S&P 500, Nasdaq at record highs ahead of Trump speech

By Arjun Panchadar (Reuters) - The S&P 500 and Nasdaq indexes rose to record highs on Tuesday as trade-sensitive technology stocks gained ahead of a much-awaited speech by President Donald Trump, which was likely to provide some clarity on the U.S.-China tariff talks.

Reuters November 13, 2019 00:06:58 IST
S&P 500, Nasdaq at record highs ahead of Trump speech

SP 500 Nasdaq at record highs ahead of Trump speech

By Arjun Panchadar

(Reuters) - The S&P 500 and Nasdaq indexes rose to record highs on Tuesday as trade-sensitive technology stocks gained ahead of a much-awaited speech by President Donald Trump, which was likely to provide some clarity on the U.S.-China tariff talks.

Hopes of a resolution to the 16-month long tariff dispute and a strong corporate earnings season have powered Wall Street's gains so far this month.

All 11 major S&P 500 sectors were trading higher, with the technology sector's 0.53% rise providing the biggest boost, followed by healthcare shares.

The Philadelphia Semiconductor index gained 0.84%.

Trump is scheduled to discuss the country's trade policy at the Economic Club of New York later on Tuesday and markets are likely to hang on to every word.

"There is some optimism that Trump will tell people something they like to hear, whether it's the civics or a general delay in tariffs," said Willie Delwiche, investment strategist at Baird in Milwaukee.

"The focus is very much on those expectations on 'if not good news then at least the avoidance of bad news' from Trump."

About three quarters of the S&P 500 companies that have reported results so far have topped analysts' profit expectations, according to Refinitiv data.

A fresh set of economic data is also expected later this week. Retail sales in October is expected to rebound from a surprise contraction in the previous month and industrial production is likely to decline by the same measure as last month.

Federal Reserve Chair Jerome Powell will give his comments on the domestic economic outlook this week.

At 11:40 a.m. ET the Dow Jones Industrial Average was up 43.08 points, or 0.16%, at 27,734.57, the S&P 500 was up 11.65 points, or 0.38%, at 3,098.66 and the Nasdaq Composite was up 42.67 points, or 0.50%, at 8,506.95.

Walt Disney Co rose 1.62% as the company launched its widely awaited streaming service, Disney+. Netflix shares were down 0.6%.

Rockwell Automation Inc jumped 12.5% as the factory automation equipment maker beat fourth-quarter profit expectations.

CBS Corp dropped 2% after the media company missed quarterly revenue estimates. Shares of Viacom Inc, which is merging with CBS, were also down nearly 2%.

Advancing issues outnumbered decliners by a 1.42-to-1 ratio on the NYSE and a 1.36-to-1 ratio on the Nasdaq.

The S&P index recorded 38 new 52-week highs and one new low, while the Nasdaq recorded 91 new highs and 61 new lows.

(Reporting by Arjun Panchadar and Agamoni Ghosh in Bengaluru; Editing by Maju Samuel and Arun Koyyur)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

Intel seeks $10 billion in subsidies for European chip plant
News & Analysis

Intel seeks $10 billion in subsidies for European chip plant

By Douglas Busvine BRUSSELS/BERLIN (Reuters) -Intel wants 8 billion euros ($9.7 billion) in public subsidies towards building a semiconductor factory in Europe, its CEO was cited as saying on Friday, as the region seeks to reduce its reliance on imports amid a shortage of supplies. The pitch is the first time Pat Gelsinger has publicly put a figure on how much state aid he would want, as Intel pursues a multibillion-dollar drive to take on Asian rivals in contract manufacturing. "What we're asking from both the U.S

China's Ximalaya, Qiniu file for U.S. IPOs
News & Analysis

China's Ximalaya, Qiniu file for U.S. IPOs

(Reuters) -Ximalaya, backed by China's Tencent Holdings, filed for an initial public offering (IPO) in the United States on Friday, cashing in on growing demand as more people tune in to podcasts while staying at home during the pandemic. China's Qiniu Ltd, a cloud-based platform-as-a-service provider backed by Alibaba Group Holding Ltd, also filed paperwork for a U.S. IPO

Donerail pushes gaming headset maker Turtle Beach to explore a sale - sources
News & Analysis

Donerail pushes gaming headset maker Turtle Beach to explore a sale - sources

By Greg Roumeliotis (Reuters) - Donerail Group, an investment firm led by former activist hedge fund Starboard Value LP executive Will Wyatt, has amassed a stake in Turtle Beach Corp and is pushing the maker of gaming headsets to explore a sale, people familiar with the matter said on Friday. The move represents a bet that Turtle Beach could attract acquisition interest from peers such as Corsair Gaming Inc and GN Store Nord A/S, as the video game market continues to benefit from people looking for entertainment options at home during the COVID-19 pandemic