The S&P 500 ended essentially flat on Thursday (November 11), with chipmakers helping push the Nasdaq into positive territory in a subdued Veterans Day session, the day after hotter-than-expected inflation reports dampened investor sentiment and halted a streak of record closing highs.
Walt Disney Co, falling in the wake of a disappointing earnings report, dragged the Dow into the red.
The bond market was closed in observance of Veterans Day, and in the absence of economic data and with third-quarter earnings season winding down, there were few catalysts to move markets in either direction.
Investors were favoring growth over value, and economically sensitive smallcaps and chips were outperforming the broader market.
The Philadelphia SE Semiconductor index bounced back from its worst session in more than six weeks, driven by gains in Nvidia Corp after brokerage Susquehanna raised the chipmaker’s price target.
Market participants were digesting recent inflation data, which suggested that the current wave of price spikes due to chronic worldwide supply challenges could have more staying power than many – including the U.S. Federal Reserve – had hoped.
With consumer sentiment data expected tomorrow and a string of retailers due to report quarterly earnings over the next few weeks, focus is shifting to consumer spending as the holiday shopping season approaches.
The Dow Jones Industrial Average fell 158.71 points, or 0.44%, to 35,921.23, the S&P 500 gained 2.56 points, or 0.055%, to 4,649.27 and the Nasdaq Composite added 81.58 points, or 0.52%, to 15,704.28.
(Production: Conway Gittens, Roselle Chen and Stephen Culp)