This website collects cookies to deliver better user experience. Cookie Policy
Accept
Sign In
The Wall Street Publication
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Reading: Stocks Finish Mixed After Weak China Growth Data
Share
The Wall Street PublicationThe Wall Street Publication
Font ResizerAa
Search
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 The Wall Street Publication. All Rights Reserved.
The Wall Street Publication > Blog > Markets > Stocks Finish Mixed After Weak China Growth Data
Markets

Stocks Finish Mixed After Weak China Growth Data

Editorial Board Published October 18, 2021
Share
Stocks Finish Mixed After Weak China Growth Data
SHARE

The S&P 500 and Nasdaq Composite rose Monday, boosted by investor enthusiasm over a busy earnings week that many hope will give clues about how companies are dealing with inflation and supply-chain issues. 

The broad benchmark index ticked up 15.09 points, or 0.3%, to 4486.46, notching its fourth consecutive session of gains. The technology-heavy Nasdaq Composite gained 124.47 points, or 0.8%, to end at 15021.81. The Dow Jones Industrial Average, in contrast, lost 36.15 points, or 0.1%, to finish at 35258.61.

The U.S. stock market has been on a bumpy ride for the past month and a half, dogged by concerns about inflation and slowing growth. Investors have been digesting the possibility that inflationary pressures could last longer than expected as supply-chain bottlenecks and labor shortages continue to flare. Signs of slowing economic growth in the U.S. and abroad also have added to concerns.

A strong start to third-quarter earnings season, however, has alleviated some of the uneasiness among investors in recent days. About 81% of S&P 500 companies that have reported so far have beat earnings-per-share expectations, according to FactSet data through Monday morning.

“Many of the companies we are looking at are citing very strong demand, and we can work with a situation where demand is strong and supply is problematic because eventually we will work through supply problems,” said Christopher Harvey, head of equity strategy at Wells Fargo Securities. “We’re trying to ascertain if we’ve had a peak in supply-chain issues… [and whether] this might be as bad as it gets.”

On Monday, supermarket chain Albertsons reported higher sales, with executives saying consumers are still spending heavily on groceries. The Boise, Idaho-based company is passing on some price increases to customers but said that it is offering cheaper alternatives. Its shares rose 95 cents, or 3.3%, to end at $29.51.

This week, investors will receive earnings results from a range of companies, including Procter & Gamble, Netflix and American Airlines. Strategists and money managers say they will be closely watching to see which companies have a better handle on wide-ranging issues, including supply-chain disruptions and rising energy prices. Investors will also parse new data on the housing market.

Data released Monday by the Federal Reserve showed that U.S. industrial production—a measure of factory, mining and utility output—pulled back in September, falling 1.3% compared with the previous month. Economists surveyed by The Wall Street Journal had expected a 0.2% increase. September’s decline was the sharpest since February. Monday’s report cited supply-chain disruptions in the auto industry and the lingering effects of Hurricane Ida as reasons for the decline.

New data Monday also showed China’s economy grew 4.9% in the third quarter from a year prior, a sharp slowdown from the second quarter’s 7.9%. The deceleration reflected several factors, including a crackdown on the technology, private-education and real-estate sectors; power shortages; and disruptions to the supply chain.

The weaker growth data are “a reminder that China is expected to lose some of its momentum, but also how these global issues like the energy crisis and supply chain issues will filter through to global growth,” said Edward Park, chief investment officer at U.K. investment firm Brooks Macdonald. “There’s just a bit of rebasing of expectations for China and the rest of the world.” 

In the U.S. market, technology stocks performed well Monday. Tesla, which reports earnings this week, added $27.08, or 3.2%, to finish at $870.11. Facebook gained $10.58, or 3.3%, to close at $335.34. Twitter advanced $2.07, or 3.3%, to $64.84.

Shares of utility companies, in contrast pulled back, with the sector posting the worst performance of the S&P 500’s 11 groups. Consolidated Edison lost $1.58, or 2.1%, to close at $72.89.

Meanwhile, Zillow Group ‘s Class C shares lost $8.97, or about 9.5%, to finish at $86 after the real-estate company said it will stop buying and flipping new houses for the remainder of this year.

In energy markets, Brent crude futures, the benchmark in global oil markets, ticked down 0.6% to $84.33 a barrel. Last week, Brent crude notched its eighth consecutive week of gains—its longest such streak since a 10-week period through April 30, 1999.

Bitcoin, the world’s largest cryptocurrency by market value, gained 3.3% from its 5 p.m. ET level Sunday to trade at $61,445.09 at 5 p.m. ET, according to CoinDesk. The U.S.’s first bitcoin exchange-traded fund is expected to start trading Tuesday. 

A bitcoin mining facility in upstate New York is using electricity from a local hydroelectric plant powered by the Niagara River.

In bond markets, the yield on the 10-year Treasury note ticked up to 1.583% Monday, from 1.574% Friday. Yields rise when prices fall. 

Overseas, the pan-continental Stoxx Europe 600 fell 0.5%.

Major indexes in Asia finished mixed. China’s Shanghai Composite was down 0.1%. Hong Kong’s Hang Seng rose 0.3%. 

Data out Monday showed China’s economy grew 4.9% in the third quarter from a year prior.

Photo: THOMAS PETER/REUTERS

—Frances Yoon and Anna Hirtenstein contributed to this article.Write to Caitlin McCabe at caitlin.mccabe@wsj.com and Caitlin Ostroff at caitlin.ostroff@wsj.com 

Copyright ©2021 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

TAGGED:MarketsPAIDWall Street Publication
Share This Article
Twitter Email Copy Link Print
Previous Article Yellen Says Debt-Limit Deal Will Keep Government Funded Through Dec. 3 Yellen Says Debt-Limit Deal Will Keep Government Funded Through Dec. 3
Next Article Haiti at breaking point amid rampant poverty, gang violence, instability Haiti at breaking point amid rampant poverty, gang violence, instability

Editor's Pick

Used Cybertrucks plunge in worth as Musk’s nightmare yr will get worse

Used Cybertrucks plunge in worth as Musk’s nightmare yr will get worse

Homeowners of Tesla’s Cybertruck hoping to commerce of their autos to Tesla dealerships are actually studying that the worth of…

By Editorial Board 4 Min Read
The Landscape of International Trade in 2025: Constant Evolution and Strategic Shifts
The Landscape of International Trade in 2025: Constant Evolution and Strategic Shifts

The international trade landscape is in constant flux, and the year 2025…

3 Min Read
Tenvil Mackenson: Rebuilding Haiti, Brick by Brick
Tenvil Mackenson: Rebuilding Haiti, Brick by Brick

In a country often entangled in instability and shadowed by accusations of corruption and criminal…

4 Min Read

Oponion

Oskare Capital and it’s vital role in the pharma industry

Oskare Capital and it’s vital role in the pharma industry

Whilst uncertainty in public markets is rife and recessions loom…

June 9, 2022

SEC Floats Giving Activist Investors Less Time to Report Positions

WASHINGTON—The Securities and Exchange Commission proposed…

February 10, 2022

‘Nuclear option’ is the new battle cry for Democratic candidates for Senate

Supporting the elimination of the filibuster…

January 22, 2022

Savannah Guthrie and Hoda Kotb Reunite … In Florida?

Studying Time: 2 minutes Savannah Guthrie…

February 20, 2025

Musk to Participate in Twitter All-Hands Meeting Thursday

Elon Musk is set to participate…

June 14, 2022

You Might Also Like

Elon Musk’s return drives Tesla inventory surge in Might
Markets

Elon Musk’s return drives Tesla inventory surge in Might

As President Donald Trump thanked Elon Musk for his service to DOGE, he additionally highlighted what he described as his…

5 Min Read
EV tax credit score elimination: What it may imply for Tesla and the US auto trade if it ends
Markets

EV tax credit score elimination: What it may imply for Tesla and the US auto trade if it ends

Automotive knowledgeable Lauren Repair mentioned discusses the affect that the One Huge Lovely Invoice Act may have on Tesla. The…

5 Min Read
Boeing paying .1B as DOJ dismisses prison fraud case; households of victims in crashes set to object to deal
Markets

Boeing paying $1.1B as DOJ dismisses prison fraud case; households of victims in crashes set to object to deal

President Donald Trump chosen the aerospace large to construct the Subsequent-Era Air Dominance Platform, which he mentioned would be the…

5 Min Read
GM CEO backs Trump’s auto tariffs as a device to assist US producers
Markets

GM CEO backs Trump’s auto tariffs as a device to assist US producers

Basic Motors Chair and CEO Mary Barra discusses the impact of auto tariffs and constructing the enterprise on 'The Claman…

5 Min Read
The Wall Street Publication

About Us

The Wall Street Publication, a distinguished part of the Enspirers News Group, stands as a beacon of excellence in journalism. Committed to delivering unfiltered global news, we pride ourselves on our trusted coverage of Politics, Business, Technology, and more.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement

Contact

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Term of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices

© 2024 The Wall Street Publication. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?