7.8 C
New York
Saturday, December 4, 2021
HomeStock market todayStock market today October 22, 2021

Stock market today October 22, 2021

Stock market today

The US stock market closed lower today, with the exception of Dow Jones which closed higher, Nasdaq underperformed. The closing numbers for the US stock market today are:

S&P 500: 4,544.90,-4.88(-0.11%)
Dow 30: 35,677.02,+73.94(+0.21%)
Nasdaq: 15,090.20,-125.50(-0.82%)
Russell 2000: 2,291.27,-4.92(-0.21%)

Stock market news

“Stocks were mixed on Friday as investors digested new commentary on asset-purchase tapering and inflation from Federal Reserve Chair Jerome Powell, amid a slew of fresh earnings reports from major companies.

The Dow set a record closing high, taking out a previous record close from August 16. The S&P 500 retreated after setting a fresh intraday record high. The reversal to the downside came as Powell said the central bank was “on track to begin a taper of our asset purchases that, if the economy evolves broadly as expected, will be completed by the middle of next year” during a virtual event hosted by the South African Reserve Bank Friday. The central bank had previously telegraphed it believed the economy was nearing the recovery threshold that would warrant the start to tapering of the Fed’s crisis-era asset purchase program.

Powell also noted he expected elevated inflationary pressures spurred by global supply constraints “are likely to last longer than previously expected, likely well into next year.”

The Nasdaq underperformed following a couple of weaker-than-expected technology earnings.

Snap (SNAP) shares sank by a record 27% after missing third-quarter revenues and offering weak current-quarter guidance, with Apple’s iOS privacy updates denting the social media platform’s advertising business. The miss also catalyzed a drop in shares of peer social media companies including Facebook (FB) and Alphabet (GOOGL).

Shares of Intel (INTC) also dropped after the company said margins would be under pressure for the next up to three years, in part reflecting challenges from global materials shortages. And Chipotle (CMG) shares fluctuated between small gains and losses despite posting better-than-expected quarterly same-store sales, though the company flagged widespread staffing shortages.

Despite some of the more recent, mixed earnings results, the S&P 500 and Dow have hovered within striking distance of their all-time highs, boosted by a string of earlier estimates-topping quarterly corporate profits and economic data. Both have served to stave off concerns over a decelerating growth environment after a surge in reopening activity earlier this year.”

Stock market data: Yahoo Finance

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular