The tech-heavy Nasdaq racked up the largest gains among Wall Street's major indexes, while the blue-chip Dow was nominally lower. — Reuters picNEW YORK, Oct 24 ― US stocks wavered to a mixed close yesterday as benchmark US Treasury yields backed down from 5 per cent and investors shifted their focus to this week's high profile earnings and closely watched economic data.
The week ahead promises to be eventful for earnings, with reports by nearly one-third of the companies in the S&P 500. So far, 86 of the companies in the S&P 500 have posted earnings. Of those, 78 per cent have beat expectations, LSEG data showed. “The Fed wants to slow inflation at a quicker pace than it slows economic growth, and it's doing so,” Pursche added. “That's the classic definition of a soft landing.”
Of the 11 major sectors in the S&P 500, communication services notched the biggest gain, while energy shares suffered the largest percentage drop. Agricultural sciences firm FMC tumbled 13.2 per cent after the company lowered its third-quarter guidance.
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