FILE IMAGE. People walk down Wall Street outside the New York Stock Exchange (NYSE), New York, USA, March 19, 2021. REUTERS / Brendan McDermid
by Stephen Culp
NEW YORK, Nov 11 (Reuters) – The S&P 500 ended practically unchanged on Thursday, but rises in chipmaker shares helped the Nasdaq rise in a very quiet session on the Veterans Day commemoration. .
* The day before, a report of accelerating inflation reduced investor confidence, which halted a streak of record highs at the close.
* Walt Disney Co stock, which fell after a disappointing earnings report, dragged the Dow into the red.
* The bond market was closed for the Veterans Day celebration, and in the absence of economic data and with the third-quarter earnings season drawing to a close, there were few catalysts to move the markets.
* “Days like today are really hard to judge, because you essentially have half the market closed,” said Peter Tuz, president of Chase Investment Counsel.
* “Specific company and industry events are moving markets today.”
* Investors favored growth over value, and economy-sensitive small caps and chips outperformed the market.
* The Philadelphia Semiconductor Index rebounded from its worst session in more than six weeks, driven by earnings from Nvidia Corp after brokerage Susquehanna raised the chipmaker’s price target.
* Unofficially, the Dow Jones Industrial Average fell 158.7 points, or 0.44%, to 35,921.24, while the S&P 500 gained 2.56 points, or 0.06%, to 4,649.27. The Nasdaq added 81.58 points, or 0.52%, to 15,704.28 units.
(Report by Devik Jain and Shreyashi Sanyal in Bengaluru Edited in Spanish by Javier López de Lérida)