Nasdaq gains as megacap stocks outperform
Nvidia market cap briefly overtakes Apple's
Capri plummets after US judge blocks Tapestry merger
Indexes: Dow down 0.74%, S&P 500 down 0.14%, Nasdaq up 0.43%
Updates to mid-afternoon
By Lisa Pauline Mattackal, Purvi Agarwal and Carolina Mandl
Oct 25 (Reuters) - The Nasdaq rose on Friday, driven by megacap shares, as Treasury yields slipped from the week's high ahead of quarterly results from some of Wall Street's biggest companies next week.
"There's a lot of moving pieces right now, especially because of where we are in the election cycle, but we think earnings have been pretty good overall," said Gustaf Little, senior portfolio manager at Allspring Global Investments.
The benchmark 10-year Treasury note yield rose slightly to 4.216%, but eased off the 4.26% high earlierin the week.
The so-called"Magnificent Seven" group of interest rate-sensitive technology stocks rallied. Chip heavyweight Nvidia NVDA.O gained 0.5%, briefly overtaking Apple AAPL.O as the world's mostvaluable company based on its shares.
Tesla TSLA.O shares rose1.63%, a day after surging 22%. Apple AAPL.O gained 0.28% and Microsoft MSFT.O was up 0.64%.
However, the Dow slumped on a loss in banking shares, with Goldman SachsGS.N down 2.4%, and a 3% fall in McDonald's MCD.N as the fast-food chain copes with an E. coli outbreak linked to itshamburgers.
Continued uncertainty around the U.S. election has also made investors cautious, though markets have started pricing in a second Donald Trump administration in recent weeks.
"Banks have rallied as Trump's odds (of winning) increased, so it seems investors are taking some profits," said Michael Rosen, chief investment officer at Angeles Investments.
As of2:12 p.m. the Dow Jones Industrial Average .DJI fell 312.79 points, or 0.74%, to 42,061.57, the S&P 500 .SPX lost 8.35 points, or 0.14%, at 5,801.51 and the Nasdaq Composite .IXIC rose79.80 points, or 0.43%, to 18,495.28.
Equities have been unsettled this week by a rapid rise in yields as bets on rate cuts by the Federal Reserve unraveled on expectations of a stronger economic outlook.
"The Fed perhaps got a little too dovish ahead of the data. ... The growth and inflation numbers don't necessarily justify easing behavior," said Arnim Holzer, global macro strategist at Easterly EAB Risk Solutions.
Investors are still pricing in another 25-basis-point rate cut at the Fed's November meeting and about two rate cuts by the end of the year, LSEG data showed.
The week starting Oct. 28, the final stretch before the Nov. 5 U.S. presidential election, is crucial for Wall Street. This is when results from megacap tech firms including AlphabetGOOGL.O, Apple AAPL.O and Microsoft MSFT.O are due, along with the October U.S. nonfarmpayrolls report.
"With such high valuations ... at this point, these high growth tech companies need to confirm both AI (artificial intelligence) growth and execution. They need to show and deliver," Holzer said.
CapriHoldings CPRI.N slumped 48.4% after a U.S. judge blocked a pending merger between the fashion holding company and handbag maker Tapestry TPR.N. Shares of Tapestry rose 12.59%.
Regional lender New York Community Bancorp NYCB.N dropped 9.57% after reporting its fourth straight quarter of loss , primarily due to its commercial real estate loans.
Only three of the 11 S&P sectors were in the green: communications services, information technology and consumer discretionary.
Declining issues outnumbered advancers by a 1.49-to-1 ratio on the NYSE. There were 165 new highs and 39 new lows on the NYSE.
The S&P 500 posted 30 new 52-week highs and one new low while the Nasdaq Composite recorded 73 new highs and 74 new lows.
USA-ELECTION/STOCKS Wall Street performs better under a unified government but... https://reut.rs/4hbOKMJ
Reporting by Lisa Mattackal and Purvi Agarwal in Bengaluru; Editing by Pooja Desai, Saumyadeb Chakrabarty, Maju Samuel and Richard Chang
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
