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Oct. 17, 2019, 4:41 p.m. EDT

S&P 500 ends within 1% of all-time high amid Brexit draft deal, quarterly results

Netflix shares rally 2.5% after third-quarter results

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By Chris Matthews, MarketWatch , Sunny Oh

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Industrial production fell 0.4% in September, the largest one-month drop since April. Industrial capacity usage slumped to 77.5 in September from 77.9 in the prior month. An index of manufacturing activity in Pennsylvania, Delaware and New Jersey fell to 5.6 in September from 12.0 in August, below the 7.1 expected, according to Econoday.

White House economic adviser Larry Kudlow said Thursday that the U.S. and China have come “further than we ever have before” on a trade deal, in an interview with CNBC, noting that the two sides have seen momentum in reason like financial services and currency management.

“The chatter out of Washington and Beijing has been positive, so the odds of a phase one pact being signed next month at the G7 summit is high,” said Jerry Lucas, senior trading strategist at UBS Global Wealth Management. “With that and Brexit progress, the world is looking like a better place than two weeks ago.”

The White House announced the G-7 summitwould take place at Trump’s resort in Miami.

New York Fed President John Williams was due to deliver a speech and take part in a discussion in Manhattan at 4:20 p.m.

What companies were in focus?

Morgan Stanley /zigman2/quotes/209104354/composite MS +4.82% shares rose 1.5% Thursday after the investment bank reported third-quarter profits and sales that beat Wall Street expectations.

Shares of Honeywell International Inc. /zigman2/quotes/205583690/composite HON +0.69%  gained 2.4% after its third-quarter results topped Wall Street forecasts.

Philip Morris International Inc. ’s stock /zigman2/quotes/201611010/composite PM +4.01% rose 1% as it reported third-quarter results Thursday, announcing that earnings fell less than analysts had anticipated, though revenue rose less than expected.

Shares of Netflix Inc. /zigman2/quotes/202353025/composite NFLX +8.08%  added 2.5% on Thursday after it reported third-quarter results late Wednesday. The streaming service said it added 6.77 million new paying subscribers in the quarter, with only 500,000 coming from the U.S.

Opinion: Netflix finally admits the obvious: Competition from Apple and Disney will hurt

Shares of International Business Machine Inc. /zigman2/quotes/203856914/composite IBM +2.27%  tumbled 5.5% though after it reported less revenue than Wall Street expected after Wednesday’s closing bell.

Rail-based freight company CSX Corp . /zigman2/quotes/208536759/composite CSX -0.59%  managed to closed up 1.1% following its report late-Wednesday, which showed that third-quarter profits unexpectedly rose and revenue fell in line with analyst forecasts.

How did other markets trade?

The yield on the 10-year U.S. Treasury note /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +4.98%  was up 0.7 basis point to 1.757%.

European stocks ended little changed after rising initially following the news of a tentative Brexit deal, with the FTSE /zigman2/quotes/210598409/delayed UK:UKX +0.76%  up 0.2% and the Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.88% off 0.1% at 393.08.

Oil futures finished higher Thursday, as the U.S. and Turkey reached a cease-fire pact in Syria, temporarily easing Middle East tensions, and a tentative Brexit deal fueled appetite for assets perceived as risk, despite a rise in U.S. crude inventories. West Texas Intermediate crude for November delivery  gained 57 cents to $53.93 a barrel.

Gold prices  ended at the highest price in a week, up $4.30 at $1,498.30 an ounce on Comex and the U.S. dollar fell 0.4%, according to the ICE U.S. dollar index /zigman2/quotes/210598269/delayed DXY -0.05% .

/zigman2/quotes/209104354/composite
US : U.S.: NYSE
$ 49.80
+2.29 +4.82%
Volume: 11.09M
July 10, 2020 3:57p
P/E Ratio
10.35
Dividend Yield
2.81%
Market Cap
$74.86 billion
Rev. per Employee
$831,709
loading...
/zigman2/quotes/205583690/composite
US : U.S.: NYSE
$ 142.34
+0.97 +0.69%
Volume: 1.85M
July 10, 2020 3:57p
P/E Ratio
16.36
Dividend Yield
2.53%
Market Cap
$99.22 billion
Rev. per Employee
$366,763
loading...
/zigman2/quotes/201611010/composite
US : U.S.: NYSE
$ 72.96
+2.82 +4.01%
Volume: 3.92M
July 10, 2020 3:57p
P/E Ratio
14.84
Dividend Yield
6.43%
Market Cap
$109.22 billion
Rev. per Employee
$382,519
loading...
/zigman2/quotes/202353025/composite
US : U.S.: Nasdaq
$ 548.77
+41.01 +8.08%
Volume: 20.40M
July 10, 2020 3:57p
P/E Ratio
110.94
Dividend Yield
N/A
Market Cap
$223.31 billion
Rev. per Employee
$2.22M
loading...
/zigman2/quotes/203856914/composite
US : U.S.: NYSE
$ 118.34
+2.63 +2.27%
Volume: 3.56M
July 10, 2020 3:57p
P/E Ratio
11.71
Dividend Yield
5.51%
Market Cap
$102.74 billion
Rev. per Employee
$208,845
loading...
/zigman2/quotes/208536759/composite
US : U.S.: Nasdaq
$ 67.46
-0.40 -0.59%
Volume: 2.60M
July 10, 2020 3:57p
P/E Ratio
16.34
Dividend Yield
1.54%
Market Cap
$51.94 billion
Rev. per Employee
$544,444
loading...
/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
0.64
+0.03 +4.98%
Volume: 0.00
July 10, 2020 3:57p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,095.41
+45.79 +0.76%
Volume: 666,498
July 10, 2020 4:59p
loading...
/zigman2/quotes/210599654/delayed
XX : STOXX
366.83
+3.19 +0.88%
Volume: 0.00
July 10, 2020 5:50p
loading...
/zigman2/quotes/210598269/delayed
US : U.S.: ICE Futures U.S.
96.65
-0.05 -0.05%
Volume: 0.00
July 10, 2020 3:47p
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Sunny Oh is a MarketWatch fixed-income reporter based in New York.

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