We don’t support this browser anymore.
This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

Skip to main content
  • Register
  • Help
  • Contact us

US close: Dow Jones ends session flat as Q3 earnings season begins

Wed 13 October 2021 22:43 | A A A

No recommendation

No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.

Market latest

FTSE 100 | FTSE 250 | Paris CAC 40 | Dow Jones | NASDAQ

7204.55 | Positive 14.25 (0.20%)
Graph

Prices delayed by at least 15 minutes

(Sharecast News) - Wall Street stocks turned in a mixed performance on Wednesday as market participants digested major bank earnings and a hotter-than-expected monthly inflation report.

At the close, the Dow Jones Industrial Average was flat at 34,377.81, while the S&P 500 was 0.30% firmer at 4,363.80 and the Nasdaq Composite saw out the session 0.73% higher at 14,571.64.

The Dow closed just 0.53 points lower on Wednesday, narrowly extending losses recorded in the previous session after the International Monetary Fund cut its global growth forecasts.

Wednesday's primary focus was a report that revealed headline inflation rose at a faster-than-expected pace in the US last month, pushed higher by climbing food and energy prices.

According to the Bureau of Labor Statistics, the consumer price index increased 0.4% in September on a seasonally adjusted basis, after rising 0.3% in August. The annual rate was 5.4% before seasonal adjustments. Both figures were higher than forecast, with economists looking for CPI of 0.3% month-on-month and 5.3% annually.

Bank earnings were also in focus, with JPMorgan kicking things off before the opening bell as it beat on both the top and bottom lines thanks to better-than-expected loan losses, while Blackrock beat quarterly profits as rising asset levels boosted fee income.

Delta Air Lines also reported its latest quarterly figures before the open, with its $1.2bn in profits being overshadowed by a warning on jet fuel prices.

Also in the corporate space, Apple stock closed lower after Bloomberg reported the tech giant was likely to cut iPhone production on the back of global chip shortages.

Elsewhere on the macro front, mortgage applications increased a modest 0.2% in the week ended 8 October, according to the Mortgage Bankers Association, with a 1.5% rise in the purchase index from 275.7 to 279.8 offsetting a 0.5% decline in the refinancing index to 3,023.0 from 3,037.6.

Lastly, minutes from the Federal Open Markets Committee's latest meeting revealed the Federal Reserve could begin slowing the pace of its $120.0bn monthly asset purchases as soon as mid-November, with its target date to end all purchases, assuming there are no disruptions, being mid-2022.

    Daily market update emails

    • FTSE 100 riser and faller updates
    • Breaking market news, plus the latest share research, tips and broker comments

    Register now for free market updates

    The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.