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'Reopening' stocks give S&P 500, Dow strong footing, tech names lag

'Reopening' stocks give S&P 500, Dow strong footing, tech names lag

5/4/2021 5:40:00 AM

'Reopening' stocks give S&P 500, Dow strong footing, tech names lag

The S&P 500 and the Dow indexes ended higher on Monday amid a largely upbeat earnings season, while the Nasdaq came under pressure from declines in some high-flying growth stocks, as the rotation into cyclical and 'economy reopening' stocks continued.

, traded lower despite largely upbeat results.A trader walks outside the New York Stock Exchange in New York City, U.S., April 26, 2021. REUTERS/Shannon StapletonThe stocks have struggled to maintain the upward trajectory coming into reporting season. Chipmakers also fell, with the Philadelphia SE Semiconductor index

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(.SOX)down by 1.2%.With more than half of S&P 500 companies having reported so far, profits are now seen rising 46% in the first quarter, compared with forecasts of 24% growth at the start of April, according to IBES data from Refinitiv. About 87% of the companies have come also reported earnings per share ahead of analysts' estimates.

read more"This is now the fourth straight quarter of earnings just absolutely crushing estimates," said Ross Mayfield, investment strategy analyst at Baird. "I think there just continues to be an underestimation of how strong this rally and how strong the economy is rebounding."

Strong earnings, improving economic data, fiscal stimulus and the Federal Reserve's ultra accommodative stance have supported markets, pushing the S&P 500 and the Nasdaq indexes to record levels last week.U.S. manufacturing activity grew at a slower pace in April, likely constrained by shortages of inputs amid pent-up demand due to rising vaccinations and massive fiscal stimulus.

The Labor Department's non-farm payrolls data, slated to be released on Friday, is expected to show a rise in job additions in April. Read more: Reuters Top News »

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