US STOCKS-S&P 500, Dow set to snap six-day run; stimulus in focus

  • Reuters
  • Stock Market News
US STOCKS-S&P 500, Dow set to snap six-day run; stimulus in focus
Credit: © Reuters.

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.)

* NYSE FANG+TM index hits record high

* Coty drops as demand for makeup products dwindles

* Take-Two tumbles as quarterly sales fall

* Indexes: Dow down 0.08%, S&P dips 0.12%, Nasdaq up 0.20%

(Adds quote, details; updates prices)

By Medha Singh and Devik Jain

Feb 9 (Reuters) - The Dow and the S&P 500 pulled back slightly on Tuesday after a six-day run, with investors closely tracking progress in passing a proposed $1.9 trillion stimulus plan.

The tech-heavy Nasdaq, on the other hand, hit an all-time high for the fifth consecutive session, supported by gains in Apple Inc AAPL.O and Netflix Inc NFLX.O .

The NYSE FANG+TM index .NYFANG , which includes the core FAANG group of stocks, rose 1.4% to an all-time high.

Largely upbeat corporate earnings so far along with monetary and fiscal support have powered the major U.S. stock indexes to record highs but analysts have cautioned against risks from new coronavirus variants and any glitches in vaccine rollouts.

"A six-day winning streak will give any reasonable investor a reason to pause," said William Herrmann, co-founder and managing partner at Wilshire Phoenix in New York City.

"But the backdrop is largely positive for stocks and I'm not sure there could be a better backdrop for risk assets in the near to intermediate term with monetary and fiscal stimulus and then the hope that the vaccine rollout goes out as planned."

The energy sector .SPNY , among the sectors that led the recent rally, shed nearly 2%, while communication services .SPLRCL added about 0.4%.

Last week's data showing slower-than-expected growth in the labor market underscored the need for more government aid to blunt the effects of the COVID-19 pandemic.

Democrats in the U.S. Senate continue to try to find a way to include a minimum wage increase in a comprehensive COVID-19 relief bill they aim to advance in the coming weeks, Senate Majority Leader Chuck Schumer said on Tuesday. 11:43 a.m. ET, the Dow Jones Industrial Average .DJI fell 25.58 points, or 0.08%, to 31,360.18 and the S&P 500 .SPX lost 4.70 points, or 0.12%, to 3,910.89. The Nasdaq Composite .IXIC gained 28.65 points, or 0.20%, to 14,016.30.

The banking index .SPXBK shed about 0.4%, tracking a fall in U.S. Treasury yields. US/

Toymaker Mattel Inc MAT.O rose about 1%, while telephone equipment maker Cisco Systems Inc CSCO.O slipped 0.8% ahead of their earnings after market close.

Analysts see fourth-quarter S&P earnings to gain 2.5%, a stark reversal from the 10.3% annual decline seen at the beginning of the year, per Refinitiv.

Gucci lipstick maker Coty Inc COTY.N tumbled 17% as weak demand for makeup products wiped off millions off its quarterly revenue. Interactive Software Inc TTWO.O fell about 6% after the videogame publisher posted a drop in quarterly adjusted sales and shied away from announcing any new big releases. BTC=BTSP fast approached the $50,000-mark as the afterglow of Elon Musk-led Tesla's TSLA.O investment in the cryptocurrency had investors reckoning it may become a mainstream asset class for both corporations and money managers. miner Riot Blockchain RIOT.O and Marathon Patent Group MARA.O jumped 6% and 8%, extending their sharp gains for the second day. Tesla's shares dropped about 2%.

Advancing issues matched decliners on the NYSE and outnumbered decliners by a 1.1-to-1 ratio on the Nasdaq.

The S&P 500 posted 30 new 52-week highs and no new low, while the Nasdaq recorded 498 new highs and 19 new lows.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or


Related Articles