Stocks turn mixed near close
Wednesday, November 17, 2021 4:45 PM

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In New York, equities ended mixed Wednesday after trading in a narrow range for most of the day as investors weighed inflation and housing reports.

The Dow Jones Industrials settled back 15.62 points to close at 11,007.90

The S&P 500 tacked on 0.25 points to 1,178.59. The tech-rich Nasdaq Composite Index prospered 6.17 points to 2,476.01.

Home Depot and Hewlett Packard were the biggest losers on the Dow. But Caterpillar, McDonald's and Travelers all bucked the trend.

The mixed performance came after government reports showed consumer prices held near historic lows in October, while new home construction was weaker than expected in the month.

Some traders said the inflation data mean the Federal Reserve has additional leeway to support the economy and asset prices. But others worry that inflation is too low, and that the central bank's actions could drive prices higher as money flows into commodities markets.

Shares of NetApp were halted late Wednesday after parts of its quarterly report were leaked.

The data storage company said it earned 52 cents U.S. per share in its second quarter on sales of $1.2 billion U.S. Analysts had expected earnings of 49 cents and sales of $1.19 billion U.S., according to Thomson Financial.

But NetApp offered a sales outlook that fell short of Wall Street expectations. The company forecasts revenues in the range of $1.24 billion and $1.29 billion U.S. in the current quarter, compared with analysts' expectations of $1.2 billion to $1.3 billion U.S.

Discount retailer Target reported a third-quarter, earnings per share increase of 28.5%, to 74 cents U.S. per share from 58 cents U.S. per share in the same period a year earlier. Shares of Target shares rose 3.3%.

After the closing bell, Applied Materials will report third-quarter earnings. Analysts surveyed by Thomson Reuters expect earnings per share of 31 cents U.S.

General Motors' IPO size was increased Wednesday to 478 million shares of common stock, bringing the total it could raise from its offering to nearly $20 billion U.S. The offering is expected to price later in the day.

Economically speaking, the Consumer Price Index, a key measure of inflation, increased 1.2% over the past 12 months ending in October, the government said.

After stripping out volatile food and energy prices, the core CPI rose 0.6% on an annual basis -- the smallest annual price increase since the government started recording the data in 1957.

On a monthly basis, CPI rose 0.2% in October. Economists surveyed by Briefing.com had expected a 0.3% uptick. The increase was largely due to an increase in energy prices, the report said. Core CPI was flat on a monthly basis, slightly lower than economists' forecasts for a 0.1% increase.

Another government report showed that housing starts fell 11.7% to an annual rate of 519,000 units in October. That was lower than expected. Housing starts were forecast rose to a 600,000 rate in October.

Building permits, considered a leading indicator of construction activity, reached an annual rate of 550,000 units in October. This was less than the projected rate of 570,000, but more than September's annual rate of 547,000

The price on the benchmark 10-year U.S. Treasury inched up, pushing the yield down to 2.81% from 2.85% late Tuesday. Treasury prices and yields move in opposite directions.

Oil faded in price $1.98 a barrel to $80.36 U.S. The price of an ounce of gold nipped up 24 cents to $1,335.49 U.S.

(Source: )
(Source: Quotemedia)
 

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