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S&P 500, Nasdaq rise with growth stocks; JPMorgan a drag

JPMorgan falls, BlackRock gains after earningsFed minutes hint at tapering from NovemberU.S. consumer prices post solid gain in SeptemberIndexes: Dow flat, S&P 500 up 0.3%, Nasdaq up 0.7%NEW YORK, Oct 13 (Reuters) – The S&P 500 and Nasdaq ended higher on Wednesday, led by gains in shares of big growth names like Amazon.com and Microsoft,…

  • JPMorgan falls, BlackRock gains after earnings
  • Fed minutes hint at tapering from November
  • U.S. consumer prices post solid gain in September
  • Indexes: Dow flat, S&P 500 up 0.3%, Nasdaq up 0.7%

NEW YORK, Oct 13 (Reuters) – The S&P 500 and Nasdaq ended higher on Wednesday, led by gains in shares of big growth names like Amazon.com and Microsoft, but JPMorgan shares fell along with other bank shares and weighed on the market.

The S&P 500 briefly added to gains following the release of minutes from the September Federal Reserve policy meeting.

U.S. central bankers signaled they could start reducing crisis-era support for the economy in mid-November, though they remained divided over how much of a threat high inflation poses and how soon they may need to raise interest rates, the minutes showed. read more

Earlier, a Labor Department report showed consumer prices increased solidly in September, further strengthening the case for a Fed interest-rate hike. read more

Shares of JPMorgan Chase & Co (JPM.N)fell 2.6% even though JPMorgan’s third-quarter earnings beat expectations, helped by global dealmaking boom and release of more loan loss reserves. The stock declined along with the other bank shares and was among the biggest drags on the S&P 500 and Dow, which ended flat. read more

The S&P 500 bank index (.SPXBK) was down 1.3%, with longer-dated Treasury yields down on the day.

The day’s corporate results kicked off third-quarter earnings for S&P 500 companies.

“My hope is that as we work our way through earnings season, that the forward-looking guidance will be good enough that we’ll close the year higher. But right now the market is in a show-me phase,” said Jim Awad, senior managing director at Clearstead Advisors LLC in New York.

Mega-caps growth names including Amazon.com Inc (AMZN.O), Google-parent Alphabet (GOOGL.O) and Microsoft Corp (MSFT.O) all rose.

A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, New York, U.S., July 19, 2021. REUTERS/Andrew Kelly

The Dow Jones Industrial Average (.DJI) fell 0.53 points to 34,377.81, the S&P 500 (.SPX) gained 13.15 points, or 0.30%, to 4,363.8 and the Nasdaq Composite (.IXIC) added 105.71 points, or 0.73%, to 14,571.64.

BlackRock Inc (BLK.N)gained 3.8% after the world’s largest money manager beat quarterly profit estimates as an improving economy helped boost its assets under management, driving up fee income. read more

Also in earnings, Delta Air Lines (DAL.N) fell 5.8% after the company reported its first quarterly profit without federal aid since the coronavirus pandemic, but warned of a pre-tax loss for the fourth quarter due to a sharp rise in fuel prices. read more

Analysts expect corporate America to report strong profit growth in the third quarter but investor worries have been mounting over how supply chain problems, labor shortages and higher energy prices might affect businesses emerging from the pandemic.

Bank of America (BAC.N), Citigroup (C.N), Wells Fargo (WFC.N) and Morgan Stanley (MS.N) will report results on Thursday, while Goldman Sachs (GS.N) is due to report on Friday.

Among other movers, Apple Inc (AAPL.O)dipped 0.4% after a report said the iPhone marker was planning to cut production of its iPhone 13. read more

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