Stocks wobble as traders weigh earnings, economy

Bloomberg

Stocks fluctuated as traders assessed corporate earnings and economic data, with the Federal Reserve getting ready to wind down stimulus.
The S&P 500 was little changed as losses in technology shares offset gains in commodity and retail firms. The Dow Jones Industrial Average earlier touched the 36,000 level for the first time. A gauge of small caps climbed about 2.5%.
More than 80% of companies in the US equity benchmark reporting third-quarter results have topped Wall Street estimates. That has laid the groundwork for a nearly 6% gain in stocks since the earnings season began. Meanwhile, data showed persistent supply-chain challenges weighed on manufacturers in October. Fed officials meet this week as investors fret the economy is facing the most-widespread supply crunch since the oil
crisis of 1973.
“As usual, there’s no shortage of things to worry about,” said Evan Brown, head of asset allocation at UBS Asset Management. “I would just say that stocks climb the wall of worry. We do anticipate more of a rotation as people gain more faith that the economy is on sounder footing. We should see rebalancing from growth stocks into value stocks.”
For Morgan Stanley strategist Michael Wilson, the bullish trend for stocks may continue into the Thanksgiving holiday later this month, but “not much longer” as the Fed is expected to start tapering and earnings growth will slow further into next year.
Electric-vehicle giant Tesla Inc climbed to another record amid a lithium supply deal and the start of the COP26 Climate Summit.
A little known biotech company, ABVC BioPharma Inc., soared amid increasing chatter on social network StockTwits.
Moderna Inc. slumped as the US Food and Drug Administration will require additional time to assess the company’s emergency request to approve its Covid-19 vaccine for
children ages 12 to 17.
The S&P 500 was little changed as of 1:46 pm New York time and the Nasdaq 100 falls 0.1%. While the Dow Jones Industrial Average rise 0.1%. the MSCI World index rises as much as 0.2%
The Bloomberg Dollar Spot Index was little changed and the euro rose 0.3% to $1.1590
The British pound falls 0.2% to $1.3654 and the Japanese yen also falls 0.1% to 114.12 per dollar.
while the yield on 10-year Treasuries advanced two basis points to 1.58%, Germany’s 10-year yield was little changed at -0.10% and Britain’s 10-year yield advanced three basis points to 1.06%.
West Texas Intermediate crude rose 0.3% to $83.82 a barrel and gold futures rise 0.6% to $1,794.90 an ounce.