S&P closes little changed as chips boost Nasdaq in muted holiday trading; Dow falls



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S&P closes little changed as chips boost Nasdaq in muted holiday trading; Dow falls

On Thursday, a swathe of key stock indices in the Wall St. had closed out the session in a mixed complexion, as Wall Street bellwether S&P 500 edged marginally higher with chipmakers heaving Nasdaq up into a green territory in a subdued ‘Veterans Day’ holiday trading session.

In point of fact, in the day’s Wall St. was largely moved by a number of earnings’ reports, as disappointing Q3 earnings from Walt Disney had dragged the trade-sensitive Dow into red, while a Joe Biden move to sign off a legislation into a law that in effect would bar the sales of US-borne technologies without requirement of reviews from US FCC to foreign entities which could post national security threat such as China’s Huawei and ZTE, had weighed heavily on stocks exposed to China, adding further strains on trade-sensitive Dow.

Aside from that, as investors had shifted towards growth stocks following yesterday’s US CPI data that had spurred up prospects of a hawkish monetary policy from the US Fed alongside a rate-hike bet as early as by July 2022, the Philadelphia SE Semiconductor Index jumped 1.9 per cent with Nvidia leading the tally of gains as brokerage firm Susquehanna had lifted Nvidia’s price target following a pluperfect third-quarter earnings’ report.

Wall St. ends mixed in muted holiday trading

Citing statistics, in the day’s Wall St. wind-down, the trade-sensitive Dow dwindled 0.44 per cent to 35,921.23 and benchmark S&P 500 edged 0.06 per cent higher to 4,649.27, while tech-heavy Nasdaq gained 0.52 per cent to 15,704.28.

Meanwhile, citing a lack of fresh catalysts in the day’s Wall Street, president of Chase Investment Counsel in Charlottesville, Virginia, Peter Tuz said, “Days like today are really hard to judge because you essentially have half the market closed. Specific company and industry events are driving today’s markets