Wall St. ends mixed as S&P, Nasdaq enjoy tech boosts, but Dow ends a hair lower

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Wall St. ends mixed as S&P, Nasdaq enjoy tech boosts, but Dow ends a hair lower

On Monday, a slew of US stock indices had winded up the day in an ambivalent tenure with benchmark S&P 500 and tech-heavy Nasdaq propelling higher, mostly boosted up from gains in top-tier tech conglomerates, however, trade-sensitive Dow inched lower after US Federal Reserve had said in a statement that US factory output had faltered for a second successive month in September for the first time since the onset of pandemic outbreak.

Aside from that, in the day’s Wall Street was largely weighed down by disappointing economic data from China, which had reportedly been grappling with a grievous, but manageable, ripple effect at its real estate industry followed by the collapse of Evergrande, which is close to surpass a grace period of 30 days following four consecutive credit defaults on its US Dollar-denominated bonds.

Nonetheless, a feeble economic growth in China last month was overshadowed by large gains from the so-called FAANG stocks (Facebook, Amazon, Apple, Netflix and Google), while Apple Inc edged 1.0 per cent higher followed by release of two new Mac book models instrumented with more powerful processor chips.

However, US Federal Reserve said earlier in the day that US factory output tumbled 0.7 per cent in September, while August data was revised lower to an indentation of 0.4 per cent from a prior estimate of 0.2 per cent, eventually taking a toll on trade-sensitive Dow Jones Industrial Average.

Wall St. ends mixed after weak China data

Citing statistics, in the day’s Wall Street closing bell, trade-sensitive Dow closed 0.1 per cent lower to 35,258.61 and benchmark S&P 500 added 0.34 per cent to 4,486.46, while tech-heavy Nasdaq jumped as much as 0.84 per cent to 15,021.81.

Meanwhile, citing an out-and-out optimism over a clutch of earnings’ report scheduled to be released this week, a managing director of equity trading at Wedbush Securities in Los Angeles, Michael James said, “You're going to get a heavier slate of earnings reports this week from a diverse set of industries.

The path of least resistance remains higher going into earnings season for large-cap tech”.