NEW YORK - The Nasdaq and S&P 500 eked out modest gains on Thursday with investors betting on more fiscal stimulus, but U.S. President Joe Biden said China was poised to “eat our lunch,” a warning that tempered enthusiasm for a market near record highs.
“Markets are starting to get a little bit nervous over the relations between the West and China,” Moya said. Bank of New York Mellon advanced 0.9% after saying it had formed a new unit to help clients hold, transfer and issue digital assets, sending Bitcoin to an all-time high of $48,696. Analysts now expect fourth-quarter earnings for S&P 500 firms to grow 3%, versus a 10.3% decline forecast at the beginning of January, per Refinitiv data. Stocks are trading with high multiples, raising fears the market is overvalued.