Relevance up to 03:00 2021-10-28 UTC–4
The Dow Jones Industrial Average increased by 15.73 points (0.04%), that is, to 35756.88 points. The Standard & Poor’s 500 value increased by 8.31 points (0.18%), amounting to 4574.79 points. The Nasdaq Composite gained 9.01 points (0.05%) and reached 15,235.71 points.
Fawad Razakzad, market analyst at ThinkMarkets, said investors are ignoring inflation concerns. Instead, they focus on corporate reporting, which continues to amaze both sides of the Atlantic.
In the third quarter, corporate earnings largely exceed consensus forecasts, but not all analysts are optimistic about the future.
General Electric Co. rose 2% yesterday. The company returned to profitable levels in July-September, with adjusted earnings beating analysts’ forecasts.
The world’s largest express delivery service, United Parcel Service, increased its net income by 18.3% in the third quarter year-on-year, with both adjusted numbers and revenue above market expectations. UPS shares jumped 7%.
Also in anticipation of the release of financial indicators, the capitalization of Alphabet (NASDAQ: GOOGL) Inc., the holding company of Google, increased by 1.4% and Microsoft Corp., that is, by 0.6%.
In addition, the price of shares of Cisco Systems Inc (NASDAQ: CSCO). rose 1.2%, the price of Procter & Gamble Co (NYSE: PG). rose 1.4%. They became the leaders of the recovery among the Dow Jones components.
Meanwhile, shares of Facebook Inc., which released its financial statements on Monday, fell 3.9%. The company increased its net income in the third quarter by 17%, but the rise in revenues by 35% fell short of expectations.
The cost of 3M Co. decreased by 0.3%. The net profit of the company, which produces more than 50 thousand items of various goods, remained practically unchanged in the 3rd quarter, while the company narrowed its forecast of financial indicators for this year.
Tesla shares fell 0.6%. As a result of trading on Monday, the capitalization of the electric vehicle manufacturer exceeded the $ 1 trillion mark after a more than 12 percent jump in quotations.
Sales of new homes in the United States in September soared by 14% compared to the previous month and amounted to 800 thousand in annualized rates, the country’s Ministry of Commerce said yesterday. This is the highest level in the last six months. Analysts on average had expected sales to increase last month by just 2.7%.
Consumer confidence in the US rose to 113.8 points in October from a revised 109.8 points in the previous month, the Conference Board, which calculates the indicator, said. The indicator increased for the first time in the last 4 months. Experts were expecting a decline to an average of 108.3 points, according to data from Trading Economics. The Wall Street Journal respondents predicted 108 points.
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