US equities were mixed, with the Dow down $197.26, while the Nasdaq remained firm toward the close on bargain-hunting. Results from major companies, along with acquisition and share buyback plans, were reported.
US equities were mixed, with the Dow Jones Industrial Average ending trading at $51,786.72, down $197.26. The Nasdaq closed at 25,372.01, up 207.65 points. Trading remained mixed after the open, influenced by concerns over another rate hike later in the year and uncertainty ahead of the midterm election results.
By sector, real estate management and development, as well as semiconductors and semiconductor manufacturing equipment, rose, while food and consumer staples retail declined. Among individual stocks, Clorox rose on the effects of its acquisition, while Disney gained after announcing cost reductions. FISV attracted buying after its results and plan to resume share buybacks were well received.
Apple shares fell as strong iPhone sales continued in the July-September quarter, while comments from the CEO about soaring memory prices suggested worsening margins. Pfizer was weighed down by weak sales related to COVID-19 despite raising its full-year outlook.
Advanced Micro Devices rose in after-hours trading after announcing its third-quarter results, with both EPS and its fourth-quarter revenue outlook exceeding expectations.
Amid the announced results, acquisitions and share buyback plans, buying in technology stocks stood out, while the market overall remained focused on assessing the US midterm election results.