Stocks - Wall Street Ends Mixed as Techs Show Strength
Investing.com - Stocks finished mixed on Thursday as tech stocks gained and the broader market was pushed and pulled by weak economic data and the prospect of the U.S. government avoiding another shutdown.
The Dow Jones Industrial Average fell 0.41%, the S&P 500 lost 0.27%, but closed well above session lows of 2,731.23, while the Nasdaq Composite rose 0.09%.
White House Press Secretary Sarah Sanders said President Donald Trump will sign the government funding bill that would avoid a shutdown, but will use other executive measures, including declaring a national emergency, to build a border wall.
"The (p)resident is once again delivering on his promise to build the wall, protect the border, and secure our great country," Sanders said in a statement released during late trading.
The border security deal is expected to win approval in the Senate, after which it will make way to Trump's desk for his signature, averting a second partial government shutdown.
The reaction in the broader market was fairly muted, however.
A rise in tech stocks led by Netflix (NASDAQ:NFLX) helped the Nasdaq recover from broader weakness following data showing U.S. retail sales suffered their biggest drop since 2009.
Apple (NASDAQ:AAPL), Netflix and Google (NASDAQ:GOOGL) ended the day higher, but Facebook (NASDAQ:FB) closed just below the flatline.
Amazon.com (NASDAQ:AMZN) was also in the spotlight after it scrapped plans to build a second HQ in New York amid recent backlash from local residents and politicians. Its shares fell 1%.
Investor optimism on the U.S. and China agreeing a trade deal before the March 1 deadline continued, even as chief White House economic advisor Larry Kudlow downplayed reports of an extension.
"I can't speak to that. No such decision has been made so far," Kudlow told Fox News Channel when asked if there would be a 60-day extension.
In a sign of confidence on talks, Kudlow said "the vibe in Beijing is good" and confirmed the U.S. trade team would meet with Chinese President Xi Jinping on Friday.
Energy stocks, meanwhile, served up modest gains, rising just 0.15%, thanks to a 1% rise in U.S. oil prices.
On the earnings front, Canada Goose (NYSE:GOOS) fell sharply after Wells Fargo warned the retailer's valuation was frothy even as it delivered blowout fiscal-third quarter earnings that topped estimates from Investing.com. Its shares fell 12.7% after rising more than 10% in premarket trading.
"While we remain confident on the trajectory of the GOOS brand and the fundamental story that has developed since their IPO in 2017, we feel the risk/reward today is not as compelling as it once was (when shares were cheaper and upside to numbers seemed easier to come by)," analysts wrote in a note.
Top S&P 500 Gainers and Losers Today:
Marathon Oil (NYSE:MRO), Equinix (NASDAQ:EQIX) and Iqvia Holdings (NYSE:IQV) were among the top S&P 500 gainers for the session.
CenturyLink (NYSE:CTL), American International (NYSE:AIG) and International Flavors & Fragrances (NYSE:IFF) were among the worst S&P 500 performers of the session.
Related Articles
Southwest cuts growth forecast on government shutdown pain
French court fines UBS 4.5 billion euros in tax fraud case
Stocks - CVS, Southwest Sink in Premarket, Garmin Surges, Tesla Drops
