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Friday, October 22, 2021

Delta Was Biggest Loser in S&P 500



(Newser)

Stocks ended another day of choppy trading modestly higher Wednesday, enough to break a three-day losing streak for the S&P 500. The benchmark index rose 0.3%. Delta Air Lines fell 5.8%, the most in the S&P 500, after warning that higher fuel and labor costs could affect its profitability going forward, the AP reports. The S&P 500 rose 13.15 points to 4,363.80. The Dow Jones Industrial Average fell 0.53 points, or less than 0.1%, to 34,377.81. The Nasdaq rose 105.71 points, or 0.7%, to 14,571.64. The Russell 2000 index of smaller companies rose 7.70 points, or 0.3%, to 2,241.97.

All but one of the S&P 500’s 11 sectors were in the green, with technology and communication accounting for a big share of the gains. A mix of companies that rely on consumer spending also helped lift the market. Bank stocks had some of the biggest losses. JPMorgan Chase fell 2.7% after its latest earnings showed that the bank struggled to grow revenues with interest rates at near-zero levels. Falling bond yields also weighed on the sector, which relies on higher yields to charge more lucrative interest on loans. American Express fell 3.3% and Capital One Financial dropped 3.2%. The yield on the 10-year Treasury fell to 1.54% from 1.58% late Tuesday.


The latest update on inflation was mostly taken in stride. The Labor Department said consumer prices rose 5.4% in September from a year ago, matching the highest rate since 2008. The figure is slightly higher than economists expected. A wide range of businesses have been dealing with supply chain disruptions and delays amid rising demand for goods, and many have warned that will increase costs and crimp their financial results.The Labor Department report showed that the costs of new cars, food, gas, and restaurant meals all jumped in September. Investors will get more data on consumer spending on Friday when the Commerce Department reports retail sales for September. (Read more stock market stories.)

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