US STOCKS-S&P closes little changed as chips boost Nasdaq in subdued holiday trading

Dillard's

11/11/2021 21:28

* Slowing subscriber growth slams Disney shares
    * Rivian extends gains a day after market debut
    * Upbeat Dillard's report lifts department stores
    * Dow down 0.44%, S&P up 0.06%, Nasdaq rises 0.52%

 (Updates with prices)
    By Stephen Culp
    NEW YORK, Nov 11 (Reuters) - The S&P 500 ended only
nominally higher on Thursday, with chipmakers helping push the
Nasdaq into green territory in a muted 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  DIS.N , 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.
    "Days like today are really hard to judge because you
essentially have half the market closed," said Peter Tuz,
president of Chase Investment Counsel in Charlottesville,
Virginia. "Specific company and industry events are driving
today’s markets."
    "There will be a lot more trading tomorrow than today, so
we’ll have to wait and see what will happen," Tuz added.
    Investors were favoring growth  .IGX  over value  .IVX , and
economically sensitive smallcaps  .RUT  and chips  .SOX  were
outperforming the broader market.
    The Philadelphia SE Semiconductor index  .SOX  gained 1.9%,
bouncing back from its worst session in more than six weeks,
driven by gains in Nvidia Corp  NVDA.O  after brokerage
Susquehanna raised the chipmaker's price target.  urn:newsml:reuters.com:*:nL4N2S23IL
    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  .DJI  fell 158.71 points,
or 0.44%, to 35,921.23, the S&P 500  .SPX  gained 2.56 points,
or 0.06%, to 4,649.27 and the Nasdaq Composite  .IXIC  added
81.58 points, or 0.52%, to 15,704.28.
    Among the 11 major sectors of the S&P 500, six closed
higher, with materials  .SPLRCM  leading the gainers. Utilities
 .SPLRCU  suffered the largest percentage loss.
    Shares of Walt Disney Co  DIS.N  sank 7.1% and were the
heaviest drag on the Dow following its disappointing earnings
release, in which the media company reported shortfalls in
streaming subscribers and theme park revenues.  urn:newsml:reuters.com:*:nL4N2S14JG
    Electric automaker Rivian Automotive Inc's  RIVN.O  shares
jumped 22.1% a day after closing 29.1% above its offer price in
its debut as a publicly traded company.  urn:newsml:reuters.com:*:nL1N2S21CN
    Rival Lucid Group Inc's  LCID.O  shares surged by 10.4%.
    But Tesla Inc  TSLA.O  slipped 0.4% following news that CEO
Elon Musk sold about $5 billion of the stock in the company over
the last few days, following his infamous Twitter poll on
whether he should shed 10% of his shares in the firm he founded.
 urn:newsml:reuters.com:*:nL4N2S21U7
    Dillard's Inc  DDS.N  gained 10.0% after handily beating
quarterly earnings and revenue forecasts. Fellow department
stores Macy's Inc  M.N  and Nordstrom Inc  JWN.N , which have
yet to report quarterly results, rose between 2% and 3.6%.
    Tapestry Inc  TPR.  gained 8.4% after the luxury fashion
accessories firm boosted its annual sales forecast and announced
a $1 billion share buyback plan.  urn:newsml:reuters.com:*:nL4N2S22Z6
    Advancing issues outnumbered declining ones on the NYSE by a
1.37-to-1 ratio; on Nasdaq, a 1.40-to-1 ratio favored advancers.
    The S&P 500 posted 15 new 52-week highs and 6 new lows; the
Nasdaq Composite recorded 114 new highs and 125 new lows.  
    Volume on U.S. exchanges was 9.61 billion shares, compared
with the 10.91 billion average over the last 20 trading days.   

 (Reporting by Stephen Culp; additional reporting by Devik Jain
and Shreyashi Sanyal in Bengaluru; Editing by Diane Craft)
 ((stephen.culp@thomsonreuters.com; 646-223-6076;))