S & P and Nasdaq Set Records, Mitigating Energy and Technology Weaknesses By Investing.com

Investing.com – The S & P 500 and Nasdaq hit record highs as gains in consumer stocks offset losses in the energy and technology sectors as a result of disappointing results.

The gain of 0.47%, the increase of 0.34% and the gain of 0.31%.

Technology and energy were an exception to the rising market as investors fled the sectors after quarterly poor results from Intel and major oil companies like Exxon.

Intel's modest revenue forecast (NASDAQ 🙂 for 2019 outweighs expectations, dropping its stock by 9%, dropping the Dow by 35 points. The weak results weighed on the chip values, with Nvidia (NASDAQ 🙂 and Qorvo (NASDAQ 🙂 ending the day down sharply.

Western Digital (NASDAQ 🙂 was also hit by a wave of red as Baird downgraded the chip maker's shares to underperform, underscoring a "widening gap between significant stock appreciation (since the beginning of the year) and a continued degradation of the fundamentals of NAND flash. "

In energy, Exxon Mobil & # 39; (NYSE 🙂 Missed estimates from Investing.com, its refining activities being under pressure. Its shares fell by about 2.1%. Chevron (NYSE :), for its part, posted a first-quarter turnover lower than estimates, dropping its share price by 0.7% on the day.

Chevron's weakness comes from the fact that investor attention is focused on the company's fight with Occidental Petroleum (NYSE 🙂 to acquire the oil and gas driller Anadarko Petroleum.

In a call, Chevron CEO Mike Wirth said the company's $ 33 billion deal on the purchase of Anadarko (NYSE 🙂 is a "superior" offer to the $ 38 billion deal of Occidental society.

"Our companies simply have the best strategic fit," added Wirth.

Energy losses have also been exacerbated by the drop in global oil prices, with President Donald Trump again calling on OPEC to increase crude oil production to drive down gasoline prices . was down 2.9%. fell by almost 3%.

But the benefits have not been in vain: Amazon.com shares (NASDAQ :), Starbucks (NASDAQ 🙂 and Mattel (NASDAQ :)) have made gains with better-than-expected earnings, thus reinforcing the discretionary power of consumers. .

So far, according to Refinitiv data released today, 77% of the 229 components of the S & P 500 index reported better than expected results.

Economic data was also at the center of the debate, while a deeper dive into the US first quarter showed that gains were mainly due to temporary factors such as private investment in stocks and foreign trade. But personal consumption, which accounts for about two-thirds of economic growth, has slowed. This would likely dampen growth in the second quarter, analysts said.

Main winners and losers of the S & P 500 today:

Ford Motor (NYSE :), Align technology (NASDAQ 🙂 and Capital One Financial (NYSE 🙂 were among the top winners of the S & P 500 for the session.

Intel (NASDAQ :), Target (NYSE 🙂 and Nvidia (NASDAQ 🙂 were among the worst in the S & P 500 session.