Where the Comment is King

THE NEWS COMMENTER

VOTE  (0)  (0)

Stock market news live updates: Stocks drift below record levels as earnings roll in

Added 10-21-21 10:04:01am EST - “Stock futures edged lower Thursday morning, with the major indexes hovering slightly below all-time highs as a parade of strong earnings results helped buoy equity prices earlier this week.” - News.yahoo.com

CLICK TO SHARE

Posted By TheNewsCommenter: From News.yahoo.com: “Stock market news live updates: Stocks drift below record levels as earnings roll in”. Below is an excerpt from the article.

Stocks edged lower Thursday, with the major indexes hovering slightly below all-time highs as a parade of strong earnings results helped buoy equity prices earlier this week.

The Dow dipped by about 100 points, or 0.3%, shortly after market open. The 30-stock index had set a fresh record intraday high during the regular trading day on Wednesday, marking its first all-time high since mid-August. The S&P 500 also logged a sixth straight day of gains in its longest winning streak since the start of July. 

Estimates-topping earnings results from companies from Verizon (VZ) to Anthem (ANTM) and Abbott Laboratories (ABT) extended a streak of strong quarterly reports kicked off by the big banks last week. Tesla (TSLA) shares dipped in early trading after the electric-vehicle maker posted profits that exceeded estimates but revenues that fell short.

With stocks trading near record levels, these kinds of earnings beats will need to be maintained in order to fuel further appreciation, some strategists said.

"Both the fiscal stimulus and monetary stimulus has been driving markets really since the ricochet off the bottom of COVID," Michael Vogelzang, chief investment officer for Captrust, told Yahoo Finance Live on Wednesday. "What we're looking at now is, the easy work is done. The Fed is beginning to taper shortly, we expect. We don't expect interest rates to rise much from here. But what it means is that the market is reasonably valued. It's not cheap by anyone's estimation. And in order to progress here ... we're going to have to see stronger earnings growth, and continued strong earnings growth."

Read more...

If you don't see any comments yet, congrats! You get first comment. Be nice and have fun.

Comment Box is loading comments...

CLICK TO SHARE

BACK TO THE HOME-PAGE