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10 Feb 2021 | 21:24

US close: Stocks close mixed as some tech plays lose favour

(Sharecast News) - Wall Street stocks finished in a mixed state on Wednesday, amid a rotation out of technology stocks and some key inflation data. At the close, the Dow Jones Industrial Average was up 0.2% at 31.437.80, while the S&P 500 slipped 0.04% to 3,909.88 and the Nasdaq Composite was 0.25% weaker at 13,972.53.

The Dow closed 61.97 points higher on Wednesday, slightly reversing Tuesday's loss that narrowly put a stop to a multi-day winning streak for the index.

On the macro front, increased mortgage interest rates over four of the first six weeks of 2021 seemingly dented mortgage demand, with overall mortgage application volume falling 4.1% week-on-week.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of up to $548,250 increased to 2.96% from 2.92%, according to the Mortgage Bankers Association.

Elsewhere, the core consumer price index rose 0.3% on a monthly basis, matching expectations from economists, but increased 1.4% year-on-year in January, according to the Labor Department, as the broader CPI once again got a boost from higher gasoline prices.

Lastly, wholesale inventories in the US increased 0.3% month-on-month in December, according to the Census Bureau, after being unchanged in November and above a preliminary estimate of a 0.1% advance.

Despite solid earnings from several corporate giants, driving the market on Wednesday was a rotation out of tech stocks, with shares in Amazon down 0.56%, Apple off 0.46% and Microsoft losing 0.39%.

Corporate earnings on the day saw Twitter, Lyft, Yelp, Mattel and Cisco in focus, after they all posted better-than-expected earnings overnight.

Twitter was up 13.2% and Lyft added 4.79%, while Yelp lost 4.6%, Mattel slipped 2.07% and Cisco was 2.6% weaker by the close.

Coca-Cola was 0.18% weaker after it topped fourth-quarter earnings per share estimates by $0.05 despite posting a 5% drop in revenues.

Under Armour gained 6.96% after it came in ahead of quarterly revenue estimates on the back of an online sales boost.

General Motors was 2.1% lower even after it reported a 22% increase in quarterly revenue.

Dow Jones - Risers

Walgreens Boots Alliance, Inc. (WBA) $51.63 3.26% Dow Chemical Co. (DOW) $57.67 1.89% Chevron Corp. (CVX) $92.52 1.72% Goldman Sachs Group Inc. (GS) $304.28 1.27% American Express Co. (AXP) $128.23 1.22% Unitedhealth Group Inc. (UNH) $333.36 1.13% Amgen Inc. (AMGN) $238.46 0.76% Walt Disney Co. (DIS) $189.62 0.75% Home Depot Inc. (HD) $278.69 0.69% Nike Inc. (NKE) $142.46 0.47%

Dow Jones - Fallers

Cisco Systems Inc. (CSCO) $47.24 -2.60% Boeing Co. (BA) $211.92 -1.49% Walmart Inc. (WMT) $144.13 -1.17% Travelers Company Inc. (TRV) $145.93 -0.84% McDonald's Corp. (MCD) $214.40 -0.73% Apple Inc. (AAPL) $135.39 -0.46% Microsoft Corp. (MSFT) $242.82 -0.39% Procter & Gamble Co. (PG) $128.22 -0.35% Coca-Cola Co. (KO) $49.60 -0.20% Merck & Co. Inc. (MRK) $74.89 -0.20%

S&P 500 - Risers

Twitter Inc (TWTR) $67.77 13.20% Helmerich & Payne Inc. (HP) $28.20 8.75% Under Armour Inc. Class A (UAA) $22.45 8.35% Under Armour, Inc. (UA) $18.76 6.96% International Flavors & Fragrances Inc. (IFF) $135.57 5.96% Devon Energy Corp. (DVN) $19.73 4.56% FMC Technologies Inc. (FTI) $10.36 4.54% Occidental Petroleum Corp. (OXY) $25.60 3.85% Discovery Inc. Class A (DISCA) $45.07 3.61% Simon Property Group Inc. (SPG) $106.22 3.58%

S&P 500 - Fallers

Akamai Technologies Inc. (AKAM) $105.10 -10.91% Fluor Corp. (FLR) $17.71 -8.66% FMC Corp. (FMC) $107.90 -7.27% Interpublic Group of Companies Inc. (IPG) $24.55 -6.62% Hanesbrands Inc. (HBI) $18.73 -6.16% Assurant Inc. (AIZ) $128.43 -5.66% Incyte Corp. (INCY) $85.17 -4.80% Arconic Inc. (ARNC) $25.50 -3.67% Fiserv Inc. (FISV) $109.42 -3.55% CME Group Inc. (CME) $185.20 -3.53%

Nasdaq 100 - Risers

Nvidia Corp. (NVDA) $590.57 3.51% Walgreens Boots Alliance, Inc. (WBA) $51.63 3.26% Expedia Group Inc. (EXPE) $148.90 3.06% Baidu Inc. (BIDU) $304.05 3.05% Trip.com Group Limited (TCOM) $36.50 2.82% Booking Holdings Inc. (BKNG) $2,141.76 2.71% Wynn Resorts Ltd. (WYNN) $116.43 2.69% Idexx Laboratories Inc. (IDXX) $516.54 2.28% Biogen Inc (BIIB) $275.00 2.11% JD.com, Inc. (JD) $98.74 1.72%

Nasdaq 100 - Fallers

Tesla Inc (TSLA) $804.82 -5.26% Incyte Corp. (INCY) $85.17 -4.80% Fiserv Inc. (FISV) $109.42 -3.55% Cisco Systems Inc. (CSCO) $47.24 -2.60% Western Digital Corp. (WDC) $60.39 -2.11% Hologic Inc. (HOLX) $79.60 -1.91% Seagate Technology Plc (STX) $70.99 -1.89% NortonLifeLock Inc. (NLOK) $21.65 -1.75% Align Technology Inc. (ALGN) $605.78 -1.50% Charter Communications Inc. (CHTR) $611.63 -1.27%
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