Nasdaq gains as megacap stocks outperform
Nvidia market cap briefly overtakes Apple's
Capri plummets after US judge blocks Tapestry merger
Indexes: Dow down 0.74%, S&P 500 down 0.14%, Nasdaq up 0.43%
Updates to mid-afternoon
By Lisa Pauline Mattackal, Purvi Agarwal and Carolina Mandl
Oct 25 (Reuters) - The Nasdaq rose on Friday, driven by megacap shares, as Treasury yields slipped from the week's high ahead of quarterly results from some of Wall Street's biggest companies next week.
"There's a lot of moving pieces right now, especially because of where we are in the election cycle, but we think earnings have been pretty good overall," said Gustaf Little, senior portfolio manager at Allspring Global Investments.
The benchmark 10-year Treasury note yield rose slightly to 4.216%, but eased off the 4.26% high earlierin the week.
The so-called"Magnificent Seven" group of interest rate-sensitive technology stocks rallied. Chip heavyweight Nvidia NVDA.O gained 0.5%, briefly overtaking Apple AAPL.O as the world's mostvaluable company based on its shares.
Tesla TSLA.O shares rose1.63%, a day after surging 22%. Apple AAPL.O gained 0.28% and Microsoft MSFT.O was up 0.64%.
However, the Dow slumped on a loss in banking shares, with Goldman SachsGS.N down 2.4%, and a 3% fall in McDonald's MCD.N as the fast-food chain copes with an E. coli outbreak linked to itshamburgers.
Continued uncertainty around the U.S. election has also made investors cautious, though markets have started pricing in a second Donald Trump administration in recent weeks.
"Banks have rallied as Trump's odds (of winning) increased, so it seems investors are taking some profits," said Michael Rosen, chief investment officer at Angeles Investments.
As of2:12 p.m. the Dow Jones Industrial Average .DJI fell 312.79 points, or 0.74%, to 42,061.57, the S&P 500 .SPX lost 8.35 points, or 0.14%, at 5,801.51 and the Nasdaq Composite .IXIC rose79.80 points, or 0.43%, to 18,495.28.
Equities have been unsettled this week by a rapid rise in yields as bets on rate cuts by the Federal Reserve unraveled on expectations of a stronger economic outlook.
"The Fed perhaps got a little too dovish ahead of the data. ... The growth and inflation numbers don't necessarily justify easing behavior," said Arnim Holzer, global macro strategist at Easterly EAB Risk Solutions.
Investors are still pricing in another 25-basis-point rate cut at the Fed's November meeting and about two rate cuts by the end of the year, LSEG data showed.
The week starting Oct. 28, the final stretch before the Nov. 5 U.S. presidential election, is crucial for Wall Street. This is when results from megacap tech firms including AlphabetGOOGL.O, Apple AAPL.O and Microsoft MSFT.O are due, along with the October U.S. nonfarmpayrolls report.
"With such high valuations ... at this point, these high growth tech companies need to confirm both AI (artificial intelligence) growth and execution. They need to show and deliver," Holzer said.
CapriHoldings CPRI.N slumped 48.4% after a U.S. judge blocked a pending merger between the fashion holding company and handbag maker Tapestry TPR.N. Shares of Tapestry rose 12.59%.
Regional lender New York Community Bancorp NYCB.N dropped 9.57% after reporting its fourth straight quarter of loss , primarily due to its commercial real estate loans.
Only three of the 11 S&P sectors were in the green: communications services, information technology and consumer discretionary.
Declining issues outnumbered advancers by a 1.49-to-1 ratio on the NYSE. There were 165 new highs and 39 new lows on the NYSE.
The S&P 500 posted 30 new 52-week highs and one new low while the Nasdaq Composite recorded 73 new highs and 74 new lows.
USA-ELECTION/STOCKS Wall Street performs better under a unified government but... https://reut.rs/4hbOKMJ
Reporting by Lisa Mattackal and Purvi Agarwal in Bengaluru; Editing by Pooja Desai, Saumyadeb Chakrabarty, Maju Samuel and Richard Chang
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إخلاء المسؤولية: تتيح كيانات XM Group خدمة تنفيذية فقط والدخول إلى منصة تداولنا عبر الإنترنت، مما يسمح للشخص بمشاهدة و/أو استخدام المحتوى المتاح على موقع الويب أو عن طريقه، وهذا المحتوى لا يراد به التغيير أو التوسع عن ذلك. يخضع هذا الدخول والاستخدام دائماً لما يلي: (1) الشروط والأحكام؛ (2) تحذيرات المخاطر؛ (3) إخلاء المسؤولية الكامل. لذلك يُقدم هذا المحتوى على أنه ليس أكثر من معلومات عامة. تحديداً، يرجى الانتباه إلى أن المحتوى المتاح على منصة تداولنا عبر الإنترنت ليس طلباً أو عرضاً لدخول أي معاملات في الأسواق المالية. التداول في أي سوق مالي به مخاطرة عالية برأس مالك.
جميع المواد المنشورة على منصة تداولنا مخصصة للأغراض التعليمية/المعلوماتية فقط ولا تحتوي - ولا ينبغي اعتبار أنها تحتوي - على نصائح أو توصيات مالية أو ضريبية أو تجارية، أو سجلاً لأسعار تداولنا، أو عرضاً أو طلباً لأي معاملة في أي صكوك مالية أو عروض ترويجية مالية لا داعي لها.
أي محتوى تابع للغير بالإضافة إلى المحتوى الذي أعدته XM، مثل الآراء، والأخبار، والأبحاث، والتحليلات والأسعار وغيرها من المعلومات أو روابط مواقع تابعة للغير وواردة في هذا الموقع تُقدم لك "كما هي"، كتعليق عام على السوق ولا تعتبر نصيحة استثمارية. يجب ألا يُفسر أي محتوى على أنه بحث استثماري، وأن تلاحظ وتقبل أن المحتوى غير مُعدٍ وفقاً للمتطلبات القانونية المصممة لتعزيز استقلالية البحث الاستثماري، وبالتالي، فهو بمثابة تواصل تسويقي بموجب القوانين واللوائح ذات الصلة. فضلاً تأكد من أنك قد قرأت وفهمت الإخطار بالبحوث الاستثمارية غير المستقلة والتحذير من مخاطر المعلومات السابقة، والذي يمكنك الاطلاع عليه هنا.
