{"id":19054,"date":"2023-04-21T22:42:59","date_gmt":"2023-04-21T22:42:59","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/futures-flat-on-mixed\/"},"modified":"2023-04-21T22:43:33","modified_gmt":"2023-04-21T22:43:33","slug":"wall-st-posts-slim","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/wall-st-posts-slim\/","title":{"rendered":"Wall St posts slim gain ahead of big earnings week"},"content":{"rendered":"

By Lewis Krauskopf, Sruthi Shankar and Ankika Biswas<\/p>\n

(Reuters) – Major U.S. stock indexes ended with fractional gains on Friday following mixed earnings results as investors assessed how conflicting economic data might influence interest rates and looked ahead to a massive week of corporate reports.<\/p>\n

A survey showed U.S. business activity accelerated to an 11-month high in April, further clouding the outlook for the Federal Reserve’s monetary policy after data earlier in the week indicated a weakening economy.<\/p>\n

Procter & Gamble Co’s shares rose 3.5% as customers kept buying despite repeated price hikes, helping the maker of products raging from Tide detergent and Gillette razors to Head & Shoulders shampoo and Crest toothpaste boost its sales forecast and third-quarter margins.<\/p>\n

The benchmark S&P 500 has been generally stable over early stages of a first-quarter earnings season that investors expect to show tepid results. Next week will see a flood of reports, including from megacap tech and growth companies whose shares have helped the S&P 500 rally to start the year.<\/p>\n

\u201cThe market has been basically in a bit of a holding pattern ahead of big tech earnings next week,\u201d said Keith Lerner, co-chief investment officer at Truist Advisory Services. “There is a tug of war between good and bad economic data, good and bad earnings data.\u201d <\/p>\n

The Dow Jones Industrial Average rose 22.34 points, or 0.07%, to 33,808.96, the S&P 500 gained 3.73 points, or 0.09%, to 4,133.52 and the Nasdaq Composite added 12.90 points, or 0.11%, to 12,072.46.<\/p>\n

For the week, the S&P 500 slipped 0.1%, the Dow dipped 0.2% and the Nasdaq lost 0.4%.<\/p>\n

Results next week are due from some of the highest-valued U.S. companies including Microsoft, Google parent Alphabet and Amazon. Amazon shares rose 3% on Friday after a research firm predicted the online retailer’s business in North America would beat Wall Street’s estimates.<\/p>\n

The materials group fell 0.9%, most among S&P 500 sectors, weighed down by declines in Freeport-McMoRan Inc and Albemarle Corp. Albemarle slumped 10% after Chile unveiled plans to nationalize the lithium industry. Shares of Freeport dropped 4.1% after the copper miner’s first-quarter profit more than halved. <\/p>\n

In other earnings news, HCA Healthcare Inc shares jumped about 4% after the hospital operator lifted forecasts for 2023. Its report boosted shares of other hospital operators.<\/p>\n

So far, analysts have largely retained last week’s expectations of a near-5% year-on-year fall in quarterly profits at S&P 500 companies, according to Refinitiv data.<\/p>\n

“The unpredictability of earnings and revenue and guidance going forward has increased a lot,” said Peter Tuz, president of Chase Investment Counsel. “You have signs that the economy is softening all over the place.”<\/p>\n

Declining issues outnumbered advancing ones on the NYSE by a 1.24-to-1 ratio; on Nasdaq, a 1.10-to-1 ratio favored decliners.<\/p>\n

The S&P 500 posted 20 new 52-week highs and 4 new lows; the Nasdaq Composite recorded 53 new highs and 186 new lows. <\/p>\n

About 9.9 billion shares changed hands in U.S. exchanges, compared with the 10.4 billion daily average over the last 20 sessions.<\/p>\n

\n

(Reporting by Lewis Krauskopf in New York, Sruthi Shankar, Ankika Biswas and Vansh Agarwal in Bengaluru; Editing by Vinay Dwivedi and David Gregorio)<\/p>\n

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