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U.S. Stocks Edge Up, Buoyed by Tech Sector

Many investors say future stock gains are likely to be driven by earnings, not policy bets

 

U.S. stock indexes edged higher as gains in shares of technology companies offset losses in the energy sector.

Stocks have generally risen in recent sessions, buoyed by corporate-earnings reports pointing to health in U.S. companies.

While bets on tax cuts from the Trump administration helped major indexes surge after the election, many investors say future stock gains are likely to be driven by earnings, not policy bets.

The Dow Jones Industrial Average rose 6.24 points, or less than 0.1%, to 20981.33 on Thursday. The S&P 500 rose 1.32 point, or less than 0.1%, to 2388.77 and the Nasdaq Co mposite gained 23.71 points, or 0.4%, to 6048.94, hitting a fresh closing high.

 “At the end of the day, the market is always about earnings and growth,” said JJ Kinahan, chief market strategist at TD Ameritrade. “If your earnings are good and the economy is performing, that makes up for a lot of other things.”

Technology shares in the S&P 500 rose 0.6% and were among the best performers in the broad index on Thursday.

Class A shares of Comcast added 80 cents, or 2.1%, to $39.59 after the company reported growth in revenue and profit that topped analysts’ estimates.

Class A shares of Under Armour , which posted its first ever quarterly loss as a public company, rose 1.96, or 9.9%, to 21.67. Demand cooled for sneakers and athletic apparel, but results beat analysts’ expectations.

Shares of Southwest Airlines fell 1.19, or 2.1%, to 55.75 after the company said rising costs outpaced revenue growth for its latest quarter.

Energy shares slid with oil prices, falling 1.1% in the S&P 500. U.S. crude for June delivery lost 1.3% to $48.97 a barrel, its lowest settlement since March 28, as investors weighed concerns of a surplus in petroleum products.

Government bonds rose, with the yield on the 10-year U.S. Treasury note falling to 2.298% from 2.312% Wednesday. Yields fall as bond prices rise.

Declines in energy shares dragged the S&P 500 lower, while crude oil prices also declined. Photo: Matthew Busch/Bloomberg News

Elsewhere, the Stoxx Europe 600 fell 0.2% after the European Central Bank left its policy unchanged and said rates would remain at present or lower levels well past the horizon of asset purchases.

With the second round of the French election less than two weeks away and no updates to economic forecasts on the docket, few investors had expected ECB President Mario Draghi to signal a major shift in his policy stance.

“As usual, Mario Draghi was trying not to be too exciting, particularly at a time when there are still some uncertainties,” said Stephanie Flanders, chief market strategist for the U.K. and Europe at J.P. Morgan Asset Management. “By and large, the low key expectations we had going into the meeting were realized.”

Markets across Asia ended mixed after the Bank of Japan indicated that it is unlikely to move away from easy-money policies, saying inflation lagged behind an earlier forecast.

Japan’s Nikkei Stock Average fell 0.2%. Hong Kong’s Hang Seng Index closed up 0.5%, while Australia’s S&P/ASX 200 gained 0.2%.

 

 

EM

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