could reduce its relationship with the payment company.
The volume of U.S. exchanges was 11,090 billion shares, compared to an average of 11,140 million in the full session over the last 20 trading days.
The S&P 500 released 40 new 52-week highs and nine new lows; The Nasdaq Composite recorded 103 new highs and 407 new lows.
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