US indices close flat, weighed down by tech stocks

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US indices close flat, weighed down by tech stocks

 US indices close flat, weighed down by tech stocks
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Benchmark US indices closed the week flat on Friday, October 29, weighed down by losses in technology stocks as inflation concerns rose after the latest government economic data.

The S&P 500 was up 0.19% to 4,605.38. The Dow Jones fell 0.25% to 35,819.56. The NASDAQ Composite rose 0.33% to 15,498.39, and the small-cap Russell 2000 was down 0.03% to 2,297.19.

On Friday, the Commerce Department said consumer prices rose by 4.4% in September year-over-year, the fastest pace since 1991. Consumer spending also had increased in the month, rising by 0.6%, compared to 1% growth in the previous month, its data showed.

Communication and healthcare stocks led gains on the S&P 500 index on Friday. Real estate and energy stocks were the bottom movers. Six of the 11 stock segments of the index closed in green.

Amazon.com, Inc. (AMZN) and Apple Inc. (AAPL) stocks declined 2.75% and 2.62%, respectively.

Stocks of Exxon Mobil Corporation were up 0.64% after reporting quarterly results before the opening bell. Its revenue rose to US$73.78 billion in Q3 FY21 from US$46.19 billion a year ago. However, its net income declined to US$6.75 billion from US$7.4 billion in the year-ago quarter.

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Chevron Corporation (CVX) stock was up 0.86% after reporting revenue growth in the third quarter. Its sales and revenue rose to US$42.55 billion in the quarter from US$23.99 billion a year ago.

AbbVie Inc. (ABBV) stock jumped 4.42% in intraday trading after reporting its third-quarter results. Its net earnings came in at US$3.18 billion compared to US$2.31 billion in Q3, FY20.

In the communication sector, Facebook, Inc. (FB) gained 2.37%, Netflix, Inc. (NFLX) increased by 1.72%, and Alphabet Inc. (GOOGL) gained 0.67%. On the other hand, Comcast Corporation (CMCSA) and AT&T Inc. (T) declined 1.31% and 1.33%, respectively.

In healthcare stocks, Thermo Fisher Scientific Inc. (TMO) rose 1.48%, Danaher Corporation (DHR) gained 2.16%, and Merck & Company, Inc. (MRK) rose 1.34%. Intuitive Surgical, Inc. (ISRG) and Bristol-Myers Squibb Company (BMY) advanced 1.26% and 1.79%, respectively.

In the real estate sector, American Tower Corporation (AMT) decreased by 1.71%, Equinix, Inc. (EQIX) fell 1.06%, and Digital Realty Trust, Inc. (DLR) declined 1.21%. WellTower Inc. (WELL) and CBRE Group Inc. (CBRE) ticked down 3.40% and 1.08%, respectively.

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Communication and healthcare stocks led gains on the S&P 500 index on Friday

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Six of the 11 stock segments of the S&P 500 index closed in green.

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Futures & Commodities

Gold futures were down 1.02% to US$1,784.20 per ounce. Silver decreased by 0.68% to US$23.955 per ounce, while copper rose 1.44% to US$4.4745.

Brent oil futures increased by 0.16% to US$83.79 per barrel and WTI crude was up 0.66% to US$83.36.

Bond Market

The 30-year Treasury bond yields was down 0.88% to 1.946, while the 10-year bond yields fell 0.63% to 1.559.

US Dollar Futures Index increased by 0.85% to US$94.118.

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