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Oct. 29, 2021, 4:53 p.m. EDT

S&P 500, Nasdaq and Dow finish October at record highs, notching gains for the month despite soft Amazon, Apple results

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By Christine Idzelis and Mark DeCambre

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Traders have been factoring in expectations for tighter Federal Reserve monetary policy as debt yield curves flatten across the globe . Many expect the Fed will announce a plan next week for tapering its $120 billion in monthly bond purchases.

Read: Why U.S. stocks keep hitting records as yield curve flattens

Markets largely brushed aside European Central Bank President Christine Lagarde’s attempt on Thursday to push back against rising market expectations for policy interest rate increases by the end of next year.

In U.S. economic data, personal income slumped 1% in September after a 0.2% gain in the prior month, while consumer spending rose 0.6%. Economists were looking for a 0.4% decline in personal income and spending came in line with expectations.

The University of Michigan’s gauge of consumer sentiment rebounded slightly to a final October reading of 71.7 , up 0.3 points from the preliminary reading earlier this month, but below the final September level of 72.8.

“Growth is still humming along,” said Janasiewicz. “Coming into October, I thought the market was probably getting a little too bearish.”

Which companies were in focus?

  • Shares of Chevron Corp. /zigman2/quotes/205871374/composite CVX +3.06% rose 1.2% after the energy giant reported third-quarter profit and revenue that soundly beat forecasts, on surging crude oil and natural gas prices.

  • Western Digital Corp. /zigman2/quotes/204213617/composite WDC -0.96% was in focus after disappointing profit guidance from the disk-drive and flash memory chip group. Shares fell 8.7%.

  • Starbucks Corp. /zigman2/quotes/207508890/composite SBUX -4.21% stock slid 6.3% after the coffee giant’s fourth-quarter sales growth slowed , falling short of the company and Wall Street’s expectations.

  • Shares of Meta Materials Inc.  /zigman2/quotes/201702539/composite MMAT +11.27% , a Nova Scotia-based material-science company, rose about 3.1%, after a 5% gain during Thursday’s session following Facebook Inc.’s /zigman2/quotes/205064656/composite FB +0.71% announcement that it was changing its name to Meta.

  • Zendesk Inc. shares /zigman2/quotes/209571012/composite ZEN -3.44% dropped 14.5% after the customer-service platform said it would buy Momentive Global Inc. /zigman2/quotes/204753223/composite MNTV -2.18% , the parent company of online questionnaire platform SurveyMonkey in a $4.13 billion stock deal. Momentive Global shares slid 8%.

How did other assets trade?

  • The yield on the 10-year Treasury note  TMUBMUSD10Y  fell about 1 basis point Friday to 1.555%, after seeing its steepest daily drop since July 19 on Wednesday as front-end yields jumped, flattening the curve. Yields and debt prices move in opposite directions.

  • The ICE U.S. Dollar Index  DXY,  a measure of the currency against a basket of six major rivals, was up 0.8%.

  • Oil futures rose Friday, with the U.S. benchmark  CL00  increasing 0.9% to $83.57 a barrel, but still seeing a weekly decline of 0.2%. Gold futures  GC00  ended lower Friday, slipping 1% to settle at $1,783.90 an ounce for a weekly decline of 0.7%.

  • In European equities, the Stoxx Europe 600  /zigman2/quotes/210599654/delayed XX:SXXP +0.04% closed 0.1% higher Friday for a weekly gain of 0.8% and rising 4.6% in October. London’s FTSE 100  /zigman2/quotes/210598409/delayed UK:UKX +0.63% ended 0.2% lower Friday but was still up 0.5% for the week while advancing 2.1% this month.

  • The Shanghai Composite  /zigman2/quotes/210598127/delayed CN:SHCOMP -0.34% rose 0.8% Friday but remained down 1% for the week and saw a 0.6% decline in October. The Hang Seng Index  /zigman2/quotes/210598030/delayed HK:HSI +0.26% dropped 0.7% in Hong Kong on Friday, sliding 2.9% for the week but still up 3.3% for the month. Japan’s Nikkei 225  /zigman2/quotes/210597971/delayed JP:NIK +0.45% rose 0.3% Friday for a 0.3% weekly gain, but remained down 1.9% for the month of October.

—Barbara Kollmeyer contributed to this report.

/zigman2/quotes/205871374/composite
US : U.S.: NYSE
$ 173.01
+5.14 +3.06%
Volume: 13.28M
May 16, 2022 4:03p
P/E Ratio
16.27
Dividend Yield
3.28%
Market Cap
$329.83 billion
Rev. per Employee
$4.18M
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/zigman2/quotes/204213617/composite
US : U.S.: Nasdaq
$ 57.89
-0.56 -0.96%
Volume: 2.90M
May 16, 2022 4:00p
P/E Ratio
10.02
Dividend Yield
0.00%
Market Cap
$18.30 billion
Rev. per Employee
$292,454
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/zigman2/quotes/207508890/composite
US : U.S.: Nasdaq
$ 72.42
-3.18 -4.21%
Volume: 11.43M
May 16, 2022 4:00p
P/E Ratio
19.39
Dividend Yield
2.71%
Market Cap
$86.71 billion
Rev. per Employee
$81,783
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/zigman2/quotes/201702539/composite
US : U.S.: Nasdaq
$ 1.58
+0.16 +11.27%
Volume: 8.18M
May 16, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$418.18 million
Rev. per Employee
$31,404
loading...
/zigman2/quotes/205064656/composite
US : U.S.: Nasdaq
$ 200.04
+1.42 +0.71%
Volume: 27.07M
May 16, 2022 4:00p
P/E Ratio
15.13
Dividend Yield
N/A
Market Cap
$537.57 billion
Rev. per Employee
$1.66M
loading...
/zigman2/quotes/209571012/composite
US : U.S.: NYSE
$ 98.64
-3.51 -3.44%
Volume: 1.72M
May 16, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$12.52 billion
Rev. per Employee
$244,118
loading...
/zigman2/quotes/204753223/composite
US : U.S.: Nasdaq
$ 12.09
-0.27 -2.18%
Volume: 1.35M
May 16, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.85 billion
Rev. per Employee
$286,546
loading...
/zigman2/quotes/210599654/delayed
XX : STOXX
433.67
+0.19 +0.04%
Volume: 0.00
May 16, 2022 11:03p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,464.80
+46.65 +0.63%
Volume: 779,349
May 16, 2022 4:55p
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,073.75
-10.54 -0.34%
Volume: 33.81B
May 16, 2022 3:00p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
19,950.21
+51.44 +0.26%
Volume: 1.80M
May 16, 2022 4:08p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
26,547.05
+119.40 +0.45%
Volume: 0.00
May 16, 2022 3:15p
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