On Thursday, a slew of Wall St. stock indices had winded down the session in an ambivalent complexion, as chipmaker Nvidia rallied following a robust quarterly earnings’ report, eventually leading the gains in Nasdaq, while a clutch of upbeat earnings’ report from retailers had reinforced traders’ optimism on US consumers’ purchasing power ahead of an all-important holiday season.
Nonetheless, Cisco, which tumbled as much as 8.3 per cent after its current-quarter revenue forecasts had missed Wall Street expectations, had been the biggest drag in Dow, while a US Fed move to taper fiscal stimulus for the economy, starting from mid-November, appeared to have weighed on the trade-sensitive stock index.
However, Nvidia jumped as much as 8.0 per cent to a record high after releasing an all-time high quarterly revenue-surge over latest quarter, sending Philadelphia semiconductor index to a record after surging as much as 2.1 per cent in the day.
Besides, strong earnings’ reports from top-tier retailers such as Macy’s and Kohl’s, which gained 22.02 per cent and 6.3 per cent respectively, had heaved S&P higher.
Wall St. ends mixed as retailers pull S&P 500 higher
Citing statistics, in the day’s Wall St.
wind-down, trade-sensitive Dow fell 0.17 per cent to 35,870.95 and benchmark S&P 500 gained 0.34 per cent, while tech-heavy Nasdaq jumped 0.45 per cent to 15,993.71. Meanwhile, citing a cautious optimism over a latest leg of rally in US capital market, a chief market economist at Spartan Capital Securities in New York, Peter Cardillo said, “The stock market should resume its year-end rally based on the good earnings season and good macro news that's continuing to flow.
Inflation has gone up but for now the consumer is not showing any signs of pulling back. And that's a key”.