S&P 500, Nasdaq close at record highs ahead of tech earnings wave
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard
MONDAY, MAY 23, 2022
MONDAY, MAY 23, 2022
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
S&P 500, Nasdaq close at record highs ahead of tech earnings wave

Global Economy

Reuters
27 April, 2021, 09:20 am
Last modified: 27 April, 2021, 09:24 am

Related News

  • Tesla stutters under tighter Shanghai lockdown; Beijing keeps hunting Covid
  • Nasdaq futures slide 2% as higher yields pressure growth stocks
  • Musk aims to quintuple Twitter's revenue to $26.4 billion by 2028
  • Elon Musk's Tesla races ahead of rising costs with price hikes
  • Google to set up first Africa product development centre in Nairobi

S&P 500, Nasdaq close at record highs ahead of tech earnings wave

The Nasdaq's record high close confirmed the end of an 11% correction in the index that began after its previous record high close on February 12

Reuters
27 April, 2021, 09:20 am
Last modified: 27 April, 2021, 09:24 am
FILE PHOTO: A view of the exterior of the Nasdaq market site in the Manhattan borough of New York City, US, October 24, 2016. REUTERS/Shannon Stapleton/File Photo
FILE PHOTO: A view of the exterior of the Nasdaq market site in the Manhattan borough of New York City, US, October 24, 2016. REUTERS/Shannon Stapleton/File Photo

The S&P 500 and Nasdaq closed at record highs on Monday, fueled by Tesla Inc ahead of the electric car maker's quarterly report, the first of several this week from heavyweight growth companies.

The Nasdaq's record high close confirmed the end of an 11% correction in the index that began after its previous record high close on February 12.

Tesla (TSLA.O) advanced ahead of its report due after the bell, with analysts expecting the company to show a rise in first-quarter revenue following record deliveries.

Companies that constitute about 40% of the S&P 500's market capitalization report from Tuesday through Thursday, including Microsoft Corp (MSFT.O), Google parent Alphabet Inc (GOOGL.O), Apple Inc (AAPL.O) and Facebook Inc (FB.O). Shares of the companies also rose.

Most of the 11 major S&P 500 sectors climbed, with the energy index (.SPNY) among the top performers, while utilities (.SPLRCU) and consumer staples (.SPLRCS) declined.

Of 124 companies in the S&P 500 that have reported so far, 85.5% have topped analysts' earnings estimates, with Refinitiv IBES data now predicting a 34.3% jump in profit growth.

"We're way above the average for firms reporting earnings above estimates. More important than the fact that they are beating on estimates is that they are raising their expectations and outlooks going forward, and that's giving the markets a nice boost," said Sal Bruno, chief investment officer at IndexIQ.

Investors will monitor a two-day Federal Reserve meeting beginning Tuesday, with the US central bank expected to shine some light on whether the employment landscape has affected its plan to leave interest rates near zero for an extended time and to continue buying $120 billion in bonds each month. 

Also on investors' radar is a reading of first-quarter gross domestic product later this week to gauge the pace of economic recovery in the United States.

Unofficially, the Dow Jones Industrial Average (.DJI) fell 0.18% to end at 33,981.97 points, while the S&P 500 (.SPX) gained 0.18% to 4,187.74.

The Nasdaq Composite (.IXIC) climbed 0.87% to 14,138.78.

Market participants are also watching out for any fresh developments on US President Joe Biden's tax plan after reports last week said he would seek to nearly double the capital gains tax to 39.6% for wealthy individuals. read more

Cryptocurrency and blockchain-related firms, including Riot Blockchain (RIOT.O) and Marathon Patent Group (MARA.O), surged as bitcoin snapped five straight days of losses.

World+Biz

Nasdaq / Nasdaq index / S&P 500 / Tesla Inc / Microsoft Corp / Microsoft Corporation / Alphabet Inc / Facebook Inc / Apple Inc

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • From the left, Dr Mustafa K Mujeri, Dr Zahid Hussain, Sayema Haque Bidisha and Dr Mohammed Abu Eusuf. Illustration: TBS
    How to shield people from price shocks
  • File photo of Square Pharma factory
    Fire breaks out at Square Pharma factory in Gazipur 
  • File Photo: State Minister for Power, Energy and Mineral Resources Nasrul Hamid/UNB
    Russia has offered to sell crude oil to Bangladesh: Nasrul

MOST VIEWED

  • U.S. President Joe Biden discusses the United States' response to Russian invasion of Ukraine and warns CEOs about potential cyber attacks from Russia at Business Roundtable's CEO Quarterly Meeting in Washington, DC, U.S., March 21, 2022. REUTERS/Leah Millis
    Biden says weighs reducing tariffs on China, asking OPEC to pump more oil
  • A man rides his trishaw loaded with empty plastic barrels which are used to carry oil in the western Indian city of Ahmedabad March 10, 2011. REUTERS/Amit Dave/Files
    Oil prices at $110/barrel pose 'bigger threats' than inflation, says India's oil minister
  • People shop for cooking oil made using palm oil at a supermarket in Jakarta, Indonesia, March 27, 2022. REUTERS/Willy Kurniawan
    Indonesia set to resume palm oil exports but policy uncertainty persists
  • The logo of the upcoming World Economic Forum 2022 (WEF) is pictured on a window at the congress center, in the Alpine resort of Davos, Switzerland May 21, 2022. REUTERS/Arnd Wiegmann/File Photo
    General Atlantic plans $2 billion investment in India, Southeast Asia
  • A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson/
    Oil climbs in tight market as US driving season looms
  • FILE PHOTO - An investor stands in front of an electronic board showing stock information at a brokerage house in Shanghai, China, August 24, 2015. REUTERS/Aly Song
    Asia stocks weighed by inflation concerns, China tech selling

Related News

  • Tesla stutters under tighter Shanghai lockdown; Beijing keeps hunting Covid
  • Nasdaq futures slide 2% as higher yields pressure growth stocks
  • Musk aims to quintuple Twitter's revenue to $26.4 billion by 2028
  • Elon Musk's Tesla races ahead of rising costs with price hikes
  • Google to set up first Africa product development centre in Nairobi

Features

Asus Zenbook 14 Flip OLED: A touch of brilliance to your life

Asus Zenbook 14 Flip OLED: A touch of brilliance to your life

2h | Brands
Keep your phone by your side with this armband

Keep your phone by your side with this armband

5m | Brands
Are Focallure gel masks worth the hype?

Are Focallure gel masks worth the hype?

1h | Brands
Illustration: TBS

‘The move to introduce DVS has changed the entire spectrum of financial auditing’

2h | Panorama

More Videos from TBS

Photo: TBS

Can Sri Lanka bounce back?

3h | Videos
How to apply for a job at Oxfam

How to apply for a job at Oxfam

4h | Videos
Investors, public to suffer from electricity price hike

Investors, public to suffer from electricity price hike

16h | Videos
Health benefits of summer fruits

Health benefits of summer fruits

17h | Videos

Most Read

1
Tk100 for bike, Tk2,400 for bus to cross Padma Bridge
Bangladesh

Tk100 for bike, Tk2,400 for bus to cross Padma Bridge

2
A packet of US five-dollar bills is inspected at the Bureau of Engraving and Printing in Washington March 26, 2015. REUTERS/Gary Cameron
Banking

Dollar hits Tk100 mark in open market

3
PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire
Crime

PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire

4
Bangladesh at risk of losing ownership of Banglar Samriddhi
Bangladesh

Bangladesh at risk of losing ownership of Banglar Samriddhi

5
BSEC launches probe against Abul Khayer Hero and allies
Stocks

BSEC launches probe against Abul Khayer Hero and allies

6
The story of Bangladesh becoming a major bicycle exporter
Industry

The story of Bangladesh becoming a major bicycle exporter

The Business Standard
Top
  • Home
  • Entertainment
  • Sports
  • About Us
  • Bangladesh
  • International
  • Privacy Policy
  • Comment Policy
  • Contact Us
  • Economy
  • Sitemap
  • RSS

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net

Copyright © 2022 THE BUSINESS STANDARD All rights reserved. Technical Partner: RSI Lab