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Nasdaq, S&P 500 fall, dragged by communications services

The S&P 500 snapped its seven-day winning streak after Federal Reserve Chair Jerome Powell’s discussion of tapering made investors skittish

10/23/2021 7:20:00 AM

The S&P 500 snapped its seven-day winning streak after Federal Reserve Chair Jerome Powell’s discussion of tapering made investors skittish

The S&P 500 and Nasdaq closed lower on Friday as disappointing quarterly reports from Snap Inc and Intel Corp dragged down the communications and technology sectors and investors turned skittish as Federal Reserve Chair Jerome Powell discussed stimulus tapering.

Analysts increased their expectations for S&P 500 earnings growth for the third quarter, forecasting an increase of 34.8% year-on-year, up from an expected 31.9% rise at the beginning of the week, according to data from Refinitiv.But investors are already looking beyond the impressive earnings numbers, according to Brad McMillan, chief investment officer for Commonwealth Financial Network, an independent broker-dealer in Waltham, Massachusetts.

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"The real question around whether we can push higher is going to be whether economy is going to get better, because the earnings are backwards-looking," McMillan said.Data showed U.S. business activity accelerated in October, as COVID-19 infections subsided, though labor and raw material shortages held back manufacturing.

Reporting by Sinead Carew in New York and Shreyashi Sanyal and Devik Jain in Bengaluru Editing by Shounak Dasgupta and Matthew LewisOur Standards:More from ReutersSign up for our newsletterSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox. headtopics.com

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