Stock market live updates: S&P 500 rises to a fresh record closing high

Stocks concluded higher on Friday, with the S&P 500 and Nasdaq closing out the session at record levels.

The S&P 500 and Nasdaq each rose aproximatelly 0.5 %, while the Dow finished simply a tick above the flatline. U.S. stocks shook off earlier declines after monitoring a drop in overseas equities, after new data showed that UK gross domestic product (GDP) slumped by a report 9.9 % in 2020 as a virus-induced recession swept the nation.

Shares of Dow component Disney (DIS) reversed earlier profits to fall greater than 1 % and guide back out of a record extremely high, after the company posted a surprise quarterly benefit and cultivated Disney+ streaming subscribers much more than expected. Newly public business Bumble (BMBL), which started trading on the Nasdaq on Thursday, rose another seven % after jumping sixty three % in the public debut of its.

Over the past couple weeks, investors have absorbed a bevy of stronger than expected earnings results, with corporate profits rebounding faster than expected inspite of the continuous pandemic. With at least eighty % of businesses right now having reported fourth-quarter results, S&P 500 earnings per share (EPS) have topped estimates by 17 % in aggregate, and bounced back above pre-COVID levels, according to an analysis by Credit Suisse analyst Jonathan Golub.

good government action and “Prompt mitigated the [virus related] injury, leading to outsized economic and earnings surprises,” Golub said. “The earnings recovery has been considerably more robust than we may have thought possible when the pandemic first took hold.”

Stocks have continued to establish fresh record highs against this backdrop, and as monetary and fiscal policy assistance remain strong. But as investors come to be comfortable with firming corporate functionality, companies might have to top even bigger expectations to be rewarded. This may in turn put some pressure on the broader market in the near term, and also warrant much more astute assessments of specific stocks, based on some strategists.

“It is actually no secret that S&P 500 performance continues to be very strong over the past few calendar years, driven primarily via valuation expansion. Nevertheless, with the index P/E [price-to-earnings ratio] recently eclipsing its prior dot com extremely high, we think that valuation multiples will start to compress in the coming months,” BMO Capital Markets strategist Brian Belski wrote in a note Thursday. “According to our job, strong EPS growth will be required for the following leg higher. Thankfully, that is exactly what existing expectations are forecasting. Nevertheless, we in addition discovered that these sorts of’ EPS-driven’ periods tend to become more challenging from an investment strategy standpoint.”

“We believe that the’ easy money days’ are actually more than for the time being and investors will have to tighten up their aim by evaluating the merits of individual stocks, as opposed to chasing the momentum-laden practices that have recently dominated the expense landscape,” he added.

4:00 p.m. ET: Stocks end higher, S&P 500 and Nasdaq reach record closing highs
Here is where the key stock indexes finished the session:

S&P 500 (GSPC): +18.55 points (+0.47 %) to 3,934.93

Dow (DJI): +27.44 points (+0.09 %) to 31,458.14

Nasdaq (IXIC): +69.70 points (+0.5 %) to 14,095.47

2:58 p.m. ET:’ Climate change’ is the most-cited Biden policy on corporate earnings calls: FactSet
Fourth-quarter earnings season represents the first with President Joe Biden in the White House, bringing the latest political backdrop for corporations to contemplate.

Biden’s policies around environmental protections and climate change have been the most cited political issues brought up on corporate earnings calls up to this point, based on an analysis from FactSet’s John Butters.

“In terms of government policies talked about in conjunction with the Biden administration, climate change as well as energy policy (28), tax policy (20 ) and COVID-19 policy (19) have been cited or maybe reviewed by probably the highest number of businesses through this point in time in 2021,” Butters wrote. “Of these twenty eight companies, seventeen expressed support (or even a willingness to the office with) the Biden administration on policies to greatly reduce carbon as well as greenhouse gas emissions. These 17 firms either discussed initiatives to minimize their own carbon and greenhouse gas emissions or maybe services or products they supply to assist clients and customers lower the carbon of theirs and greenhouse gas emissions.”

“However, 4 companies also expressed some concerns about the executive order establishing a moratorium on new engine oil as well as gas leases on federal lands (and also offshore),” he added.

The list of twenty eight companies discussing climate change and energy policy encompassed companies from a diverse array of industries, including JPMorgan Chase, United Airlines Holdings and 3M, alongside conventional oil majors as Chevron.

11:36 a.m. ET: Stocks combined, S&P 500 and Nasdaq turn positive
Here’s in which marketplaces had been trading Friday intraday:

S&P 500 (GSPC): +7.87 points (+0.2 %) to 3,924.25

Dow (DJI): -8.77 points (0.03 %) to 31,421.93

Nasdaq (IXIC): +28.15 points (+0.21 %) to 14,053.77

Crude (CL=F): +$0.65 (+1.12 %) to $58.89 a barrel

Gold (GC=F): +$0.20 (+0.01 %) to $1,827.00 per ounce

10-year Treasury (TNX): +2.7 bps to deliver 1.185%

10:15 a.m. ET: Consumer sentiment unexpectedly plunges to a six-month lower in February: U. Michigan
U.S. consumer sentiment slid to probably the lowest level after August in February, based on the University of Michigan’s preliminary once a month survey, as Americans’ assessments of the path ahead for the virus stricken economy suddenly grew more grim.

The headline consumer sentiment index dipped to 76.2 from 79.0 in January, sharply lacking expectations for a rise to 80.9, as reported by Bloomberg consensus data.

The whole loss in February was “concentrated in the Expectation Index and among households with incomes below $75,000. Households with incomes of the bottom third reported considerable setbacks in the present finances of theirs, with fewer of the households mentioning latest income gains than anytime after 2014,” Richard Curtin chief economist for the university’s Surveys of Consumers, said in a statement.

“Presumably a new round of stimulus payments will lessen financial hardships with those with probably the lowest incomes. More surprising was the finding that consumers, despite the likely passage of a large stimulus bill, viewed prospects for the national economy less favorably in early February compared to last month,” he added.

9:30 a.m. ET: Stocks open lower, but speed toward posting weekly gains
Here’s in which marketplaces had been trading just after the opening bell:

S&P 500 (GSPC): -8.31 points (-0.21 %) to 3,908.07

Dow (DJI): -19.64 (0.06 %) to 31,411.06

Nasdaq (IXIC): -53.51 (+0.41 %) to 13,970.45

Crude (CL=F): -1dolar1 0.23 (0.39 %) to $58.01 a barrel

Gold (GC=F): 1dolar1 10.70 (-0.59 %) to $1,816.10 per ounce

10-year Treasury (TNX): +3.2 bps to deliver 1.19%

9:05 a.m. ET: Equity funds see highest weekly inflows actually as investors pile into tech stocks: Bank of America
Stock funds just saw their largest-ever week of inflows for the period ended February ten, with inflows totaling a record $58.1 billion, according to Bank of America. Investors pulled a total of $800 million out of gold and $10.6 billion out of profit during the week, the firm added.

Tech stocks in turn saw the own record week of theirs of inflows during $5.4 billion. U.S. large cap stocks saw the second-largest week of theirs of inflows ever at $25.1 billion, and U.S. tiny cap inflows saw the third largest week of theirs at $5.6 billion.

Bank of America warned that frothiness is actually rising in markets, nevertheless, as investors continue piling into stocks amid low interest rates, as well as hopes of a strong recovery for corporate earnings and the economy. The firm’s proprietary “Bull as well as Bear Indicator” tracking market sentiment rose to 7.7 from 7.5, nearing an 8.0 “sell” signal.

7:14 a.m. ET Friday: Stock futures point to a lower open
Below were the principle movements in markets, as of 7:16 a.m. ET Friday:

S&P 500 futures (ES=F): 3,904.00, down 8.00 points or perhaps 0.2%

Dow futures (YM=F): 31,305.00, down 54 points or 0.17%

Nasdaq futures (NQ=F): 13,711.25, printed 17.75 points or even 0.13%

Crude (CL=F): 1dolar1 0.43 (0.74 %) to $57.81 a barrel

Gold (GC=F): 1dolar1 9.50 (0.52 %) to $1,817.30 per ounce

10-year Treasury (TNX): +0.5 bps to yield 1.163%

6:03 p.m. ET Thursday: Stock futures tick higher
Here is in which markets had been trading Thursday as overnight trading kicked off:

S&P 500 futures (ES=F): 3,904.50, printed 7.5 points or even 0.19%

Dow futures (YM=F): 31,327.00, down 32 points or 0.1%

Nasdaq futures (NQ=F): 13,703.5, down 25.5 points or perhaps 0.19%